Highlights
Strategic and AUM
- Europe IX held final close at €12bn, materially oversubscribed and the largest structured capital fund ever raised globally1
- AUM2 of $145bn; fee-earning AUM of $90bn, up 9%3 in last twelve months
- Fundraising of $7.6bn in six months; net additions to fee-earning AUM of $4.7bn
- Continued to scale and broaden our client offering: launched SDP 6 and Strategic Equity VI; hired a European Infrastructure Debt team; and launched our first product with Amundi, ICG Global Private Equity Secondaries
Financial
- Management fees of £374m, up 12%4 y-o-y; fee-related earnings (FRE) of £199m / 68p per share, up 18%5 y-o-y, five-year annualised growth of 28%5
- Performance fee income of £24m, realised performance fees of £18m
- Balance sheet portfolio of £2,591m
- Group operating cashflow of £219m (H1 FY26: £467m)
- Net debt of £93m (FY26: £113m), Total Available Liquidity of £1,431m
Capital allocation and shareholder returns
- Announced target of maintaining zero net debt over medium term; after funding attractive opportunities to grow FRE per share, excess capital will be returned to shareholders
- Progressive dividend policy reaffirmed, interim dividend of 29.0p6 (H1 FY26: 27.7p per share)
Note: unless otherwise stated the financial results discussed herein are on the basis of Alternative Performance Measures (APM)
1 Source: Preqin as of 7 September 2026.
2 See page 4 on methodology update.
3 On a constant currency basis.
4 +12% excluding catch-up fees.
5 FRE growth on a per share basis.
6 Dividends are payable both to Ordinary Voting Shares and to Non-Voting Shares. See announcement on 18 November 2025 for details.
Benoît Durteste, CIO and CEO:
ICG is in an exciting period of inflexion.
We are seeing our focus on long-term investment performance rather than short-term asset gathering increasingly recognised by institutional clients. Over the last two years we have had seven funds close at or above their target, including most recently Europe IX at €12bn, the largest structured capital fund ever raised globally. In a year that could see the fifth consecutive year-on-year decline in private capital fundraising globally7, ICG’s track record reflects the reach and power of our institutional client franchise.
Our financial results reflect our growing breadth and scale. In the last twelve months we have generated £380m of FRE, and over the last five years our FRE per share has compounded at an annualised rate of 28%.
We continue to invest in enhancing our client offering, and have the financial strength to do so through market cycles. We prioritise profitable organic growth and the bar to M&A remains very high. Our partnership with Amundi is complementary to our institutional focus and opens up long-term opportunities in the wealth market.
Looking ahead, we have high conviction in our ability to continue gaining market share in the institutional client segment across a number of strategies. Our increasing scale and cash generation mean we expect to generate significant capital in the coming years. We will invest that capital to maximise long-term growth in FRE per share and will return excess capital to shareholders.
7 Source: Preqin as of September 2026.
Performance overview
Unless stated otherwise, the financial results discussed herein are on the basis of alternative performance measures (APM), which the Board believes assists shareholders in assessing the financial performance of the Group. See page 5 for further information.
Fee-earning AUM and AUM not yet earning fees
| $bn | Structured Capital | Private Equity Secondaries | Structured Capital and Secondaries | Real Assets | Private Debt | Liquid Credit | Debt | Period ended 30 Sep 2026 | Year-on- year growth1 | Last five years CAGR1 |
|---|---|---|---|---|---|---|---|---|---|---|
| Fee-earning AUM | 28.2 | 17.1 | 45.3 | 9.7 | 14.6 | 20.0 | 34.6 | 89.6 | 9% | 11% |
| AUM not yet earning fees | 2.1 | 1.6 | 3.7 | 1.8 | 11.7 | 0.3 | 12.0 | 17.6 |
Business activity
| $bn | Fundraising | Deployment2 | Realisations2,3 |
|---|---|---|---|
| Structured Capital and Secondaries | 4.0 | 1.1 | 0.2 |
| Real Assets | 1.4 | 1.3 | 0.4 |
| Debt4 | 2.1 | 1.7 | 1.0 |
| Total | 7.6 | 4.1 | 1.6 |
Financial performance
Refer to the Glossary on page 40 for detailed definitions.
| Six months to 30 Sep 2025 | Six months to 30 Sep 2026 | Year-on-year growth | Twelve months to 30 Sep 2026 | Last five years CAGR | |
|---|---|---|---|---|---|
| Management fees | £334m | £374m | 12% | £725m | 18% |
| Fee-related earnings (FRE) | £168m | £199m | 18% | £380m | 28% |
| Performance fee income | £98m | £24m | n/m5 | £53m | |
| Group operating cashflow | £467m | £219m | |||
| FRE per share | 58p | 68p | 18% | 131p | 28% |
| Performance fee income per share | 34p | 8p | n/m5 | 18p | n/m5 |
| 31 Mar 2026 (Audited) | 30 Sep 2026 (Unaudited) | ||||
| Balance sheet portfolio | £2,568m | £2,591m | — | ||
| Net debt | £113m | £93m | (39)% | ||
| Balance sheet portfolio per share | 883p | 892p | |||
| Net debt per share | 39p | 32p | |||
| Dividend per share | 27.7p | 29.0p | 5% | 88p | 9% |
Medium term financial guidance is unchanged
Financial guidance has been updated to reflect the evolution in presentation of our financial results.
| Growth | Profitability | Performance fee income |
|---|---|---|
| Fundraising of at least $55bn in aggregate between 1 April 2024 and 31 March 2028 | FRE margin accretion (excluding catch-up fees) | Performance fee income to represent c. 10 – 20% of total fee income |
| $48bn raised since 1 April 2024 | +12 pp in L5Y | 12% average in L5Y |
1 On constant currency basis.
2 Direct investment funds.
3 Realisations of fee-earning AUM.
4 Includes Deployment and Realisations for Private Debt only.
5 H1 FY26 PRE included £72m of one-off transition impact due to change in approach announced in October 2025. Note: some totals may differ from the sum due to roundings.
Company Presentation
A presentation for shareholders, debtholders and analysts will be held at 09:00 GMT today: join via the link on our website. A recording and transcript of the presentation will be available on demand from the same location in the coming days.
Company Timetable
| Ex-dividend date | 3 December 2026 |
| Record date | 4 December 2026 |
| Last date to elect for dividend reinvestment | 15 December 2026 |
| Payment of ordinary dividend | 8 January 2027 |
| Q3 trading statement | 20 January 2027 |
Enquiries
Shareholders & Debtholders / Analysts:
Chris Hunt, Head of Corporate Development & Shareholder Relations, ICG
+44(0)20 3545 2020
Media:
Fiona Laffan, Global Head of Corporate Affairs, ICG
+44(0)20 3545 1510
About ICG
ICG (LSE: ICG) is a global alternative asset manager with $145bn1 in AUM and more than three decades of experience generating attractive returns. We operate from over 20 locations globally and invest our clients’ capital across Structured Capital; Private Equity Secondaries; Private Debt; Liquid Credit; and Real Assets.
Our exceptional people originate differentiated opportunities, invest responsibly, and deliver long-term value. We partner with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with our expertise and flexible capital. For more information visit our website and follow us on LinkedIn.
1 As at 30 September 2026.
Use of Alternative Performance Measures
The Board and management monitor the financial performance of the Group on the basis of Alternative Performance Measures (APM), which are non-UK-adopted IAS measures. The APM form the basis of the financial results discussed in the Finance review, which the Board believes assist shareholders in assessing their investment and the delivery of the Group’s strategy through its financial performance. Full details of all APM are presented in the Glossary (see page 40).
The substantive difference between APM and UK-adopted IAS is the consolidation of funds, including seeded strategies, and related entities deemed to be controlled by the Group, which are consolidated in the UK-adopted IAS financial statements. These are not consolidated in APM in which the Group’s economic exposure to the assets is reported.
Under IFRS 10, the Group is deemed to control (and therefore consolidate) entities where it can make significant decisions that can substantially affect the variable returns of investors. This has the impact of including the assets and liabilities of these entities in the consolidated statement of financial position and recognising the related income and expenses of these entities in the consolidated income statement.
The Group’s profit before tax on a UK-adopted IAS basis was below prior period at £291.2m (H1 FY26: £354.1m). On the APM basis it was also below prior period at £287.3m (H1 FY26: £351.6m).
Back