Annual Report and Accounts 2026
ICG is one of the world’s leading alternative asset managers
We aim to deliver outstanding investment performance to our clients; to provide a range of attractive capital solutions for corporates and owners of real assets; and in doing so, to create long-term sustainable value for all our stakeholders.
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Unless otherwise stated, performance information is for the year ended 31 March 2026.
Our Annual Report for 2026
This report combines all aspects of ICG’s performance and reflects how we are addressing areas which we believe have the potential to have a material impact on the delivery of our strategic objectives.
Chair's introduction
Focused on long-term, investment-led growth and strong governance
Read moreYour Board remains focused on long-term growth and delivering strong shareholder returns.
William Rucker, Chair
Chief Executive Officer’s review
Generating value through investment performance, scale and focus
Read moreFY26 was a strong year for ICG. We delivered high-quality investment outcomes for clients and continued to grow flagship and scaling strategies.
Benoît Durteste, CIO and CEO
Finance review
Financial outcomes of strong operating performance
Read moreOur evolved financial reporting makes clear that FRE is at the heart of our growth, and provides shareholders with a clear framework that is aligned to how we manage the business.
David Bicarregui, Chief Financial Officer
Our people
Enabling investment performance and disciplined growth
Read moreWe invest in building exceptional teams and preserving our entrepreneurial energy. I care deeply about creating a culture focused on performance and delivery for our stakeholders, while valuing everyone’s impact.
Antje Hensel-Roth, Chief People and External Affairs Officer
Highlights
$126bn
Assets under management (AUM)
(2025: $112bn)
877
Number of clients
(2025: 793)
676
Number of permanent employees
(2025: 686)
120p
FRE per share
L5Y CAGR: 30%
£685m
Management fees
L5Y CAGR: 20%
>20
Global locations
Investment-led, scalable execution, profitable growth
In a volatile and unpredictable environment, our core values and competitive positioning are even more important in delivering our long-term ambitions.
The value we create: We have a wide range of stakeholders who share our success
- Our resources
We have a range of resources at our disposal to execute our strategy and to operate our business model:
– Our reputation and track record
– Our People
– Our platform
– Our client franchise
– Our financial resources - What we do
We connect our clients’ capital with companies and owners of real assets globally
We seek to generate attractive risk-adjusted returns on those investments, and in turn to grow our business in our chosen markets - Our clients
We develop long-term relationships and serve a global, blue-chip client base
We manage capital on behalf of a range of clients including pension funds, sovereign wealth funds, family offices and wealthy individuals - Our market
We are active in dynamic and structurally growing segments of the private markets, providing access to a broader and frequently faster-growing portion of the global economy - How we manage risk
We identify and mitigate the potential impact of risks on our business and appropriately set our risk appetite - Our strategy
We aim to be a leader in alternative asset management by scaling up existing strategies and products; by scaling out into new areas where we see meaningful client demand and attractive investment opportunities; and by investing in our platform to meet the needs of our investment strategies and clients
How we create value
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