Annual Report and Accounts 2025
DELIVERING ON OUR AMBITIONS
We operate in a dynamic, evolving industry. During FY25 we generated value for our clients and made progress in delivering our strategic priorities.
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Chair's introduction
High standards of governance for responsible growth
Read moreYour Board will continue to seek growth across our business, overseen by a high quality governance process.
William Rucker, Chair
Chief Executive Officer’s review
Delivering a milestone year for ICG
Read moreICG is clearly a manager of choice for clients. Our broad waterfront of products, investment track record, and financial strength position us for many years of growth.
Benoît Durteste, CEO and CIO
Finance review
Increased earnings power and cash generation
Read moreWe are reporting growth across all key metrics for ICG. Our powerful financial model is creating long-term value for shareholders.
David Bicarregui, Chief Financial Officer
Our people
A global people business – building long-term sustainable value, together
Read moreAt ICG, our people drive our success. We attract, retain, and develop high-performing, high-potential employees, helping them thrive and achieve their career goals while advancing our commercial ambitions.
Antje Hensel-Roth, Chief People and External Affairs Officer
Highlights
$112bn
Assets under management (AUM)
(2024: $98bn)
793
Number of clients
(2024: 681)
686
Number of permanent employees
(2024: 637)
$75.1bn
Fee-earning AUM
+1.9x over five years (2020: $39.6bn)
£690m
Fee income
+2.5x over five years (2020: £278m)
£461m
Fund Management Company Profit Before Tax (FMC PBT)
+2.5x over five years (2020: £183m)
What we do
We manage a differentiated waterfront of strategies, accessible by a range of products, that enable us to 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.
- Grow fee-earning AUM
We raise capital from clients across a range of investment strategies. By broadening our product offering, we grow our client base and our business with existing clients. - Invest
We use our origination platform and investment expertise to secure attractive opportunities on behalf of our clients. - Manage and realise
We work to help our portfolio companies and assets develop, grow and to deliver long-term sustainable value.
ICG’s entrepreneurial culture, breadth of investment strategies and our well-capitalised platform enables us to sustain business activity throughout economic cycles
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