Delivering
on our ambitions
Annual Report & Accounts 2025
Content
Overview
1 Delivering on our ambitions
2 ICG at a glance
4 Why invest in ICG
Strategic report
6 Chair’s introduction
7 Chief Executive Officer’s Review
9 Our business model
15 Key performance indicators
17 Finance review
29 Viability statement
30 Stakeholder engagement
36 Our people
39 Managing risk
45 Sustainability at a glance
46 Climate-related Financial Disclosures
63 Non-financial information statement
Governance report
64 Governance report
65 Governance at a glance
67 Board of Directors
70 Corporate governance
72 Directors’ report
77 Directors’ responsibilities
78 Director induction and development
79 Audit Committee report
84 Risk Committee report
87 Nominations and Governance
Committee report
89 Remuneration Committee report
92 Remuneration at a glance
94 Annual report on remuneration
104 Governance of remuneration
105 Directors’ remuneration policy
Auditor’s report and
financial statements
111 Independent auditor’s report to the
members of Intermediate Capital
Group plc
119 Financial statements
126 Notes to the financial statements
Other information
189 Glossary
195 Basis of preparation for GHG
emissions statement
197 Outstanding debt facilities
198 Shareholder and Company
information
199 Other notes
Quick links
What we do
Through a deep understanding
of our clients’ needs and of the
opportunities available in global
private markets, we manage a
range of investment strategies and
products to connect capital with
companies and real assets.
By creating long-term sustainable
value for our clients and our
portfolio companies, we underpin
our ability to raise and deploy
future funds.
Shareholder value is driven by
growing our fee-earning AUM and
therefore management fees, and
by making and managing
investments that generate
performance fees and investment
income.
Read more on page 12
Our people
We are proud of our people’s
excellence, commitment and
diverse perspectives. Our
inclusive culture of balancing
ambition, performance and
inclusion remains a cornerstone
of our success.
Read more on page 35
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
our global client base.
Read more on page 5
Our risk mitigation
We ensure that current and
emerging risks are identified,
assessed, monitored, and
controlled to protect
stakeholders’ interests.
Read more on page 40
Find out more
ICG website
www.icgam.com
FY25 Sustainability
and People Report
www.icgam.com/spr
Who we are
Our Annual Report for 2025
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.
Unless otherwise stated, performance information
is for the year ended 31 March 2025.
ICGAnnual Report & Accounts 2025
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
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.
Scaling up
and scaling out
– ICG reinforced our market-leading positions in
GP-led Secondaries and European Direct Lending
– We raised substantial capital for scaling
strategies, particularly in Structured Capital and
Real Assets
– We continued to broaden our client franchise,
including through the launch of our first
wealth-focused evergreen strategy in the US
Read more on page 5
Investing
in our platform
– ICG invested strategically to reinforce our ability
to generate attractive investment returns; to
broaden our marketing and client relations
offering; and to enhance our operating platform
Read more on page 35
Generating
long-term
sustainable value
– Our investment professionals worked with
management teams and other financial partners
to help our portfolio companies deliver long-term
growth
Read more on page 39
1
ICG Annual Report & Accounts 2025
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
2
ICG Annual Report & Accounts 2025
ICG at a glance
Through our unique waterfront of
differentiated investment capabilities
across all major regions globally, we
are successfully connecting our clients’
capital with companies and real assets.
Our track record for generating value
for clients underpins our growth:
scaling up our existing capabilities,
and exploring new areas where client
demand and attractive investment
opportunities exist.
In a dynamic and competitive global
landscape, our culture and people are
able to capitalise on the opportunities
we have, and to reinforce our position
as a global leader in alternative asset
management.
AUM
$112bn
Global ambition
Successful delivery
One of the world’s leading alternative asset managers
Scale across asset classes
“Over the last decade ICG has grown
into one of the world’s leading alternative
asset managers, driven by our investment
culture and client focus. As private markets
continue to grow and evolve we are
well positioned to help clients
meet a range of their
private market needs.”
Benoît Durteste
Chief Investment Officer
and Chief Executive
Officer
For more information on individual strategic asset classes
see page 11
For more information on ICG’s local presence see page 33
For more information on individual strategic asset classes see page 11
Investing capital globally
See Chief Executive Officer’s Review on page 7
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
EMEA (excluding UK & Ireland)
50%
Americas
27%
UK & Ireland
20%
APAC
3%
Structured Capital
and Secondaries
Structured Capital
Private Equity Secondaries
28
23
Real Assets
13
Debt
Private Debt
Credit
30
18
AUM ($bn)
Refers to total capital currently deployed, latest available data.
3
ICG Annual Report & Accounts 2025
ICG at a glance continued
People and culture are at the core of what we do and the
value we create. We focus on developing world-class teams,
preserving the entrepreneurial spirit which makes us
special, and creating a culture that is inclusive and impactful
on a corporate and a personal level.
Supporting ICG’s growth
As we continue to scale, we aim to have a wide range of
people joining our firm and then invest heavily in their
development and success.
Net growth in employees
7.7%
(2024: 9.4%)
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
Disciplined financial growth
Attractive financial profile
– Visible and recurring management fees: charged largely on committed
capital or invested cost, with minimal market impact and redemption risk
– Diversification: our broad waterfront of products, multiple
vintages of funds and low client concentration results in highly diversified
income streams
– Operating leverage: as strategies scale, our management fees have grown
significantly faster than cost base, resulting in substantial margin expansion
– Cash generative: management fees and costs are largely cash and our
balance sheet has a track record of cash generation
– Valuable balance sheet: co-invested alongside our funds to align interests
with clients, and deployed to scale out our waterfront of products, our
balance sheet has been a key driver of ICG’s ability to grow our client
franchise and fee income
Profitable growth
Fee-earning AUM Fee income FMC profit before tax (PBT)
A culture of innovation and growth
See Our People on page 36
“Our strategic positioning and long-term
approach to capital allocation,
underpinned by the attractive financial
characteristics of our business, have
delivered an outstanding track record
of growth.”
David Bicarregui
Chief Financial Officer
See Finance review on page 17
“Our people and culture remain
the cornerstone of executing
our strategy, and are the key
driver of our success.”
Antje Hensel-Roth
Chief People and
External Affairs Officer
$39.6bn
$75.1bn
1.9x
£278m
£690m
2.5x
£183m
£461m
2.5x
FY20 FY25 FY20 FY25 FY20 FY25
People
1
686
(2024: 637)
1. Permanent employees
4
ICG Annual Report & Accounts 2025
Why invest in ICG
Attractive, structural growth
Client demand
Allocations to private markets are expected to show
continued growth, supported by attractive returns,
lower volatility, more availability of strategies, and
the increasing importance of private markets in the
global economy.
$9tn
Forecast increase in private markets AUM,
2024 - 2029
Source: Preqin as of September 2024.
Investment opportunities
in private markets
An increasing number of businesses are looking
to private markets for capitalisation to facilitate
succession or to invest in growth initiatives.
As private capital markets have scaled and
broadened into new areas, more companies and
owners of real assets have looked beyond traditional
forms of financing to help meet their growth
ambitions. This in turn has led to a growing investable
universe for private market managers who have
strong origination capabilities.
ICG is one of the world’s leading firms in the dynamic,
structurally growing area of private markets, connecting
capital with corporates and real assets globally.
Our differentiated waterfront of investment strategies
and products, along with our business model and our
people, allow us to meet client needs and to generate
long-term value for shareholders.
We have a strong and growing track record
of successfully delivering on our ambitions.
Clear framework for generating shareholder value
Execute successfully
Generate revenue
Leverage operational platform
Deliver shareholder return
See page 26 Dividend policy
Grow fee-earning
AUM
Invest and manage
Management
fees
Performance
fees
Net investment
returns
Operating costs
Profitability and cash
Earnings
growth
Capital generation
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
As private markets continue to evolve, we expect a positive cycle of growing client demand and increasing
investment opportunities to benefit managers such as ICG who can offer scaled solutions across a wide
range of strategies and who a have a track record of generating value for clients.
Differentiated exposure
to private markets
growth globally
5
ICG Annual Report & Accounts 2025
Why invest in ICG continued
See more information on our Strategy on page 13
Invest in our platform
A world-class platform supports our client experience and product
innovation, helps leverage insight from the vast amount of data across
our firm, and helps protect ICG in a regulated global landscape.
Fee-earning AUM
The resources to execute Track record of growth
Drivers of future shareholder value
People and culture
Our business is deeply relationship-based.
We benefit from our local teams having
a strong track-record and an excellent
network that enables them to originate
and execute on investment and
fundraising opportunities.
Read about Our People on page 36
Strategic
Differentiated client offering
We have a waterfront of differentiated
investment strategies and products,
enabling a wide variety of clients to access
a range of private markets globally.
Blue-chip client footprint
Our client base is diverse and global.
It includes some of the world’s largest
sovereign wealth funds, asset managers,
pension plans and insurance companies,
as well as family office and wealthy
individuals.
Scaling up
Managing more AUM through our existing strategies enables clients
to allocate more capital to us, helps widen our addressable investment
universe, and creates substantial financial operating leverage for ICG
shareholders.
Scaling out
Having an appropriately broad waterfront of investment strategies,
along with fund structures and products to enable a range of clients to
efficiently access those strategies, ensures we are relevant to our large
and evolving client base.
Use of capital generated over last five years
1
1. Total EPS FY20 – FY24 inclusive, internal
investments defined as cumulative APM EPS
less cumulative declared dividends.
We balance capital allocation decisions between investing in the
business and returning capital to shareholders, all underpinned by
ensuring we have a robust balance sheet.
Investing in the business includes committing balance sheet capital
alongside clients in existing strategies, developing new strategies,
investing in our platform, and exploring other strategic uses of our
financial resources.
Our progressive dividend policy is our principal route of returning
capital to shareholders (see page 26).
1.9x
Five-year growth
>790
Institutional
clients globally
Financial
Visible and recurring
management fee revenue
>90% of our AUM is in long-duration,
closed-end funds. This provides visible
and recurring streams of management fee
income with very limited mark-to-market
exposure, enabling us to plan for the
long term.
Strategically powerful balance sheet
Our well capitalised, robust and valuable
balance sheet enables us to seed new
strategies, align interests with our clients,
and generate value for our shareholders.
£604m
Management
fee revenue
859p
NAV per share
Fee-earning AUM directly drives our
management fees. We have a strong
track record of raising and deploying
capital, growing our fee-earning AUM
substantially.
Fee income
2.5x
Five-year growth
Management fees are visible, resilient
streams of income that are generally
not impacted by fund valuations.
Performance fees account for 10-15%
of our total fee income.
FMC PBT
2.5x
Five-year growth
Disciplined approach to capital allocation
Dividend declared
47%
Internal investments
53%
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
There is substantial operating leverage
within our business model. As our
investment strategies have scaled, the
growth in our FMC PBT has outpaced
the growth of our fee income.
>700
Employees
(Permanent and FTC)
Dear shareholders
During another busy year for our business, your Board
has continued to focus on supporting ICG’s growth
and evolution. The financial results for the year
continue to demonstrate considerable progress, and
the firm remains on a long-term trajectory of
profitable growth (see page 17). Looking to the future,
we have supported the executive team as it has
continued to reinforce the depth of the firm’s senior
management, and evolved our own membership as we
plan for the future. In addition, the Board has held a
detailed strategy review to ensure the continued
success of the firm in the years ahead (see page 65).
From May 2025, a Management Committee is being
formed to work with the Executive Directors in
considering and executing the operation of the
Group’s business. The Committee is comprised of the
three Executive Directors and a number of senior
executives who head business divisions.
Once again, the Board has benefited from hearing
shareholder views. I have held a number of meetings
with current and potential shareholders during the
year and look forward to more in the coming years ─
transparency and communication are important
attributes of a well-governed firm. It is clear to me
that our business model and position within the
global alternative asset management landscape
leaves us well positioned for further success; that this
sector is likely to continue to attract more interest
from the public markets; and that we enjoy strong
support from our shareholders to continue to scale up
and out.
We remain aware of the regulatory and governance
requirements that are incumbent on UK boards.
Although your Board is performing well, we are
aware that standards evolve and boards must rise to
meet new challenges. Our Board review process
concluded that your Board continues to operate
cohesively and effectively; however we continue to
evolve our membership and practices in the light of
these standards. The Board has a diverse
membership in terms of gender, experience and
background; and that diversity of thought contributes
to the Board’s effectiveness. A culture of open
discussion and listening to different perspectives has
been an important component of ICG’s success to
date, and will continue to be a priority for your Board.
Your Board believes that the Group should act as a
responsible participant in society and that our
strategy should reflect this. The impacts of our
decisions on different stakeholder groups are
uppermost in our minds and you can read more detail
on how various stakeholders were considered as part
of the Board’s decision-making process on page 35.
Over the course of the year, we have engaged in
discussions about the sustainability framework
within which our Group operates, carefully
considering the most effective ways to address them
and ensuring proper Board oversight. In addition, we
have placed continued emphasis on our broader
stakeholder base, dedicating resources to employee
growth through advanced training and development
programs, contributing to the community through
charitable contributions, and driving forward a
variety of inclusion initiatives, including a detailed
focus on gender diversity amongst investment staff
(explained in detail on page 83). Looking ahead, we
remain committed to focusing on our wider societal
contributions and the impact of our public presence.
Sonia Baxendale joined the Board during the year and
has already begun to be a valued contributor at our
meetings. We also look forward to welcoming Robin
Lawther to the Board. She will join the Company as a
Non-Executive Director on 1 November 2025.
Throughout the year, the Board and its Committees
carefully considered the revised Corporate Governance
Code and continued to comply with those
requirements for the year ended 31 March 2025.
The Board remains grateful for your support
throughout the year, and we look forward to
continuing our constructive dialogue.
William Rucker
Chair
20 May 2025
6
ICG Annual Report & Accounts 2025
Chair's introduction
High standards
of governance for
responsible growth
“Your Board will continue
to seek growth across our
business, overseen by a
high quality governance
process.”
William Rucker
Chair
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
ICG has accomplished a lot in
the twelve months covered in
this report.
FY25 was a milestone year for us, both in terms of the
results achieved and in securing visibility on future
growth. We are delivering on our ambition of having
breadth at scale, which is underpinned by our belief
that clients are concentrating their resources on GPs
with whom they can deploy significant amounts of
capital into a range of private markets strategies, with
top-tier investment performance. Managers such as
ICG who are able to meet those demands are clearly
benefiting and are seeing an increasing proportion of
client business.
As I reflect on the year, a number of highlights stand
out: We attracted $24bn of client capital; We
launched our first US evergreen strategy (Core
Private Equity) and our first Asian Infrastructure
fund; We opened offices in three new locations; and
We made a number of important hires across our
platform, in particular into our Client Solutions Group
and key investment strategies.
Our waterfront of products today enables our clients
to access a number of attractive, large and growing
private markets asset classes. We have organically
built leading positions in structured capital,
secondaries and debt, and have a real assets platform
that is positioned for growth. This is reflected in our
AUM, with Structured Capital and Secondaries
accounting for ~46% , Real Assets for ~12% and Debt
strategies account for ~42%.
We are proud of the platform that this has created:
– Our flagship strategies (European Corporate,
Strategic Equity and Senior Debt Partners) have
leading positions in their markets
– Our scaling strategies (Mid-Market, Infrastructure,
Real Assets, LP Secondaries and North America
Credit Partners) are successfully attracting capital
from clients and originating attractive investment
opportunities
As a result, in a challenging market environment we
are raising more capital from more clients into more
strategies. This is visible in our fundraising for FY25,
where we attracted 122 new institutional clients and
raised 35% of the capital from the Americas. We had
a number of final closes during the year including:
– SDP V ($17bn
1
fund size, $4.9bn raised in FY25):
the largest ever direct lending fund in Europe
2
– SE V ($11bn
1
fund size, $5.8bn raised in FY25): the
world’s largest GP-led secondaries fund focused on
single asset continuation vehicles
– Europe Mid-Market II (€3bn
1
fund size, €1.3bn
raised in FY25): ICG’s largest ever vintage-to-
vintage upsize, 3x larger than Europe Mid-Market I
– NACP III ($1.9bn
1
fund size, $0.3bn raised in FY25):
50% increase in client capital compared to
predecessor fund
7
ICG Annual Report & Accounts 2025
Chief Executive Officer’s Review
Delivering a milestone
year for ICG
“ICG 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
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
1. Refers to the total programme, including co-mingled fund,
other associated vehicles such as SMAs and annex sidecar
vehicles, and the GP and ICG plc commitments.
2. At time of closing.
From a shareholder perspective, this breadth at scale
results in increasingly large and diverse management
fees, and significant operating leverage.
Management fees have grown at an annualised rate
of 19% in the last five years, and were £604m in
FY25. Over the same time period, our group
operating expenses grew at an annualised rate of
12%.
Transaction levels in the buyout market remained
subdued in the year. Against that backdrop, we saw
deployment and realisations notably higher than our
average over the prior four years. In part this is a
reflection of our size, and in part due to the nature of
our investment strategies. Structured Capital and
Secondaries drove deployment
3
, accounting for
$11.6bn out the total $17.5bn, while Real Assets
enjoyed its largest ever year of deployment at $2.4bn.
Realisations
3
were driven by Private Debt, which
accounted for $5.2bn of the total $8.9bn.
Competitive leveraged loan markets over the last 12
months along with subdued buyout levels have
impacted the private debt landscape. We view this as
a natural ebb-and-flow of the credit cycle, and it
follows a very attractive period for direct lending in
recent years.
Looking ahead, FY26 has started with notably higher
levels of volatility and uncertainty. In the face of this
we can remain measured and thoughtful, but never
complacent, as we reflect on our positioning as a firm.
Our fundraising over the last twelve months has
anchored our management fees and dry powder for
this fundraising cycle; FY26 and potentially FY27
were always going to be low points in our fundraising
cycle irrespective of the market environment.
The current geopolitical environment may result in a
meaningful long-term shift in economic policy and
capital flows. In the short-term, transaction activity is
likely to remain relatively low by historical standards,
although debt strategies, structured capital and
secondaries may be relative bright spots. We will
remain very disciplined in our investment process,
and are in the fortunate position that none of our
strategies are under pressure to deploy capital.
Taking a longer perspective, the range of possible
outcomes is wide and I believe the best-positioned
private markets managers are those who prioritise
investment performance, have strong origination
capabilities, and have a range of strategies across
asset classes and geographies
We are proud of our European heritage and of our
global presence. We manage capital on behalf of
clients from Asia, America and Europe, and today
approximately 25% of our capital is deployed in North
America and 70% in Europe. Our global footprint
combined with our focus on services-centric
businesses and our breadth of differentiated
investment strategies combine to make ICG an
attractive proposition for clients seeking exposure to
private markets and for portfolio companies seeking
private capital.
I therefore see significant opportunity to grow all our
investment strategies in the coming years while
maintaining strong investment performance. We are
also actively exploring product innovations and other
strategic opportunities to enhance our client offering
and to generate attractive returns for our
shareholders.
Periods of volatility during our 36-year history have
always served to prove our ability to raise, invest and
deploy capital successfully. In future years, when we
look back on today’s environment, I am confident we
will be able to say that ICG emerged with its
reputation enhanced, its client franchise
strengthened, and its competitive positioning
reinforced.
Thank you for your continued support,
Benoît Durteste
CEO and CIO
8
ICG Annual Report & Accounts 2025
Chief Executive Officer’s Review continued
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
3. See page 17.
9
ICG Annual Report & Accounts 2025
Our business model
Positioned for
long-term success
How we create value
Our
resources
We rely on financial and
non-financial resources
to execute our strategy
and to operate our
business model:
– Our reputation
and track record
– Our people
and platform
– Our client franchise
– Our financial resources
Our
purpose
To create long-term
value for our clients
by investing their capital
in privately-owned
companies and assets
Our clients
We develop long-term
relationships and serve
a global, blue-chip
institutional client base
We manage capital
on behalf of a range of
clients including pension
funds, sovereign wealth
funds, family offices and
wealthy individuals
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
The value
we create
We have a wide range of
stakeholders who share
our in success
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
Our strategic positioning, financial
characteristics and strong cultural identity
enable us to manage the business with
a clear long-term focus.
What
we do
We manage a
differentiated waterfront
of investment strategies
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
10
ICG Annual Report & Accounts 2025
Our business model continued
We require financial and non-financial
resources to execute our strategy and
to operate our business.
Reputation and track record
Since our founding in 1989 we have built and protected our reputation
for having a strong investment focus; an innovate and entrepreneurial
culture; and a track record of delivering value for our clients.
People and platform
We are a world-class firm of outstanding professionals, and we form a
purposeful community between our colleagues, the businesses with
which we work, and our clients.
Our business is organised to reflect our emphasis on investment
performance, client focus, and operational excellence. We succeed
because of our people and culture demonstrating integrity, inclusion
and collaboration.
See Our People page 36
Client franchise
Our global client solutions group ensures that we continue to
understand and meet the requirements of our clients.
Our strong client franchise enables us to grow existing strategies and
to launch new strategies.
Financial resources
Our visible, recurring management fee income enables us to plan with
a long-term view; and our strategic and valuable balance sheet enables
us to seed and accelerate new strategies and to align our interest with
our clients.
See Finance Review page 17
We have built a differentiated
waterfront of strategies with a
clear focus on investment
performance; strong origination
platforms; and a global client
franchise and distribution
network.
These attributes have enabled
usto support companies to grow;
to help clients to meet their
investment goals; and to generate
value for our shareholders and
other stakeholders.
Our purpose
Our purpose is to create long-term
value for our clients by investing their
capital in privately-owned companies
and assets.
Our culture of balancing ambition, performance and inclusion
remains a driver of our success.
We have the strategic and financial resources necessary to capitalise
on future opportunities and to continue to generate long-term value
for our shareholders and clients.
Our resources
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
11
ICG Annual Report & Accounts 2025
Our business model continued
Our asset classes
We manage our AUM across five asset classes, providing capital to our
portfolio companies across the capital structure in the most appropriate
form to meet their needs.
Provides structured capital solutions to
private companies, including both control
transitions and minority investments
25% AUM
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.
1. 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.
What we do
Our value chain
2. Invest
We use our origination platform and investment expertise to secure
attractive opportunities on behalf of our clients.
3. Manage and Realise
We work to help our portfolio companies and assets develop, grow and
to deliver long-term sustainable value.
Structured Capital and Secondaries
21% AUM
Real Assets
Provides debt and equity capital to assets and companies within real estate
and infrastructure
12% AUM
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
Structured Capital Private Equity Secondaries
Provides liquidity solutions to both GPs
and LPs, by investing in high-quality
private equity assets globally
Debt
Private Debt Credit
Provides debt financing to high quality
corporate borrowers
26% AUM
Invests in sub-investment grade tradable
credit and asset-backed finance
16% AUM
12
ICG Annual Report & Accounts 2025
Our business model continued
We develop long-term
relationships and serve a
global, blue-chip institutional
client base.
We manage capital from a
range of underlying sources
including pension funds,
sovereign wealth funds,
familyoffices and wealthy
individuals.
Our clients
Growing global client base
1
Client engagement
Client split by geography
Client split by type
EMEA (excluding UK & Ireland)
37%
Americas
32%
APAC
18%
UK & Ireland
13%
Pension
28%
Insurance Company
15%
Asset Manager
13%
Family Office
13%
Foundation/Endowment
12%
Wealth
4%
Other
15%
1. Investor count, excluding CLOs.
200
439
793
FY15 FY20 FY25
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
Client geography and type shown by number of clients,
excluding CLOs and listed vehicles.
Client geography and type shown by number of clients.
Read more about how we are investing in our platform on page 14
85
professionals
globally, local
engagement
model
Building
long-term,
strategic client
relationships
Deepening
partnerships with
distributors to
private wealth
investors
13
ICG Annual Report & Accounts 2025
Our business model continued
See Managing Risks on page 39
Capital is continuing to be allocated to private
markets, which in turn is providing financing
to an increasingly wide range of corporates
and real assets.
ICG is a meaningful contributor to this structural
trend, in executing on our purpose to create long-
term value by providing flexible and sustainable
capital that helps businesses develop and grow.
We ensure that we remain attractive to our
client base by offering a range of differentiated
investment strategies that generate attractive
returns, that are accessible through efficient
products, and where clients can deploy substantial
capital to help meet their investment objectives.
We identify and mitigate
the potential impact of
risks on our business and
appropriately set our
risk appetite.
How we manage risk
Scaling up
Managing more AUM through our
existing strategies enables clients to
allocate more capital to us, helps widen
our addressable investment universe,
and creates substantial financial
operating leverage for ICG
shareholders.
Our strategy
Building on positions of strength
More established strategies and investment
products have strong track records and client
followings.
Raising capital here is strategically valuable to
ICG in building further market position, and these
strategies scale the largest clients globally and can
allocate incrementally more capital to ICG.
Financially these strategies typically consume low
levels of balance sheet capital relative to the client
capital they manage, and have high operating
leverage.
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
our global client base.
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
Scaling up
Our purpose
To create value by
providing flexible and
sustainable capital that
helps businesses
develop and grow.
Investing in
our platform
Scaling out
14
ICG Annual Report & Accounts 2025
Our business model continued
Ensuring future growth potential
and continuing to meet client needs
by having the right waterfront of
investment strategies, along with
appropriate fund structures
and products.
See Stakeholder Engagement on page 30
See the FY25 Sustainability and People Report:
www.icgam.com/spr
Employees
We invest in our people, provide a safe working
environment, and support a diverse, skilled and
committed workforce.
Clients
Clients entrust us with their capital to invest on
their behalf. Creating value for our clients through
investing and managing their capital is central to
our purpose.
Shareholders and lenders
We generate an attractive risk-adjusted return
through a combination of income and growth for
our capital providers, with the return on our
operations exceeding our cost of capital.
Suppliers
We ensure our suppliers are engaged with our
business to better meet our needs and to enable
usto understand their perspective.
Community
We are committed to serving and supporting our
wider community through financial and non-
financial means.
Natural environment
Seeking to reduce potential negative impacts on
the natural environment where relevant.
Regulators
Understanding and adhering to the standards set is
of paramount importance to our success as an asset
manager.
Investing in our platform We have a wide range of
stakeholders who share
our in success.
Our business strategy
Scaling out
The value we create
Optimising our waterfront of strategies
We have a number of seeding and scaling
strategies that open significant addressable
markets to ICG. We use our balance sheet to help
accelerate the growth of these strategies and to
support fundraising to generate management
feeincome.
In addition to exploring new investment
strategies, we regularly review the products that
we offer, and where appropriate we offer clients
access to existing investment strategies through
new product designs and structures.
Supporting our client experience
and product innovation, as well as
protecting ICG in a regulated global
landscape.
Delivering efficient growth
Investments in our platform support our client
offering and experience, including our client
solutions group and operational areas such as
client onboarding and ongoing fund reporting.
As the market evolves, clients become ever-more
sophisticated and ICG scales and broadens, these
areas are crucial to growing and managing our
client base.
In addition, investments in areas such as AI,
technology and operations help us to take
advantage of the substantial data we have at our
disposal; to efficiently manage internal processes
as we grow; and to protect ICG from financial and
non-financial harm.
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
15
ICG Annual Report & Accounts 2025
Key performance indicators
Key Performance Indicator
Fee-earning AUM
Weighted-average fee rate
Fund Management
Company operating margin
Deployment of direct
investment funds
Percentage of realised assets exceeding
performance hurdle
Rationale
Growing fee-earning AUM is a key driver of the
Group’s management fees, when combined with the
weighted-average management fee rate.
Rationale
The weighted-average management fee rate on fee-
earning AUM indicates the level of management fees
the Group earns on its fee-earning AUM. Fee rates
vary across our strategies, and the weighted-average
fee rate will depend on, amongst other things, the
composition of fee-earning AUM.
Outcome
The effective management fee rate on our fee-
earning AUM at the period end was 0.97% (FY24:
0.92%).
The UK-adopted IAS financial information on page
119 includes the impact of the consolidated funds
which are determined by UK-adopted IAS to be
controlled by the Group, although the Group’s loss
exposure to these funds is limited to the capital
invested by the Group in each fund and the
associated net investment returns.
The glossary on page 189 includes the definitions of
these alternative performance measures and
reconciliation to the relevant IFRS measures.
Our Key Performance Indicators (KPIs)
help us monitor our progress:
See more on our strategic objectives
on page 13
Outcome
Fee-earning AUM of $75.1bn up 8% compared to
FY24 on a constant currency basis. See page 17 for
further discussion.
Progress
against our KPIs
Our KPIs include alternative performance
measures, providing additional insight into the
performance of our business.
Alternative performance measures
Fee-earning AUM $bn
$75.1bn
Weighted-average fee rate %
0.97%
2021
2022
2023
2024
2025
46.7
58.3
62.8
69.7
75.1
2021
2022
2023
2024
2025
0.88
0.92
0.81
0.90
0.97
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
16
ICG Annual Report & Accounts 2025
Key performance indicators continued
Outcome
The FMC operating margin was 60.2% (FY24:
57.4%). See page 24 for further discussion.
Outcome
During the period we deployed a total of $17.5bn of
AUM on behalf of our direct investment funds
(FY24: $7.7bn).
Rationale
An indicator of our ability to manage portfolios to
maximise value is the level of realised assets for
which the return is above the fund performance
hurdle rate. This is the minimum return level clients
expect and the point at which the Group earns
performance fees.
Outcome
Our strategies continued to perform strongly. The
outcome for the year on this KPI is in line with our
long-term average.
Rationale
The FMC operating margin is a measure of the
efficiency of our fund management activities.
Rationale
Direct investment funds have a defined investment
period. We monitor progress against a straight-line
deployment basis as an indicator of timing for
subsequent fund raising.
FMC operating margin %
60%
Deployment of direct
investment funds %
Percentage of realised assets
exceeding performance hurdle %
88%
Key to deployment funds
Europe VIII
LP Secondaries I ICAP IV
RE Partnership VI
2021
2022
2023
2024
2025
52.1
55.8
57.5
57.4
60.2
2021
2022
2023
2024
2025
88.2
89.3
89.5
94.3
88.3
% investment period
LTD invested % of funds at 31 Mar 25
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
AUM
At 31 March 2025, AUM stood at $112bn and fee-earning AUM at $75bn. The bridge between AUM and fee-
earning AUM is as follows:
$m
Structured
Capital and
Secondaries Real Assets Debt
Seed
investments Total
Fee-earning AUM
36,086 7,711 31,330 — 75,127
AUM not yet earning fees
3,882 1,222 14,970 — 20,074
Fee-exempt AUM
9,073 3,487 1,314 — 13,874
Balance sheet investment portfolio
1
2,458 502 (57) 379 3,282
AUM
51,499 12,922 47,557 379 112,357
AUM is presented across three asset classes (previously four) with no change in measurement.
1.
Includes elimination of CLO equity $630m (£488m) held by ICG already included within fee-earning AUM.
At 31 March 2025 we had $32bn of AUM available to deploy in new investments (‘dry powder’), of which
$20bn was not yet earning fees.
The presentation of our AUM has evolved compared to FY24. We are now showing three verticals (Structured Capital and
Secondaries, Real Assets, and Debt) and within that, five asset classes (Structured Capital, Private Equity Secondaries, Real Assets,
Private Debt, and Credit). The composition of Structured Capital and Secondaries is the same as what was previously called
Structured and Private Equity; Real Assets remains unchanged; and Debt combines what was previously called Private Debt and
Credit.
Business activity
Year ended 31 March 2025
Fundraising Deployment
1
Realisations
1,2
Structured Capital and Secondaries
$13bn $12bn $2bn
Real Assets
$2bn $2bn $1bn
Debt
3
$8bn $4bn $5bn
Total
$24bn $18bn $9bn
1
Direct investment funds; 2
Realisations of fee-earning AUM; 3
Includes Deployment and Realisations for Private Debt only.
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 this review, which the
Board believes assist shareholders in assessing their investment and the delivery of the Group’s strategy through its financial
performance.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 included in the UK-adopted IAS consolidated
financial statements at fair value but excluded for the 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 in-line with prior period at £530.5m (FY24: £530.8m).
On the APM basis it was below the prior period at £532.2m (FY24: £597.8m).
Details of these adjustments can be found in note 4 to the consolidated financial statements on pages 129 to 135.
17
ICG Annual Report & Accounts 2025
Finance review
Increased
earnings power
and cash generation
“We 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
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
AUM and FY25 fundraising
AUM of $112bn
AUM ($m)
Structured
Capital and
Secondaries Real Assets Debt
Seed
investments Total
At 1 April 2024
40,872 10,815 46,246 499 98,432
Fundraising
13,247 2,256 8,149 — 23,652
Other additions
939 1,088 349 — 2,376
Realisations
(2,836) (831) (6,715) — (10,382)
Market and other movements
(899) (401) (456) — (1,756)
Balance sheet movement
176 (5) (16) (120) 35
At 31 March 2025
51,499 12,922 47,557 379 112,357
Change $m
10,627 2,107 1,311 (120) 13,925
Change %
26% 19% 3% n/m 14%
Change % (constant exchange rate)
1
26% 18% 3% n/m 14%
Fee-earning AUM of $75bn
Fee-earning AUM ($m)
Structured
Capital and
Secondaries Real Assets Debt Total
At 1 April 2024
28,334 7,733 33,591 69,658
Funds raised: fees on committed capital 9,868 1,336 — 11,204
Deployment of funds: fees on invested capital 2,114 581 6,432 9,127
Total additions
11,982 1,917 6,432 20,331
Realisations
(2,276) (1,407) (8,540) (12,223)
Net additions/(realisations)
9,706 510 (2,108) 8,108
Stepdowns
(1,795) (218) — (2,013)
FX and other
(159) (314) (153) (626)
At 31 March 2025
36,086 7,711 31,330 75,127
Change $m
7,752 (22) (2,261) 5,469
Change %
27% —% (7) % 8%
Change % (constant exchange rate)
1
27% (2) % (7) % 8%
1. See page 28 for FX exposure of fee-earning AUM, fee income, FMC expenses and Balance sheet investment portfolio.
FY26 fundraising
At 31 March 2025, closed-end funds and associated SMAs that were actively fundraising included Europe IX;
European Infrastructure II; and various other strategies. We expect to hold the final close for European
Infrastructure II by June 2025. We anticipate launching LP Secondaries II during FY26. The timings of launches
and closes depend on a number of factors, including the prevailing market conditions.
Group financial performance
£m unless stated
Year ended
31 March 2024
Year ended
31 March 2025 Change %
Management fees 505.4 603.8 19%
of which catch-up fees 4.6 61.8 n/m
Performance fees 73.7 86.2 17%
Third-party fee income
579.1 690.0 19%
Other Fund Management Company income
72.9 76.0 4%
Fund Management Company revenue
652.0 766.0 17%
Fund Management Company operating expenses
(277.5) (304.6) 10%
Fund Management Company profit before tax
374.5 461.4 23%
Fund Management Company operating margin
57.4% 60.2% 3%
Net investment return
379.3 192.5 (49) %
Other Investment Company Income
(31.3) (14.6) (53) %
Investment Company operating expenses
(100.4) (86.7) (14) %
Interest income
21.5 19.2 (11) %
Interest expense
(45.8) (39.6) (14) %
Investment Company profit before tax
223.3 70.8 (68) %
Group profit before tax
597.8 532.2 (11) %
Tax
(78.5) (79.8) 2%
Group profit after tax
519.3 452.4 (13) %
Earnings per share
181.5p 157.5p (13) %
Dividend per share
79.0p 83.0p 5%
Group operating cash flow
359.0 518.0 44%
Total available liquidity
£1.1bn £1.1bn (2) %
Balance sheet investment portfolio
£3.1bn £3.0bn (1) %
Total Balance Sheet Return
£426.3m
£240.8m (44) %
Net gearing
0.38x
0.25x (0.13)x
Net asset value per share
1
790p 859p 9%
1. The number of shares used to calculate NAV per share has been adjusted to include shares held in the EBT, to reflect how the
Group uses the EBT to neutralise the impact of share-based payments (a different basis to Group earnings per share). See page 26
for details. Prior period NAV per share figures have been adjusted to reflect this methodology.
18
ICG Annual Report & Accounts 2025
Finance review continued
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
19
ICG Annual Report & Accounts 2025
Finance review continued
How fee-earning AUM develops in closed-end funds
A strategy charging fees on committed capital USD billions A strategy charging fees on invested capital USD billions
AUM
Deployed AUM Dry powder
Fee-earning AUM
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Basis of
charging
management
fees
Fund 1
Fund 2
Fund 3
Committed capital Invested capital
Committed capital Invested capital
Committed capital
AUM
Deployed AUM Dry powder
Fee-earning AUM
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Basis of
charging
management
fees
Fund 1
Fund 2
Fund 3
Invested capital
Invested capital
Invested capital
Fees are charged on total committed capital during a fund’s investment period. All commitments to
the fund are charged fees from the date of the ‘first close’, irrespective of when the commitment is
made. The first fee payment clients make can therefore include fees that relate to prior fiscal years.
Those fees are booked in the year they are received and are referred to as ‘catch-up fees’.
Successor funds are launched typically once a fund is 85–90% invested.
At this point, the previous vintage of the fund ‘steps down’ to charge fees on invested capital,
potentially with a reduction in fees of ~25bps. As the fund realises investments, the invested capital
base is reduced.
Fees are charged on the original cost of total invested capital for the entirety of the fund’s life.
The fee-earning AUM therefore increases as capital is deployed, and reduces as the fund
realises investments.
No ‘step down’ in fees when a successor fund is launched.
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
Group financial performance continued
Structured Capital and Secondaries
Overview
Seeding strategies
Scaling strategies Flagship strategies
Life Sciences
European Mid-Market
Asia Pacific Corporate
LP Secondaries
Core Private Equity
European Corporate
Strategic Equity
Year ended
31 March 2024
Year ended
31 March 2025
Year-on-year
growth
1
Last five years
CAGR
1,2,5
AUM
$40.9bn $51.5bn 26% 29%
Structured Capital
$22.7bn $28.4bn 25% 22%
Private Equity Secondaries
$18.2bn $23.1bn 27% 43%
Fee-earning AUM
$28.3bn $36.1bn 27% 24%
Structured Capital
$16.2bn $19.6bn 20% 17%
Private Equity Secondaries
$12.1bn $16.5bn 36% 36%
Fundraising
$5.4bn $13.2bn n/m
Deployment
$1.7bn $11.6bn n/m
Realisations
3
$0.8bn $2.3bn n/m
Effective management fee rate
1.24% 1.25% +1bps
Management fees
£284m £366m 29% 22%
Performance fees
£53m £84m 59% 28%
Balance sheet investment portfolio
£1.8bn £1.9bn
Total Balance Sheet Return
4
£232.5m £151.8m 16%
1. AUM on constant currency basis.
2. AUM calculation based on 31 March 2020 to 31 March 2025.
3. Realisations of fee-earning AUM.
4. NIR, including CLO dividends for Debt.
5. Five-year average for Total Balance Sheet Return.
Note: Growth calculations are performed using whole numbers for all metrics to ensure an accurate representation of the movements.
Performance of key funds
Vintage
Total fund
size
1
Status % deployed Gross MOIC Gross IRR DPI
Structured Capital
Europe VI
2015
€3.0bn Realising 2.2x 23% 191%
Europe VII
2018
€4.5bn Realising 2.0x 18% 67%
Europe VIII
2021
€8.1bn Realising 1.3x 16% 11%
Europe IX
Fundraising
Europe Mid-Market I
2019
€1.0bn Realising 1.7x 25% 47%
Europe Mid-Market II
2023
€2.6bn Investing 35% 1.1x 25% —
Asia Pacific III
2014
$0.7bn Realising 2.2x 18% 102%
Asia Pacific IV
2020
$1.1bn Investing 76% 1.3x 13% 1%
Private Equity
Secondaries
Strategic Secondaries II
2016
$1.1bn Realising 3.0x 46% 200%
Strategic Equity III
2018
$1.8bn Realising 2.7x 34% 76%
Strategic Equity IV
2021
$4.3bn Realising 1.5x 22% 3%
Strategic Equity V
2023
$7.7bn Investing 39% 2.9x
>100%
—
LP Secondaries I
2022
$0.8bn Investing 91% 2.3x 60% 31%
Key drivers
Business activity
Fundraising: European Corporate ($6.0bn), Strategic Equity ($5.8bn),
Mid Market II ($1.4bn)
Deployment: Mostly driven by European Corporate ($6.4bn) and
Strategic Equity ($3.7bn)
Realisations: European Corporate ($1.4bn), Strategic Equity ($0.7bn)
Fee income
Management fees: Increase largely driven by strong fundraising in
Strategic Equity and Mid-Market. Catch-up fees of £49m (FY24:
£3.7m), driven by Strategic Equity and Mid-Market
Performance fees: Additional revenue accrued for Europe VII as it
moved closer to its hurdle date
Balance sheet investment portfolio
Return largely driven by European Corporate
Fund performance
Year-on-year growth across key funds
1. Refers to commingled fund size.
20
ICG Annual Report & Accounts 2025
Finance review continued
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
Group financial performance continued
Real Assets
Overview
Seeding strategies
Scaling strategies Flagship strategies
-
European Infrastructure
Asia-Pacific Infrastructure
Real Estate Equity Europe
Real Estate Debt
-
Year ended
31 March 2024
Year ended
31 March 2025
Year-on-year
growth
1
Last five years
CAGR
1, 2, 5
AUM
$10.8bn $12.9bn 18% 18%
Fee-earning AUM
$7.7bn $7.7bn (2) % 14%
Fundraising
$1.0bn $2.3bn n/m
Deployment
$2.2bn $2.4bn 9%
Realisations
3
$0.9bn $1.4bn 56%
Effective management fee rate
0.94% 0.97% +3bps
Management fees
£56m £77m 36% 25%
Performance fees
— —
Balance sheet investment portfolio
£0.4bn £0.4bn
Total Balance Sheet Return
4
£44.2m £30.0m 8%
1. AUM on constant currency basis.
2. AUM calculation based on 31 March 2020 to 31 March 2025.
3. Realisations of fee-earning AUM.
4. NIR, including CLO dividends for Debt.
5. Five-year average for Total Balance Sheet Return.
Note: Growth calculations are performed using whole numbers for all metrics to ensure an accurate representation of the movements.
Performance of key funds
Vintage
Total fund
size
1
Status % deployed Gross MOIC Gross IRR DPI
Real Estate Partnership
Capital IV
2015 £1.0bn Realising 1.1x 4% 98%
Real Estate Partnership
Capital V
2018 £0.9bn Realising 1.2x 7% 50%
Real Estate Partnership
Capital VI
2021 £0.6bn Investing
83%
1.2x 10% 10%
Real Estate Debt Fund
VII
Fundraising
European Infra I
2020 €1.5bn Realising 1.5x 21% 57%
European Infra II
Fundraising
Infrastructure Asia
Fundraising
Metropolitan II
Fundraising
Strategic Real Estate I
2019 €1.2bn Realising 1.2x 7% 6%
Strategic Real Estate II
2022
€0.7bn Investing
70% 1.1x 9% —
1. Refers to commingled fund size.
Key drivers
Business activity
Fundraising: Real Estate equity and debt strategies ($0.7bn) and
Infrastructure Europe ($1.4bn)
Deployment: Real Estate equity and debt strategies ($1.9bn),
Infrastructure Europe ($0.5bn)
Realisations: Real Estate equity and debt strategies ($1.1bn),
Infrastructure Europe ($0.3bn)
Fee income
Management fees: Increase largely driven by strong fundraising in
European Infrastructure including catch-up fees of £9m (FY24: £0m)
Performance fees: No performance fees due to early stage of key
carry-eligible funds
Balance sheet investment portfolio
Return mainly driven by Infrastructure Equity, positive NIR in Real
Estate Equity as well while Real Estate Debt is flat YoY
Fund performance
European Infrastructure saw strong value creation in the year, other
strategies broadly flat
21
ICG Annual Report & Accounts 2025
Finance review continued
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
Group financial performance continued
Debt
Overview
Seeding strategies
Scaling strategies Flagship strategies
-
North American Credit Partners
("NACP")
Australian Loans
Liquid Credit
Senior Debt Partners ("SDP")
CLOs
Year ended
31 March 2024
Year ended
31 March 2025
Year-on-year
growth
1
Last five years
CAGR
1,2,5
AUM
$46.2bn $47.6bn 3% 10%
Private Debt
$28.3bn $29.7bn 5% 17%
Credit
$17.9bn $17.9bn (1) % 3%
Fee-earning AUM
$33.6bn $31.3bn (7) % 7%
Private Debt
$15.9bn $13.5bn (15) % 11%
Credit
$17.7bn $17.8bn — 5%
Fundraising
$6.6bn $8.2bn 23%
Deployment
$3.8bn $3.5bn (8) %
Realisations
3
$4.3bn $8.5bn n/m
Effective management fee rate
0.65% 0.64% (1)bps
Management fees
£165m £161m (3) % 12%
Performance fees
£21m £2m n/m 28%
Balance sheet investment portfolio
£0.4bn £0.4bn
Total Balance Sheet Return
4
£57.9m £27.7m 9%
1. AUM on constant currency basis.
2. AUM calculation based on 31 March 2020 to 31 March 2025.
3. Realisations of Fee-earning AUM.
4. NIR, including CLO dividends for Debt.
5. Five-year average for Total Balance Sheet Return.
Note: Growth calculations are performed using whole numbers for all metrics to ensure an accurate representation of the movements.
Performance of key funds
Vintage
Total fund
size
1
Status % deployed Gross MOIC Gross IRR DPI
Private Debt
Senior Debt Partners II
2015
€1.5bn Realising 1.3x 8% 100%
Senior Debt Partners III
2017
€2.6bn Realising 1.2x 6% 66%
Senior Debt Partners IV
2020
€5.0bn Realising 1.2x 11% 44%
Senior Debt Partners V
2022
€7.3bn Investing 49% 1.1x 17% 5%
North American Private
Debt I
2014 $0.8bn Realising 1.5x 16% 136%
North American Private
Debt II
2019 $1.4bn Realising 1.4x 12% 73%
North America Credit
Partners III
2023
$1.9bn Investing 30% 1.1x 19% —%
1. Refers to commingled fund size.
Key drivers
Business activity
Fundraising: SDP ($4.9bn) and NACP ($0.3bn); CLOs ($1.8bn) and
Liquid Credit ($1.0bn)
Deployment: SDP ($2.7bn) and NACP ($0.4bn)
Realisations: SDP($4.7bn) and NACP ($0.3bn); CLOs ($2.8bn) and
Liquid Credit ($ 0.5bn)
Net realisations of $2.1bn within Debt drove a reduction in FEAUM
for the asset class
Fee income
Management fees: Lower than prior year owing to a reduction in
FEAUM due to net realisation activity in SDP
Performance fees: FY24 benefited from performance fees in
Alternative Credit (£13m), which are earned every three years
Balance sheet investment portfolio
Includes the impact of the Group moving to a third-party valuer for
its CLO equity during Q3, bringing the approach in line with wider
market practice. Net effect of the assumptions applied by the third-
party valuer increased the value of the CLO equity held on the
balance sheet by £20m compared to the assumptions applied by the
Company at 31 March 2024
1
1. Further details of assumptions applied and sensitivities of the CLO equity valuation to these assumptions can be found in note 5
(IFRS) and in the Datapack (APM).
22
ICG Annual Report & Accounts 2025
Finance review continued
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
Fund Management Company
The Fund Management Company (FMC) is the Group’s principal driver of long-term profit growth. It manages
our third-party AUM, which it invests on behalf of the Group’s clients.
Management fees
Management fees for the period totalled £603.8m (FY24: £505.4m), a year-on-year increase of 19% (8%
excluding the impact of catch-up fees of £61.8m in FY25 and £4.6m in FY24). On a constant currency basis
management fees increased 22% year-on-year.
The effective management fee rate on our fee-earning AUM at the period end was 0.97% (FY24: 0.92%).
Performance fees
Performance fees recognised for the year totalled £86.2m (FY24: £73.7m). The year-on-year increase was
largely due to additional revenue accrued for Europe VII as it moved closer to its hurdle date. During the period
the Group received realised performance fees of £60.3m and at 31 March 2025 had accrued performance fees
receivable on its balance sheet of £108.4m (31 March 2024: £83.7m):
£m
Accrued performance fees at 31 March 2024
83.7
Accruals during period
86.2
Received during period
(60.3)
FX and other movements
(1.2)
Accrued performance fees at 31 March 2025
108.4
Recognition of performance fees
In addition to management fees, the Group receives performance fees from certain funds if performance
thresholds are met.
Performance fees are a relatively small but important part of the Group’s revenue. The Group receives
approximately 20–25% of performance fees from the funds that it manages, with the remainder going to
the investment teams.
Over the medium term we expect performance fees to be ~10–15% of our total third-party fee income.
Accrual of unrealised performance fees is a matter of judgement (see note 3 on page 128) and we take a
conservative approach to minimise the possibility of any significant reversals.
Illustrative recognition of performance fee accrual under UK-adopted IAS for a fund that
charges fees on committed capital
Performance fees are recognised only if it is highly probable that there will not be a significant reversal in
the future. In practice recognition generally occurs after a number of realisations have been made. Timing of
recognition depends on deployment, exits and fund performance.
Where the hurdle date is expected to be reached within 24 months of the year end, a constraint will be
applied to the performance fee that is recognised but not yet paid. For FY25, this constraint was 53% (see
page 128.
Certain funds that charge fees on invested capital also charge performance fees, which the Group benefits
from. The process for recognising performance fees in these funds is the same as outlined above, and the
illustrative profile in the graph would change to reflect the management fee being charged on invested
capital. For more detail on how we charge management fees (see page 19).
23
ICG Annual Report & Accounts 2025
Finance review continued
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
Fund Management Company continued
Other income
Other income comprises dividend receipts of £48.3m (FY24: £47.0m) from investments on the balance sheet in
CLO equity; an intercompany fee of £24.6m for managing the IC balance sheet investment portfolio (FY24:
£25.0m); and other income of £2.8m (FY24: £0.9m).
Operating expenses and margin
FMC operating expenses totalled £304.6m, an increase of 10% compared to FY24 (£277.5m)
£m
Year ended 31
March 2024
Year ended 31
March 2025 Change %
Salaries
101.0 109.2 8%
Incentive scheme costs
113.3 128.8 14%
Administrative costs
56.8 58.5 3%
Depreciation and amortisation
6.4 8.1 27%
FMC operating expenses
277.5 304.6 9.8%
FMC operating margin
57.4% 60.2% 2.8%
Within FMC operating expenses (incentive scheme costs), an expense of £43.0m was recorded for stock-based
compensation (FY24: £41.0m).
The FMC recorded a profit before tax of £461.4m (FY24: £374.5m), a year-on-year increase of 23% and an
increase of 28% on a constant currency basis.
Investment Company
The Investment Company (IC) invests the Group’s balance sheet to seed new strategies, and invests alongside
the Group’s scaling and established strategies to align interests between our shareholders, clients and
employees. It also supports a number of costs, including teams that have not yet had a first close on a first third-
party fund, certain central functions, a part of the Executive Directors’ compensation, and the portion of the
investment teams’ compensation linked to the returns of the balance sheet investment portfolio (Deal Vintage
Bonus, or DVB).
Balance sheet investment portfolio
The balance sheet investment portfolio was valued at £3.0bn at 31 March 2025 (31 March 2024: £3.1bn).
During the period, it generated net realisations and interest income of £172m (FY24: £139m), being net
realisations of £69m (FY24: £88m) and cash interest receipts of £103m (FY24: £51m).
We made seed investments totalling £166m.
£m
As at 31
March 2024
New
investments Realisations
Gains/ (losses)
in valuation FX & other
As at 31
March 2025
Structured Capital
and Secondaries
1,807 373 (390) 152 (36) 1,906
Real Assets
402 79 (118) 30 (6) 387
Debt
1
467 97 (90) (20) (11) 443
Seed Investments
394 166 (289) 31 (10) 292
Total Balance Sheet
Investment
Portfolio
3,070 715 (887) 193 (63) 3,028
1. Of which £228m is in CLO equity.
24
ICG Annual Report & Accounts 2025
Finance review continued
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
Investment Company continued
Net Investment Returns
For the five years to 31 March 2025, Net Investment Returns (NIR) have been in line with our medium-term
guidance, averaging 12%. For the twelve months to 31 March 2025, NIR were 6% (FY24: 13%).
NIR of £192.5m were comprised of interest of £140.6m from interest-bearing investments (FY24: £124.9m)
and capital gains of £51.9m (FY24: £252.4m). NIR were split between asset classes as follows:
Year ended 31 March 2024 Year ended 31 March 2025
NIR (£m)
Annualised NIR
(%) NIR (£m)
Annualised NIR
(%)
Structured Capital and Secondaries
232.5 13% 151.8 8%
Real Assets
44.2 9% 30.0 8%
Debt
10.9 2% (20.5) (5) %
Seed Investments
91.7 25% 31.2 9%
Total net investment returns
379.3 13% 192.5 6%
Total balance sheet return including CLO dividends (which are recognised in the FMC), was £240.8m (FY24:
£426.3).
For further discussion on balance sheet investment performance by asset class, refer to pages 21 to 23 of this
report.
In addition to the NIR, the other adjustments to IC revenue were as follows:
£m
Year ended 31
March 2024
Year ended 31
March 2025
Change
Changes in fair value of derivatives
1
(7.3) 8.3 n/m
Inter-segmental fee
(25.0) (24.6) (2) %
Other
1.0 1.7 70%
Other IC revenue
(31.3) (14.6) (53) %
1. See page 28 for FX exposure of fee-earning AUM, fee income, FMC expenses and Balance sheet investment portfolio.
As a result, the IC recorded total revenues of £177.9m (FY24: £348m).
Investment Company expenses
Operating expenses in the IC of £86.7m decreased by 14% compared to FY24 (£100.4m), with increases in
salaries and administrative costs being more than offset by a decrease in incentive scheme costs:
£m
Year ended 31
March 2024
Year ended 31
March 2025
Change
%
Salaries
21.4 30.0 40%
Incentive scheme costs
58.6 29.5 (50) %
Administrative costs
18.1 26.8 48%
Depreciation and amortisation
2.3 0.4 (83) %
IC operating expenses
100.4 86.7 (14) %
Incentive scheme costs included DVB accrual of £9.4m (FY24: £35.1m). The reduction compared to FY24 was
predominantly due to a change in the anticipated timing of when DVB is likely to be realised, which led the DVB
accrual in H1 FY25 of £0.2m (H2 FY25: £9.2m).
Interest expense was £39.6m (FY24: £45.8m) and interest earned on cash balances was £19.2m (FY24:
£21.5m).
The IC recorded a profit before tax of £70.8m (FY24: £223.3m).
25
ICG Annual Report & Accounts 2025
Finance review continued
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
Group
Operating expenses
The Group's operating expenses in aggregate were £391.3m, compared to FY24 these increased by 4%. For
more detailed commentary on the changes in the operating expenses, see pages 24 and 25 of this report.
£m
Year ended 31
March 2024
Year ended 31
March 2025
Change
%
Salaries
122.4 139.2 14%
Incentive scheme costs
171.9 158.3 (8) %
Administrative costs
74.9 85.3 14%
Depreciation and amortisation
8.7 8.5 (2) %
Group operating expenses
377.9 391.3 4%
Within the Group operating expenses (incentive scheme costs), an expense of £52.3m was recorded for stock-
based compensation (FY24: £53.6m).
Tax
The Group recognised a tax charge of £(79.8)m (FY24: £(78.5)m), resulting in an effective tax rate for the period
of 14.9% (FY24: 13.2%).
As detailed in note 13, the Group has a structurally lower effective tax rate than the statutory UK rate. This is
largely driven by the Investment Company, where certain forms of income benefit from tax exemptions. The
effective tax rate will vary depending on the income mix.
Dividend and share count
ICG has a progressive dividend policy. Over the long term the Board intends to increase the dividend per share
by at least mid-single digit percentage points on an annualised basis.
The Board has proposed a final dividend of 56.7p per share which, combined with the interim dividend of 26.3p
per share, results in total dividends for the year of 83.0p (FY24: 79.0p). This marks the 15th consecutive year of
increases in our ordinary dividend per share, which over the last five years has grown at an annualised rate of
10%. We continue to make the dividend reinvestment plan available.
At 31 March 2025 the Group had 290,636,892 shares outstanding (31 March 2024: 290,631,993). During the
year the Group recognised £52.3m in stock-based compensation. The Group has a policy of neutralising the
dilutive impact of stock-based compensation through the purchase of shares by an Employee Benefit Trust
('EBT').
Balance sheet and cash flow
Our growing earnings and cash generation are resulting in an increasingly valuable asset base, which we use to
enhance our client offering and shareholder value while maintaining an appropriately capitalised balance sheet.
We do this through:
– investing alongside clients in our existing strategies to align interests;
– making investments to grow the strategies and products we offer our clients; and
– returning appropriate capital to our shareholders.
During the year we made gross investments of £549m alongside existing strategies and £166m in seed
investments, and maintained our progressive dividend policy. See page 24 for more information on the
performance of our balance sheet investment portfolio during the period and page 14 for information on our
dividend.
To support this use of our balance sheet, we maintain a robust capitalisation and a strong liquidity position:
£m
31 March 2024 31 March 2025
Balance sheet investment portfolio
3,070 3,028
Cash and cash equivalents
627 605
Other assets
476 447
Total assets
4,173 4,080
Financial debt
(1,448) (1,177)
Other liabilities
(430) (407)
Total liabilities
(1,878) (1,584)
Net asset value
2,295 2,496
Net asset value per share
1
790p 859p
1. The number of shares used to calculate NAV per share include shares held in the EBT (a different basis to Group earnings per
share), The Group uses the EBT to purchase and hold shares to offset the impact of share-based payments. Prior period NAV per
share figures have been adjusted to reflect this methodology.
Liquidity and net debt
For FY25 we are reporting operating cashflow of £518m (FY24: £359m). This increase is due both to higher
cashflow from fee income and higher cash generation from our balance sheet.
At 31 March 2025 the Group had total available liquidity of £1,098m (FY24: £1,124m), net financial debt of
£629m (FY24: £874m) and net gearing of 0.25x (FY24: 0.38x
During the period, available cash decreased by £26m from £574m to £548m, including the repayment of
£241m of borrowings that matured.
26
ICG Annual Report & Accounts 2025
Finance review continued
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
Group continued
The table below sets out movements in cash:
£m
FY24 FY25
Opening cash
550 627
Operating activities
Fee and other operating income
492 656
Net cash flows from investment activities and investment income
1
180 253
Expenses and working capital
(272) (323)
Tax paid
(41) (68)
Group cash flows from operating activities - APM
2,3
359 518
Financing activities
Interest paid
(49) (41)
Interest received on cash balances
29 20
Purchase of shares by EBT
— (43)
Dividends paid
(223) (229)
Net repayment of borrowings
(51) (241)
Group cash flows from financing activities - APM
2
(294) (534)
Other cash flow
4
14 4
FX and other movement
(2) (10)
Closing cash
627 605
Regulatory liquidity requirement
(53) (57)
Available cash
574 548
Available undrawn RCF
550 550
Cash and undrawn debt facilities (total available liquidity)
1,124 1,098
1. The aggregate cash (used)/received from balance sheet investment portfolio (additions), realisations, and cash proceeds received
from assets within the balance sheet investment portfolio.
2. Interest paid, which is classified as an Operating cash flow under UK-adopted IAS, is reported within Group cash flows from
financing activities - APM.
3. Per note 30 of the Financial Statements, Operating cash flows under UK-adopted IAS of £136.1m (FY24: £255.9m) include
consolidated credit funds. This difference to the APM measure is driven by cash consumption within consolidated credit funds as a
result of their investing activities during the period.
4. Cash flows in respect of purchase of intangible assets, purchase of property, plant and equipment and net cash flow from derivative
financial instruments.
At 31 March 2025, the Group had drawn debt of £1,177m (FY24: £1,448m). The change is due to the
repayment of certain facilities as they matured, along with changes in FX rates impacting the translation value:
£m
Drawn debt at 31 March 2024
1,448
Debt (repayment) / issuance
(241)
Impact of foreign exchange rates
(30)
Drawn debt at 31 March 2025
1,177
Net financial debt therefore reduced by £245m to £629m (FY24: £874m):
£m 31 March 2024 31 March 2025
Drawn debt
1,448 1,177
Available cash
574 548
Net financial debt
874 629
During the period, S&P upgraded ICG plc to BBB+. At 31 March 2025 the Group had credit ratings of BBB
(positive outlook) and BBB+ (stable outlook) from Fitch and S&P, respectively.
The Group’s debt is provided through a range of facilities. All facilities except the RCF are fixed-rate
instruments. The weighted-average pre-tax cost of drawn debt at 31 March 2025 was 2.84% (FY24: 3.07%).
The weighted-average life of drawn debt at 31 March 2025 was 2.9 years (FY24: 3.3 years). The maturity
profile of our term debt is set out below:
£m FY26 FY27 FY28 FY29 FY30
Term debt maturing
176 486 — 97 419
During FY25, the Group entered into a new Revolving Credit Facility (RCF), replacing the previous facility. The
RCF, which matures in October 2027, remains at £550m and has more favourable economic terms compared
to the previous facility. For further details of our debt facilities see Other Information (page 204).
Net gearing
The movements in the Group’s balance sheet investment portfolio, cash balance, debt facilities and shareholder
equity resulted in net gearing decreasing to 0.25x at 31 March 2025 (FY24: 0.38x).
£m
31 March 2024 31 March 2025
Change %
Net financial debt (A)
874 629 (28) %
Net asset value (B)
2,295 2,496 9%
Net gearing (A/B)
0.38x 0.25x (0.13)x
27
ICG Annual Report & Accounts 2025
Finance review continued
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
Foreign exchange rates
The following foreign exchange rates have been used throughout this review:
Average rate
for FY24
Average rate
for FY25
Year ended 31
March 2024
Year ended 31
March 2025
GBP:EUR
1.1609 1.1919 1.1697 1.1944
GBP:USD
1.2572 1.2773 1.2623 1.2918
EUR:USD
1.0829 1.0751 1.0792 1.0815
The table below sets out the currency exposure for certain reported items:
USD EUR GBP Other
Fee-earning AUM
35% 55% 9% 1%
Fee income
34% 58% 7% 1%
FMC expenses
18% 14% 59% 9%
Balance sheet investment portfolio
29% 49% 14% 8%
The table below sets out the indicative impact on our reported management fees, FMC PBT and NAV per share
had sterling been 5% weaker or stronger against the euro and the dollar in the period (excluding the impact of
any hedges):
Impact on FY25
management fees
1
Impact on FY25
FMC PBT
1
NAV per share at 31
March 2025
2
Sterling 5% weaker against euro and dollar
+£29.0m +£30.9m +14p
Sterling 5% stronger against euro and dollar
-£(26.3)m -£(28.0)m -(13)p
1. Impact assessed by sensitising the average FY25 FX rates.
2. NAV / NAV per share reflects the total indicative impact as a result of a change in FMC PBT and net currency assets.
Where noted, this review presents changes in AUM, fee income and FMC PBT on a constant currency
exchange rate basis. For the purposes of these calculations, prior period numbers have been translated from
their underlying fund currencies to the reporting currencies at the respective FY25 period end exchange rates.
This has then been compared to the FY25 numbers to arrive at the change on a constant currency exchange
rate basis.
The Group does not hedge its net currency income as a matter of course, although this is kept under review.
The Group does hedge its net balance sheet currency exposure, with the intention of broadly insulating the
NAV from FX movements. Changes in the fair value of the balance sheet hedges are reported within the IC.
28
ICG Annual Report & Accounts 2025
Finance review continued
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
In accordance with the UK
Corporate Governance Code,
the Directors have carried out
a comprehensive and robust
assessment of the prospects
and viability of the Group.
The Group’s long-term prospects are primarily
assessed through the strategic and financial planning
process. The main output of this periodic process is
the Group’s strategic plan, supported by the annual
budget which is approved by the Board (see page 66).
This assessment also reflects the Group’s strategic
priorities (see page 13).
The Board’s oversight of the strategic plan is
underpinned by the regular briefings received by the
Board on macroeconomics, markets, new products
and strategies, people management and processes
(see page 66). New strategy reviews consider both
the market opportunity for the Group and the
associated risks, principally the ability to raise third-
party funds, and deliver strong investment
performance.
Period for assessing viability
The period covered by the Group’s strategic plan,
regulatory capital reporting, shareholder fundraising
guidance and the deployment duration for some of
the larger strategies is three years. This, combined
with an assessment of the period over which
forecasting assumptions are most reliable, and taking
into account the recommendations of the Financial
Reporting Council in their 2021 thematic review
publication, has led the Directors to choose a period
of three years to March 2028 for their formal
assessment of viability. The Directors are satisfied
that a forward-looking assessment of the Group for
this period is sufficient to enable a reasonable
statement of viability.
Assessment of viability
The assessment of the Group’s viability requires the
Directors to consider the principal risks that could
affect the Group (see pages 40 to 44), with further
information in the Risk Committee Report on page 84.
The Group has good visibility on future management
fees due to the long-term nature of our funds (see
page 19). This is underpinned by a well-capitalised
balance sheet coupled with a strong liquidity position.
Stress testing is performed on the Group’s strategic
plan, which considers the impact of one or more of
the key risks crystallising over the assessment period.
The severe but plausible stress scenario applied to
the strategic plan is a material reduction in AUM
arising as a result of one or more of the External
environment and Fund performance principal risks
crystallising, with the scenario applying a significant
slowdown to fundraising, deployment and realisation,
combined with a significant valuation write down of
the Group’s balance sheet investments.
Having reviewed the results of the stress tests, the
Directors have concluded that the Group would have
sufficient resources in the stressed scenario and that
the Group’s ongoing viability would be maintained.
The stress scenario assumptions include maintaining
the Group’s dividend policy but this and other
assumptions would be reassessed if necessary over
the longer term.
In addition, the Group undertakes a reverse stress
test to identify the circumstances under which the
business model becomes unviable. The most likely
scenario to cause the business model to be unviable is
investment write-downs causing a breach of debt
covenants. The reverse stress test determines the
level of investment write-downs required to breach
debt covenants and trigger a business model failure
point, in the absence of any management actions.
Analysis of this scenario concluded that write-downs
significantly in excess of those experienced during the
global financial crisis by the Group, without any
mitigating actions, would be required in order for the
Group to breach its banking covenants. The Directors
consider this level of write-down to be extremely remote.
Viability statement
Based on the results of the analysis, and in
accordance with the provisions of the UK Corporate
Governance Code, the Directors confirm that they
have a reasonable expectation that the Group will
continue to operate and meet its liabilities, as they fall
due, for the next three years. The Directors’
assessment has been made with reference to the
Group’s current position and prospects, the Group’s
strategy, the Board’s risk appetite, the Group’s
principal risks and the management of those risks, as
detailed in the Strategic Report on pages 1 to 63.
Given the above, the Directors also considered it
appropriate to prepare the financial statements on the
going concern basis as set out on pages 119 and 188.
29
ICG Annual Report & Accounts 2025
Viability statement
A comprehensive and robust assessment
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
Establishing
successful
relationships
to enable us to
grow responsibly
The strength of our stakeholder relationships
enables the Group to grow responsibly. Listening
to and engaging with our diverse stakeholders drives
progress, trust and transparency. It enables us to
understand external developments and market
expectations and supports our identification
of opportunities and risks.
30
ICG Annual Report & Accounts 2025
Stakeholder engagement
The Company’s key stakeholders are listed
below. The Directors seek to understand the
interests of each stakeholder so that these may
be properly factored into the Board’s decisions.
Our key stakeholder groups
The Board engages with stakeholders
through various methods including
direct engagement by Executive and
Non-Executive Directors where relevant;
receiving reports and updates from
management; and seeking input from
external advisers as appropriate.
Shareholders
and lenders
Clients
Employees Suppliers
Community Natural
environment
Regulators
The Board
Executive
Management
External
experts and
advisers
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
31
ICG Annual Report & Accounts 2025
Stakeholder engagement continued
How have the Board
and management engaged?
The Group conducts an active Shareholder and
Debtholder Relations programme, engaging with
shareholders, lenders and rating agencies throughout
the year using a variety of channels and across all
major financial regions globally.
During FY25 these included one-on-one and group
meetings, both following results and on an ad hoc
basis, and a shareholder seminar focused on ICG
Strategic Equity.
The Board and management receive feedback on
shareholder and lender views directly from our
shareholders, rating agencies and balance sheet
finance providers, the Group’s Shareholder Relations
function and from third parties, such as our corporate
brokers.
The Chair also undertook a series of meetings with
a number of shareholders and non-shareholders,
without management present, to receive feedback
directly on the Group, our growth plan and
management.
Outcomes as a result of that engagement
– In total we engaged with c. 70% of our shareholder
register during FY25, with shareholders getting
access to non-executive and executive leadership,
as well as other senior management during the year
– A wide range of feedback was received as a result
of these meetings, which have been factored into
management and Board-level discussions
How have the Board
and management engaged?
We are continually considering the position of our
clients, and how we can best engage with them. More
information on our clients can be found on page 12.
Our client solutions group engages regularly with all
clients and potential clients, providing detailed
updates on fund performance, new funds and other
business developments, including sustainability
matters.
We held regular client investor days and investor
conferences throughout the year, ensuring that our
clients have access to our senior management,
investment teams and Client Solutions Group .
Outcomes as a result of that engagement
– Continued to broaden our expertise and offering
of funds to meet client needs
– Offered successor vintages of established funds
to meet client demand
– Enhanced our monitoring, target setting and
reporting for portfolio companies
– Further developed our internal teams to continue
to improve our client experience
– Renamed our internal team as Client Solutions
Group to better align the identity of the team with
the evolving approach we are taking to working
with our clients
Shareholders and lenders
Why is it important to engage?
Effective access to capital is of strategic importance and
crucial for the success of the Group, along with fostering
a supportive investor base that is interested in the long-
term prospects of the Company.
We seek to promote a two-way dialogue with both
current and potential shareholders and lenders.
We strive to communicate clearly to them about our
performance and prospects.
We also seek to understand their views on our industry
and our business so that these perspectives can be
factored into management and Board decisions.
What were the key topics of engagement?
– ICG’s strategic positioning within the global
alternative asset management landscape, the long-
term prospects for the Group in that context, and
where financial and non-financial resources being
deployed to execute on those opportunities
– The Group’s performance during the course of
FY25, and the outlook over the short and long term
– Impact of the macroeconomic environment on the
Group’s clients, portfolio companies and investment
activities
– Various other topics including capital allocation,
cost base progression and financial presentation of
results relative to peers
Clients
Why is it important to engage?
Clients entrust us with their capital to invest on their
behalf. The single largest driver of our long-term growth
is continuing to attract increasing levels of capital from
our clients and growing our client base, while delivering
strong returns.
Ensuring that we understand our clients’ needs and
serve them appropriately is fundamental to the success
of the Group.
What were the key topics of engagement?
– Designing funds to meet clients’ needs
– Strategy to grow our client base and increase
holdings by existing clients
– Reporting of portfolio performance
– Industry best practice integration of sustainability
considerations into our investment approach
Read more on page 12
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
32
ICG Annual Report & Accounts 2025
Stakeholder engagement continued
How have the Board
and management engaged?
We ensure that senior management hold regular
relationship meetings with our key suppliers to
ensure that any issues in our interactions with them
are fully considered and addressed, and to review
supplier performance. We are also continuing with
the development of our supplier on-boarding process.
We ask large and significant suppliers to complete a
Supplier Sustainability information covering a range
of sustainability topics. We also ask suppliers to
commit to our Supplier Code of Conduct. The Board
receives regular updates on our engagement with
suppliers, in particular in respect of the third-party
administrators who provide services in respect of our
funds.
Outcomes as a result of that engagement
– Enhancements to the operating model applied at
our third-party administrators for client anti-money
laundering and know your client activities
– Commencement of activity to consolidate our third-
party administrators
– More comprehensive understanding of supplier
sustainability practices
– Updated Supplier Code of Conduct
Employees
How have the Board and management
engaged?
We have a number of formal and informal channels
to achieve this, including our annual employee
engagement ‘Pulse’ survey held during the year;
regular whole company business briefings; our
quarterly People Forum and regular
team meetings.
Throughout the year, Andrew Sykes, appointed as the
NED responsible for employee engagement,
conducted five focus group sessions with employees,
spanning various business areas and geographies.
Outcomes as a result of that engagement
– Enhanced objectives for all people managers
supported with the launch of the ‘Managing for
Results’ programme for People Managers
– Investment in platforms further strengthening
connectivity across processes and systems
– Piloted global mentoring programme accessible for
all employees supporting career growth
For further details, please refer to Our People
pages from page 36.
Suppliers
Why is it important to engage?
We work to ensure that our suppliers are engaged with
our business and that each party understands the
approach of the other.
This enables our suppliers to better meet our needs and
us to understand their perspective, as well as delivering
appropriate oversight of the supplier relationship.
What were the key topics of engagement?
– Improvement of onboarding activities to ensure
that suppliers are effectively managed in order to
enhance the overall client experience
– Rationalisation of the number of key third-party
administrators to help build consistent operational
processes
– Ability of providers, including third-party
administrators, to continue to provide a high-
quality and fairly priced service
– Requesting information on Supplier Sustainability
Practices
Why is it important to engage?
The success of the Group depends on collaboration and
expertise across teams.
Effective two-way communication with our employees
is essential to build and maintain engagement.
Our employee engagement informs us where we are
doing well and where further actions should be
considered and applied.
What were the key topics of engagement?
– Inclusion and culture aims and ambitions
– Growth and development of our employees
– Wellbeing of employees
– Enhancing employee experience aligned to ICG’s
purpose and values
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
Read more on page 36
33
ICG Annual Report & Accounts 2025
Stakeholder engagement continued
How have the Board
and management engaged?
Details of our focus on environmental matters,
particularly those related to climate change, and
climate risk can be found on pages 46 to 62. The
Board has a keen interest in sustainability matters
and regularly receives updates from senior
management, including Board presentations from our
Global Head of Sustainability.
Outcomes as a result of that engagement
– Continued enhancement of our pre-investment
assessment approach. For more information, please
see our Sustainability & People Report
– Continued to reduce greenhouse gas (GHG)
emissions from our own operations and made
progress in setting science-based targets with
Relevant Investments
1
, (see page 53 in our Climate-
related financial disclosures)
– Committed to support the goal of achieving net zero
emissions across our operations and Relevant
Investments
1
by 2040. The commitment is
supported by two targets validated by the Science
Based Target Initiative (SBTi) (see page 59)
Community
How have the Board
and management engaged?
The Board has reconfirmed its commitment to our
increased level of charitable payments and
emphasised to management the importance of
continuing to play our part as a responsible member
of society. Board members have participated in
volunteering opportunities with key charitable
partners.
Outcomes as a result of that engagement
– Entered into four major charity partnerships
committing £4m over three years to seek to
enhance social mobility in education and the early
years of employment
– Continued our charitable partnership in support of
charities tackling the cost-of-living crisis via the
third year of “Million Meals Initiative”
– Committed £2.9m this financial year to support a
variety of charitable causes
– Gave employees an opportunity to pitch to a panel
of senior management for corporate donations to
be made to charities close to the employees’ hearts
– as a result, over £100,000 was awarded to a range
of charities not previously supported by the firm
– Over 250 employees participated in corporate
social responsibility volunteering sessions over the
course of the year
Natural environment
Why is it important to engage?
We are aware of the impact of our business operations
on the natural environment. We are seeking to reduce
potential negative impact from our own operations, as
well as from our funds’ investments where relevant.
What were the key topics of engagement?
– How to integrate climate-related considerations
into our corporate and portfolio management
decision making
– The most appropriate and credible way to align the
business and investments to make progress against
our stated decarbonisation goals
– Ensuring that investment decisions are made with
appropriate regard to environmental factors,
including our shareholders’, lenders’, clients’ and
regulators’ requirements
1. Relevant Investments include all direct investments within
the Group’s Structured and Private Equity asset class and
Infrastructure Equity strategy where the Group has sufficient
influence. Sufficient influence is defined by SBTI as follows: at
least 25% of fully diluted shares and at least a board seat. All
targets refer to the Group’s financial year, which runs from
1April to 31 March.
Why is it important to engage?
We are a people business, with offices in 21 locations,
investing money on behalf of clients including pension
funds and insurance companies worldwide.
Our actions may have meaningful and direct impacts on
local communities. It is incumbent upon us to ensure
that we actively cultivate and maintain strong local
relationships and help our local communities share in
our success.
What were the key topics of engagement?
– Identifying the most appropriate way for the Group
to positively engage with and impact the wider
community
– Continued commitment of employee time to
charitable initiatives
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
Read more on page 59
34
ICG Annual Report & Accounts 2025
Stakeholder engagement continued
How have the Board
and management engaged?
We continue to actively engage with regulators and
policy makers both directly and through industry
bodies in order to inform and shape the development
of our industry. We complete required filings,
surveys and other submissions and acting
responsively and thoughtfully to any inbound
queries. The Board receives updates from the Global
Head of Corporate Affairs and Global Head of
Compliance & Risk on the Group’s engagement with
regulators and government bodies. ICG is a member
of and sits on a number of committees of industry
bodies producing thought leadership and policy
maker engagement, including: ACC, BVCA, Invest
Europe and LPEA. The Group CFO attended an
industry roundtable with HM Treasury, organised by
trade body the BVCA, as well as their annual
Parliamentary reception, together with the Global
Head of Corporate Affairs.
Outcomes as a result of that engagement
– The Group engaged via the BVCA on a number of
topics including the Financial Reporting Council’s
Stewardship Code Consultation
– The Group participated in the FCA’s review of
private market valuation practices
Regulators and governments
Why is it important to engage?
Certain subsidiaries of ICG are licensed by financial
regulators and subject to a wide spectrum of regulation
across a number of jurisdictions. We also operate in
many countries where government policy can affect
the operation of our business and our investments.
Engaging with regulators and governments, both
directly and through industry bodies is vital for
regulation and policy to evolve proportionately and
remain relevant.
Our continued compliance with standards and
expectations set by regulators is of paramount
importance to the Group’s standing as an asset
manager and to meeting the expectations of our
stakeholders. Therefore the Group has a vested
interest in ensuring regulation remains appropriate.
We build practices and processes which complement
regulatory standards and mandate all staff to comply
with these standards.
What were the key topics of engagement?
– The Group participates in industry bodies and
consultations and provides input to regulators and
governments through these and similar channels.
Where requested or appropriate, we engage
directly with regulators and politicians/policy
makers on specific topics
– The Group engages on matters relating to EU and
UK asset management regulation, private markets
regulation, debt markets regulation and ESG
regulation, as well as relevant policy matters at the
corporate level
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
35
ICG Annual Report & Accounts 2025
Stakeholder engagement continued
Section 172 statement
Section 172(1) limbs
A
the likely consequences of any decision in the
longterm
B
the interests of the Company’s employees
C
the need to foster the Company’s business
relationships with suppliers, customers and others
D
the impact of the Company’s operations on the
community and the environment
E
the desirability of the Company maintaining a
reputation for high standards of business conduct
F
the need to act fairly as between members of the
Company
Further information on how Section 172(1) has been applied by the Directors can be found throughout the
Annual Report
Section 172
duties
Read more Page
A
Consequences
of decisions in
the long term
Chair’s statement
6
Strategic priorities
11
Our approach to sustainability
45
Climate-related Financial
Disclosures
46
Stakeholder Engagement
30
Principal Risks and uncertainties
40
Viability statement
29
Board activities
65
Corporate Governance report —
Nominations and Governance
Committee
88
Directors’ Remuneration Report
94
Directors’ Report
72
B
Interests of
employees
Chair’s statement
6
CEO’s review
7
Our people
36
Stakeholder engagement continued
— Employees
32
Principal Risks and uncertainties
40
Engagement with our stakeholders
30
Board activities
65
How the Board monitors culture
79
C
Fostering
business
relationships
with suppliers,
customers
and others
Chair’s statement
6
CEO’s review
7
Business model
9
Strategic priorities
11
Our approach to sustainability
45
Non-financial and sustainability
information statement — Ethics
and governance
63
Stakeholder Engagement:
30
Customers & Society
31
Principal Risks and uncertainties
40
Governance
64
Board activities
65
Section 172
duties
Read more Page
D
Impact of
operations
on the
community
and the
environment
Chair’s statement
6
CEO’s review
7
Our approach to sustainability
45
Climate-related Financial
Disclosures
46
Non-financial and sustainability
information statement — Ethics
and governance
63
Stakeholder engagement
— Community
33
Principal risks and uncertainties
40
Board activities
65
E
Maintaining
high standards
of business
conduct
Chair’s statement
6
CEO’s review
7
Our people
36
Our approach to sustainability
45
Climate-related Financial
Disclosures
46
Non-financial and sustainability
information statement — Ethics
and governance
63
Stakeholder Engagement
30
Board activities
65
How the Board monitors culture
79
Board evaluation
79
Audit and Risk Committees
80, 85
F
Acting fairly
between
members
and others
Stakeholder engagement —
Shareholders and lenders
31
Board activities
65
Directors’ Remuneration Report
94
Directors’ Report
72
As required by the Companies Act 2006, the
Directors have had regard to wider stakeholders’
needs when performing their duties under s.172.
In particular, the Directors recognise the
importance of acting in a way that promotes the
long-term success of the Company to the benefit
of its members as a whole.
We set out on the following pages how the
Directors considered the interests of stakeholders.
The clearest example of this is in capital allocation
and the use of our balance sheet to support the
long-term growth of our Fund Management
Company.
During the year, in their decision making,
management and the Board weighed up a
number of considerations including:
– Alignment of the Group’s interests with its clients,
co-investing in our strategies alongside our
clients, while seeking to reduce the Group’s
commitments in the longer term where
appropriate
– The longer-term prospects of new funds, what
quantity of third-party AUM such funds and
future vintages are likely to attract, and the
management fee generation of such new funds
– Maintaining robust capitalisation, with strong
liquidity
– The prevailing market conditions and
macroeconomic forecasts
– The importance of ensuring that our business is
conducted in accordance with applicable
standards and practices
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
36
ICG Annual Report & Accounts 2025
Our people
Engagement
and voice
Effective
communication to
build and maintain
engagement
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
A global people business –
building long-term sustainable
value, together
“At 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
What we do:
How we do it:
Why we do it:
Attract
– High level of personal
impact and business
building opportunities
– Wide-ranging opportunities
for career development
– Inclusive culture at the core
and throughout the firm
Retain
– Comprehensive
career development
– Market-leading,
holistic benefits
– Engagement and
opportunity to contribute
across the firm
Develop
– Dedicated Talent
programmes at all levels
– Mentoring and
Employee Networks
– Development of teams and
individuals a core priority
for people managers
Investing in our people and their progress supports our growth,
with new ideas driving our innovation.
Inclusion &
culture
Harnessing a variety of
perspectives from a broad
range of backgrounds
benefits our clients,
people and stakeholders
Performance &
development
Helping our people
reach their full potential
and building the next
generation of talent
Wellbeing
and support
Supporting the physical
and mental wellbeing of
our employees, their
families and dependants
Our values
Performance for our clients
Entrepreneurialism and innovation
Ambition and focus
Taking responsibility and managing risk
Working collaboratively, inclusively and acting with integrity
Driving Innovation and growth
As a fast-growing firm, our success is built on our
long-standing commitment to creating high-
performance teams where ambition, collaboration,
challenge and contribution are encouraged.
By creating a culture of inclusion, ICG enables our
people to fulfil their potential and be supported to
build world-class careers. Alongside offering
competitive rewards, this approach means we are
able to attract, nurture, and retain talent from a broad
range of backgrounds.
As a firm, we focus on pivotal moments throughout
the employee journey, collaborating with the
business to deliver long-term sustainable value.
Weare strategically positioned in key global markets
to provide optimal coverage and efficiency for both
our clients and employees.
Our ongoing focus on enhancing data and reporting
insights, combined with implementing market-leading
talent strategies, ensures that our business and our
people are equipped with the skills and perspectives
needed for now and the future. This foundation, built on
high-quality, high-performing HR teams and practices,
drives scalable and sustainable processes.
Scaling up:
we accelerate key and emerging talent
Scaling out: we are an employer
of choice for external talent globally
Investing in platforms:
connected and enhanced processes and systems
Inclusion and Culture
– ICG was named as Britain’s most admired financial
services company, voted for by our peers and
financial analysts.
– Our six global Inclusion networks, sponsored by
senior executives, are run by employees and open
to all. These networks continually contribute to
ICG’s inclusive and supportive culture covering
areas such as gender, ethnicity, LGBTQ+, young
professionals, family, carers, disability, sports and
wellbeing.
– As a signatory for the Women in Finance Charter,
we continue to exceed our aspiration of having 30%
women in UK senior management roles by 2027.
– We are committed to contributing to the industry
and work with a number of partnerships such as
Diversity Project, Women in Finance, British
Private Equity and Venture Capital Association
(BVCA), Level 20 and the Business Disability Forum.
– We have recently recruited a new Culture, Inclusion
and Engagement Director to drive continued
progress on our strategic agenda.
Performance and development
– Our global platform and tailored programmes
provide our people with comprehensive
development opportunities, accessible through
both online and face-to-face training, at different
stages of their careers.
– Over the next two years, our people managers will
engage in a specialised development programme
designed to enhance managerial skill, increased
engagement and collaboration within an inclusive,
high-performance culture. This is complemented by
clearly defined expectations and paths for
advancement throughout the firm.
– We have continued to refine our performance
management process to reinforce active support
and ongoing development throughout the year,
underpinned by meaningful objective setting,
feedback and appraisals.
Wellbeing and support
– Our market-leading benefits are actively
promoted, including family building and career
support as well as a personal allowance aimed at
enhancing wellbeing. These efforts are intended to
support our people through various life stages
alongside fulfilling their career aspirations.
Engagement and voice
– We actively engage with employees through our
annual pulse survey, regular Town Halls and business
forums, as well as focus groups with our NEDs.
– Internal cultural influencers continue to come
together in our quarterly People Forum to bring
ideas, recommend priorities, and share in
outcomes across the firm.
– Our People Forum comprises comprises a cross
section of senior leaders, giving a voice to our
colleagues across different offices and business
units to inform decision-making across the firm
and share responsibility for their implementation.
This forum has become both an important
sounding board and communication channel.
Employee engagement survey participation
rate and score for July 2024:
79% 7.2
(2023: 74%) (2023: 7.1)
Employee engagement driver includes questions
on Loyalty, Recommendation and Satisfaction.
Six Employee Networks:
c.50
events delivered globally
Ranked (globally):
#2
Equality Group’s Honordex Inclusive PE and
VC Index 2025 (#1 globally in 2024 & 2023).
Investing
for growth
Fresh ideas and different perspectives allow us to
stay entrepreneurial and innovative. Our employees
are our greatest asset – when they grow and thrive,
so does the firm. We believe investing in our people
is of utmost importance.
Our talent management and inclusion initiatives are
dedicated to supporting our workforce, and include:
– ‘Leading for Impact’ programme, which equips
senior leaders to promote a strong team culture
and high performance.
– ‘Managing for Results’ enables mid-level
executives in becoming more confident, well-
rounded managers who can excel in a dynamic
growth environment.
– Our Women’s Development Programme
continues to support women in mid to senior-level
positions to grow in their careers.
– Employees have access to a comprehensive digital
learning offering and a personal development
budget for professional upskilling aligned with
their career aspirations and skills development.
– We continue to deliver ‘Conscious Inclusion’
training for all new joiners as well as supporting
those who are recruiters with fair and inclusive
hiring processes.
– Additionally, we are introducing a global
mentoring programme for all employees,
enhancing connectivity and offering guidance,
support, and knowledge sharing as our colleagues
navigate their careers.
– All employees complete an annual compliance
training with specific modules focusing on Inclusion.
37
ICG Annual Report & Accounts 2025
Our people continued
Overview
Strategic report
Governance report
Auditor’s report and financial statements
Other information
Advancing our Key People Initiatives
Scaling
up
Scaling
out
Investing in
platforms
Purpose