Year ended | Year ended | ||
31 March 2025 | 31 March 2024 | ||
Notes | £m | £m | |
Fee and other operating income | 3 | ||
Finance income/(loss) | 5 | ( | |
Net gains on investments | 9 | ||
Total Revenue | |||
Other income | 8 | ||
Finance costs | 10 | ( | ( |
Administrative expenses | 11 | ( | ( |
Share of results of joint ventures accounted for using the equity method | 28 | ( | |
Profit before tax from continuing operations | |||
Tax charge | 13 | ( | ( |
Profit after tax from continuing operations | |||
Profit after tax on discontinued operations | |||
Profit for the year | |||
Attributable to: | |||
Equity holders of the parent | |||
Non-controlling interests | | | |
Earnings per share attributable to ordinary equity | |||
holders of the parent | |||
Basic (pence) | 15 | ||
Diluted (pence) | 15 | ||
Earnings per share for profit from continuing operations attributable to ordinary equity holders of the parent | |||
Basic (pence) | 15 | ||
Diluted (pence) | 15 |
Year ended | Year ended | |
31 March 2025 | 31 March 2024 | |
Group | £m | £m |
Profit after tax | ||
Items that may be subsequently reclassified to profit or loss if specific conditions are met | ||
Exchange differences on translation of foreign operations | ( | ( |
Deferred tax on equity investments translation | ( | |
Total comprehensive income for the year | ||
Attributable to: | ||
Equity holders of the parent | ||
Non-controlling interests | ||
31 March 2025 | 31 March 2024 | ||
Group | Group | ||
Notes | £m | £m | |
Non-current assets | |||
Intangible assets | 16 | ||
Property, plant and equipment | 17 | ||
Investment property | 18 | ||
Trade and other receivables | 19 | ||
Financial assets at fair value | 5 | ||
Derivative financial assets | 5 | ||
Deferred tax asset | 13 | ||
Current assets | |||
Trade and other receivables | 19 | ||
Current tax debtor | |||
Financial assets at fair value | 5 | ||
Derivative financial assets | 5 | ||
Cash and cash equivalents | 6 | ||
Total assets |
31 March 2025 | 31 March 2024 | ||
Group | Group | ||
Notes | £m | £m | |
Non-current liabilities | |||
Trade and other payables | 20 | ||
Financial liabilities at fair value | 5, 7 | ||
Financial liabilities at amortised cost | 7 | ||
Other financial liabilities | 7 | ||
Deferred tax liabilities | 13 | ||
Current liabilities | |||
Trade and other payables | 20 | ||
Current tax creditor | |||
Financial liabilities at amortised cost | 7 | ||
Other financial liabilities | 7 | ||
Derivative financial liabilities | 5, 7 | ||
Total liabilities | |||
Equity and reserves | |||
Called up share capital | 22 | ||
Share premium account | 22 | ||
Other reserves | |||
Retained earnings | |||
Equity attributable to owners of the Company | |||
Non-controlling interest | ( | ( | |
Total equity | |||
Total equity and liabilities |
31 March 2025 | 31 March 2024 | ||
Group | Group | ||
£m | £m | ||
Cash flows generated from operations | |||
Taxes paid | ( | ( | |
Net cash flows from operating activities | 30 | ||
Investing activities | |||
Purchase of intangible assets | 16 | ( | ( |
Purchase of property, plant and equipment | 17 | ( | ( |
Net cash flow from derivative financial instruments | |||
Cash flow as a result of change in control of subsidiary | |||
Net cash flows from investing activities | |||
Financing activities | |||
Purchase of own shares | 23 | ( | |
Payment of principal portion of lease liabilities | 7 | ( | ( |
Repayment of long-term borrowings | ( | ( | |
Dividends paid to equity holders of the parent | 14 | ( | ( |
Net cash flows used in financing activities | ( | ( | |
Net (decrease)/increase in cash and cash equivalents | ( | ||
Effects of exchange rate differences on cash and cash equivalents | ( | ( | |
Cash and cash equivalents at 1 April | 6 | ||
Cash and cash equivalents at 31 March | 6 |
Other reserves | ||||||||||
Share-based | Foreign | |||||||||
Share | Share | Capital | payments | Own | currency | Non- | ||||
capital | premium | redemption | reserve | shares 2 | translation | Retained | controlling | Total | ||
(note 22) | (note 22) | reserve | (note 24) | (note 23) | reserve 1 | earnings | Total | interests | equity | |
Group | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m |
Balance at | ( | ( | ||||||||
Profit after tax | ||||||||||
Exchange differences on translation of foreign operations | ( | ( | ( | |||||||
Deferred tax on equity investments translation | ||||||||||
Total comprehensive income/(expense) for the year | ( | |||||||||
Adjustment of non-controlling interest on disposal of subsidiary | ( | ( | ||||||||
Issue of share capital | ||||||||||
Own shares acquired in the year | ( | ( | ( | |||||||
Options/awards exercised 2 | ( | ( | ( | ( | ||||||
Tax on options/awards exercised | ||||||||||
Credit for equity settled share schemes | ||||||||||
Dividends paid (note 14) | ( | ( | ( | |||||||
Balance at | ( | ( |
Other reserves | ||||||||||
Share-based | Foreign | |||||||||
Share | Share | Capital | payments | Own | currency | Non- | ||||
capital | premium | redemption | reserve | shares 2 | translation | Retained | controlling | Total | ||
(note 22) | (note 22) | reserve | (note 24) | (note 23) | reserve 1 | earnings | Total | interests | equity | |
Group | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m |
Balance at 1 April 2023 | ( | |||||||||
Profit after tax | ||||||||||
Exchange differences on translation of foreign operations | ( | ( | ( | |||||||
Deferred tax on equity investments translation | ( | ( | ( | |||||||
Total comprehensive (expense) for the year | ( | |||||||||
Adjustment of non-controlling interest on disposal of subsidiary | ( | ( | ||||||||
Issue of share capital | ||||||||||
Options/awards exercised 2 | ( | ( | ( | ( | ||||||
Tax on options/awards exercised | ||||||||||
Credit for equity settled share schemes | ||||||||||
Dividends paid (note 14) | ( | ( | ( | |||||||
Balance at 31 March 2024 | ( | ( |
Accounting periods | ||
IFRS/IAS | commencing on or after | |
IAS 21 | Lack of Exchangeability | 1 January 2025 |
IFRS 9 | Amendment to IFRS 9 and IFRS 7 – Classification and | 1 January 2026 |
Measurement of Financial Instruments | ||
IFRS 18 | Presentation and Disclosure in Financial Statements | 1 January 2027 |
IFRS 19 | Subsidiaries without Public Accountability: | 1 January 2027 |
Disclosures |
Year ended | Year ended | |
31 March 2025 | 31 March 2024 | |
Type of contract/service | £m | £m |
Management fees | 580.6 | 476.5 |
Performance-related management fees | 87.4 | 76.2 |
Other income | 8.0 | 2.1 |
Fee and other operating income | 676.0 | 554.8 |
Year ended 31 March 2025 | Year ended 31 March 2024 | |||||
Reportable | Reportable | |||||
FMC | IC | segments | FMC | IC | segments | |
£m | £m | £m | £m | £m | £m | |
External fee income | 690.0 | — | 690.0 | 579.1 | — | 579.1 |
Inter-segmental fee | 24.6 | (24.6) | — | 25.0 | (25.0) | — |
Other operating income | 2.8 | 1.7 | 4.5 | 0.9 | 1.0 | 1.9 |
Fund management fee income | 717.4 | (22.9) | 694.5 | 605.0 | (24.0) | 581.0 |
Net investment returns | — | 192.5 | 192.5 | — | 379.3 | 379.3 |
Dividend income | 48.3 | — | 48.3 | 47.0 | — | 47.0 |
Finance gain/(loss) | — | 8.3 | 8.3 | — | (7.3) | (7.3) |
Total revenue | 765.7 | 177.9 | 943.6 | 652.0 | 348.0 | 1,000.0 |
Interest income | 0.3 | 19.2 | 19.5 | — | 21.5 | 21.5 |
Interest expense | (2.5) | (39.6) | (42.1) | (2.2) | (45.8) | (48.0) |
Staff costs | (109.2) | (30.0) | (139.2) | (101.0) | (21.4) | (122.4) |
Incentive scheme costs | (128.8) | (29.5) | (158.3) | (113.3) | (58.6) | (171.9) |
Other administrative expenses | (64.1) | (27.2) | (91.3) | (61.0) | (20.4) | (81.4) |
Profit before tax and discontinued operations | 461.4 | 70.8 | 532.2 | 374.5 | 223.3 | 597.8 |
Year ended 31 March 2025 | Year ended 31 March 2024 | |||||
Reportable | Consolidated | Financial | Reportable | Consolidated | Financial | |
segments | entities | statements | segments | entities | statements | |
£m | £m | £m | £m | £m | £m | |
Fund management fee income | 690.0 | (22.0) | 668.0 | 579.1 | (26.4) | 552.7 |
Other operating income | 4.5 | 3.5 | 8.0 | 1.9 | 0.2 | 2.1 |
Fee and other income | 694.5 | (18.5) | 676.0 | 581.0 | (26.2) | 554.8 |
Dividend income | 48.3 | (48.3) | — | 47.0 | (47.0) | — |
Finance gain | 8.3 | 1.9 | 10.2 | (7.3) | (3.2) | (10.5) |
Finance income/(loss) | 56.6 | (46.4) | 10.2 | 39.7 | (50.2) | (10.5) |
Net investment returns/gains on investments | 192.5 | 92.2 | 284.7 | 379.3 | 26.0 | 405.3 |
Total revenue | 943.6 | 27.3 | 970.9 | 1,000.0 | (50.4) | 949.6 |
Other income | 19.5 | — | 19.5 | 21.5 | 0.1 | 21.6 |
Finance costs | (42.1) | (1.6) | (43.7) | (48.0) | (1.5) | (49.5) |
Staff costs | (139.2) | — | (139.2) | (122.4) | — | (122.4) |
Incentive scheme costs | (158.3) | — | (158.3) | (171.9) | — | (171.9) |
Other administrative expenses | (91.3) | (27.4) | (118.7) | (81.4) | (14.8) | (96.2) |
Administrative expenses | (388.8) | (27.4) | (416.2) | (375.7) | (14.8) | (390.5) |
Share of results of joint ventures accounted for using equity method | — | — | — | — | (0.4) | (0.4) |
Profit before tax and discontinued operations | 532.2 | (1.7) | 530.5 | 597.8 | (67.0) | 530.8 |
Tax charge | (79.8) | 0.5 | (79.3) | (78.5) | 16.1 | (62.4) |
Profit after tax from discontinued operations | — | — | — | — | 6.0 | 6.0 |
Profit after tax and discontinued operations | 452.4 | (1.2) | 451.2 | 519.3 | (44.9) | 474.4 |
2025 | 2024 | |||||
Reportable | Consolidated | Financial | Reportable | Consolidated | Financial | |
segments | entities | statements | segments | entities | statements | |
Year ended 31 March 2025 | £m | £m | £m | £m | £m | £m |
Non-current financial assets | 2,806.2 | 4,873.7 | 7,679.9 | 2,713.7 | 4,682.7 | 7,396.4 |
Other non-current assets | 150.0 | 123.5 | 273.5 | 166.5 | 82.9 | 249.4 |
Cash | 604.8 | 255.4 | 860.2 | 627.4 | 362.6 | 990.0 |
Current financial assets | 248.7 | (172.6) | 76.1 | 366.6 | (289.0) | 77.6 |
Other current assets | 270.2 | 182.7 | 452.9 | 299.1 | 109.6 | 408.7 |
Total assets | 4,079.9 | 5,262.7 | 9,342.6 | 4,173.3 | 4,948.8 | 9,122.1 |
Non-current financial liabilities | 1,136.1 | 4,927.2 | 6,063.3 | 1,266.4 | 4,632.1 | 5,898.5 |
Other non-current liabilities | 54.2 | 2.8 | 57.0 | 87.3 | 1.1 | 88.4 |
Current financial liabilities | 122.4 | (2.4) | 120.0 | 268.4 | 0.1 | 268.5 |
Other current liabilities | 271.2 | 340.2 | 611.4 | 255.8 | 311.2 | 567.0 |
Total liabilities | 1,583.9 | 5,267.8 | 6,851.7 | 1,877.9 | 4,944.5 | 6,822.4 |
Equity | 2,496.0 | (5.1) | 2,490.9 | 2,295.4 | 4.3 | 2,299.7 |
Total equity and liabilities | 4,079.9 | 5,262.7 | 9,342.6 | 4,173.3 | 4,948.8 | 9,122.1 |
2025 | |||
Reportable | Consolidated | Financial | |
segments | entities | Statements | |
£m | £m | £m | |
Investing activities | |||
Purchase of intangible assets | (5.9) | — | (5.9) |
Purchase of property, plant and equipment | (0.7) | — | (0.7) |
Net cash flow from derivative financial instruments | 22.4 | — | 22.4 |
Cash flow as a result of change in control of subsidiary | — | 260.3 | 260.3 |
Net cash flows from investing activities | 15.8 | 260.3 | 276.1 |
Financing activities | |||
Purchase of Own Shares | (42.4) | — | (42.4) |
Payment of principal portion of lease liabilities | (12.2) | — | (12.2) |
Repayment of long-term borrowings | (241.1) | — | (241.1) |
Dividends paid to equity holders of the parent | (228.9) | — | (228.9) |
Net cash flows used in financing activities | (524.6) | — | (524.6) |
Net decrease in cash and cash equivalents | (12.6) | (99.8) | (112.4) |
Effects of exchange rate differences on cash and cash | |||
equivalents | (9.8) | (7.6) | (17.4) |
Cash and cash equivalents at 1 April | 627.2 | 362.8 | 990.0 |
Cash and cash equivalents at 31 March | 604.8 | 255.4 | 860.2 |
2024 | |||
Reportable | Consolidated | Financial | |
segments | entities | Statements | |
£m | £m | £m | |
Profit/(loss) before tax from continuing operations | 597.8 | (67.0) | 530.8 |
Adjustments for non-cash items: | |||
Fee and other operating (income)/expense | (581.0) | 26.2 | (554.8) |
Net investment returns | (379.3) | (26.0) | (405.3) |
Net fair value (gain)/loss on derivatives | (23.5) | 0.7 | (22.8) |
Impact of movement in foreign exchange rates | 30.9 | 2.4 | 33.3 |
Interest income | (68.5) | 46.9 | (21.6) |
Interest expense | 48.0 | 1.5 | 49.5 |
Depreciation, amortisation and impairment of property, plant, equipment and intangible assets | 18.0 | — | 18.0 |
Share-based payment expense | 43.9 | 0 | 43.9 |
Working capital changes: | |||
Increase in trade receivables | (8.5) | (80.2) | (88.7) |
Increase/(decrease) in trade and other payables | 50.5 | (68.2) | (17.7) |
(271.7) | (163.7) | (435.4) | |
Proceeds from sale of seed investments | 319.2 | — | 319.2 |
Purchase of seed investments | (312.1) | — | (312.1) |
Purchase of investments | (322.5) | (1,407.2) | (1,729.7) |
Proceeds from sales and maturities of investments | 403.0 | 1,830.1 | 2,233.1 |
Issuance of CLO notes | — | — | — |
Redemption of CLO notes | — | (389.1) | (389.1) |
Interest and dividend income received | 122.2 | 372.0 | 494.2 |
Fee and other operating income received | 492.0 | 4.4 | 496.4 |
Interest paid | (49.3) | (330.2) | (379.5) |
Cash flow generated from/(used in) operations | 380.8 | (83.7) | 297.1 |
Taxes paid | (41.2) | — | (41.2) |
Net cash flows from/(used in) operating activities | 339.6 | (83.7) | 255.9 |
2024 | |||
Reportable | Consolidated | Financial | |
segments | entities | Statements | |
£m | £m | £m | |
Investing activities | |||
Purchase of intangible assets | (6.3) | — | (6.3) |
Purchase of property, plant and equipment | (3.2) | — | (3.2) |
Net cash flow from derivative financial instruments | 31.5 | — | 31.5 |
Cash flow as a result of acquisition of subsidiaries | — | 49.5 | 49.5 |
Net cash flows from investing activities | 22.0 | 49.5 | 71.5 |
Financing activities | |||
Payment of principal portion of lease liabilities | (8.4) | — | (8.4) |
Repayment of long-term borrowings | (50.7) | — | (50.7) |
Dividends paid to equity holders of the parent | (223.4) | — | (223.4) |
Net cash flows used in financing activities | (282.5) | — | (282.5) |
Net increase/decrease in cash and cash equivalents | 79.1 | (34.2) | 44.9 |
Effects of exchange rate differences on cash and cash | |||
equivalents | (1.7) | (10.7) | (12.4) |
Cash and cash equivalents at 1 April | 550.0 | 407.5 | 957.5 |
Cash and cash equivalents at 31 March | 627.4 | 362.6 | 990.0 |
Year ended | Year ended | |
31 March 2025 | 31 March 2024 | |
Asset Analysis by Geography | £m | £m |
Europe (including UK) | 97.4 | 132.5 |
Asia Pacific | 127.2 | 62.5 |
North America | 48.9 | 54.4 |
Total | 273.5 | 249.4 |
Year ended | Year ended | |
31 March 2025 | 31 March 2024 | |
Income Analysis by Geography | £m | £m |
Europe (including UK) | 672.5 | 726.5 |
Asia Pacific | 103.2 | 87.2 |
North America | 195.2 | 135.9 |
Total | 970.9 | 949.6 |
As at 31 March 2025 | As at 31 March 2024 | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Group | £m | £m | £m | £m | £m | £m | £m | £m |
Financial assets | ||||||||
Investment in or alongside managed funds 1 | 3.7 | 2.3 | 2,417.4 | 2,423.4 | 5.7 | 3.6 | 2,300.7 | 2,310.0 |
Consolidated CLOs and credit funds | — | 4,533.1 | 443.2 | 4,976.3 | — | 4,154.9 | 462.6 | 4,617.5 |
Derivative assets | — | 26.3 | — | 26.3 | — | 9.3 | — | 9.3 |
Investment in private companies 2 | — | — | 210.8 | 210.8 | — | — | 401.7 | 401.7 |
Investment in public companies | 4.3 | — | — | 4.3 | 4.5 | — | — | 4.5 |
Non-consolidated CLOs and credit funds | — | 86.1 | 28.8 | 114.9 | — | 111.3 | 19.7 | 131.0 |
Total financial assets 3 | 8.0 | 4,647.8 | 3,100.2 | 7,756.0 | 10.2 | 4,279.1 | 3,184.7 | 7,474.0 |
Financial liabilities | ||||||||
Liabilities of consolidated CLOs and credit funds | — | (4,560.3) | (297.9) | (4,858.2) | — | (4,415.6) | (186.7) | (4,602.3) |
Derivative liabilities | — | (8.3) | — | (8.3) | — | (9.2) | — | (9.2) |
Total financial liabilities | — | (4,568.6) | (297.9) | (4,866.5) | — | (4,424.8) | (186.7) | (4,611.5) |
As at 31 March 2025 | As at 31 March 2024 | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Company | £m | £m | £m | £m | £m | £m | £m | £m |
Financial Assets | ||||||||
Investment in or alongside managed funds | 3.6 | — | 102.0 | 105.6 | 5.8 | — | 128.3 | 134.1 |
Derivative assets | — | 26.3 | — | 26.3 | — | 9.3 | — | 9.3 |
Investment in private & public companies | 2.3 | — | 77.1 | 79.4 | — | — | 87.1 | 87.1 |
Senior and subordinated notes of CLO vehicles | — | — | — | — | — | — | 21.8 | 21.8 |
Total assets | 5.9 | 26.3 | 179.1 | 211.3 | 5.8 | 9.3 | 237.2 | 252.3 |
Financial Liabilities | ||||||||
Derivative liabilities | — | 10.6 | — | 10.6 | — | 9.2 | — | 9.2 |
Total liabilities | — | 10.6 | — | 10.6 | — | 9.2 | — | 9.2 |
Investment in | |||||
Investment in or | loans held in | Subordinated | |||
alongside | consolidated | Investment in | notes of CLO | ||
managed funds | entities | private companies | vehicles | Total | |
Group | £m | £m | £m | £m | £m |
At 1 April 2024 | 2,300.7 | 462.6 | 401.7 | 19.7 | 3,184.7 |
Total gains or losses in the income statement | |||||
– Net investment return 2 | 177.1 | 16.1 | 30.1 | (1.3) | 222.0 |
– Foreign exchange | (41.8) | (10.0) | (10.1) | (0.2) | (62.1) |
Purchases | 534.7 | 319.5 | 4.8 | 37.3 | 896.3 |
Exit proceeds | (565.4) | (233.2) | (203.6) | (26.7) | (1,028.9) |
Transfers in 1 | — | 42.7 | — | — | 42.7 |
Transfers out 1 | — | (154.5) | — | — | (154.5) |
Reclassification 3 | 12.1 | — | (12.1) | — | — |
At 31 March 2025 | 2,417.4 | 443.2 | 210.8 | 28.8 | 3,100.2 |
Investment in | ||||||
Investment in or | loans held in | Subordinated | ||||
alongside | consolidated | Investment in | notes of CLO | Disposal groups | ||
managed funds | entities | private companies | vehicles | held for sale | Total | |
Group | £m | £m | £m | £m | £m | |
At 1 April 2023 | 2,144.3 | 567.7 | 100.4 | 7.5 | 163.2 | 2,983.1 |
Total gains or losses in the income statement | ||||||
– Net investment return 2 | 284.0 | 11.5 | 14.4 | 2.9 | 63.3 | 376.1 |
– Foreign exchange | (50.7) | (14.0) | (4.3) | (0.4) | 3.4 | (66.0) |
Purchases | 301.8 | 234.2 | 74.5 | 9.7 | 213.1 | 833.3 |
Exit proceeds | (378.7) | (195.6) | (19.1) | — | (207.2) | (800.6) |
Transfers in 1 | — | 96.9 | — | — | 96.9 | |
Transfers out 1 | — | (238.1) | — | — | (238.1) | |
Reclassification 3 | — | — | 235.8 | — | (235.8) | — |
At 31 March 2024 | 2,300.7 | 462.6 | 401.7 | 19.7 | — | 3,184.7 |
2025 | 2024 | |||||||
Investment in or | Subordinated | Investment in or | Subordinated | |||||
alongside | Investment in | notes of CLO | alongside | Investment in | notes of CLO | |||
managed funds | private companies | vehicles | Total | managed funds | private companies | vehicles | Total | |
Company | £m | £m | £m | £m | £m | £m | £m | £m |
At 1 April 2024 | 128.4 | 87.1 | 21.8 | 237.3 | 171.6 | 86.1 | 23.8 | 281.5 |
Total gains or losses in the income statement | ||||||||
– Net investment return | 5.3 | (2.9) | 1.3 | 3.7 | (1.0) | 4.6 | (1.4) | 2.2 |
– Foreign exchange | (2.1) | (2.9) | (0.6) | (5.6) | (2.7) | (3.0) | (0.6) | (6.3) |
Purchases | 20.8 | 3.7 | — | 24.5 | 27.4 | — | — | 27.4 |
Exit proceeds | (50.4) | (7.9) | (22.5) | (80.8) | (66.9) | (0.6) | — | (67.5) |
At 31 March 2025 | 102.0 | 77.1 | — | 179.1 | 128.4 | 87.1 | 21.8 | 237.3 |
2025 | 2024 | |
Financial liabilities | Financial liabilities | |
designated as | designated as | |
FVTPL | FVTPL | |
Group | £m | £m |
At 1 April | 186.7 | 64.7 |
Total gains or losses in the income statement | ||
– Fair value gains | 10.6 | 102.3 |
– Foreign exchange gain | (3.9) | (1.7) |
Purchases | 68.9 | 21.4 |
Transfer between levels | 35.6 | — |
At 31 March | 297.9 | 186.7 |
Fair Value | Fair Value | 31 March 2025 | Effect on Fair | 31 March 2024 | Effect on Fair | ||||||
Group assets | As at | As at | Weighted | Value | Weighted | Value | |||||
31 March 2025 | 31 March 2024 | Key Unobservable | Average/ Fair | Sensitivity/ | 31 March 2025 | Average/ Fair | 31 March 2024 | ||||
Primary Valuation Techniques 1 | Inputs | Range | Value Inputs | Scenarios | Range | Value Inputs | |||||
£m | £m | £m | £m | ||||||||
Structured Capital: Corporate | 1,466.9 | 1,490.6 | Market comparable companies | Earnings multiple | 7.5x – 27.5x | 14.0x | +10% Earnings multiple³ | 135.2 | 5.0x – 29.0x | 15.1x | 187.6 |
Investments | Discounted cash flow | Discount rate | 7.6% - 20.9% | 10.6% | -10% Earnings multiple³ | (138.8) | 7.5% - 20.5% | 11.2% | (187.6) | ||
calibrated to market | |||||||||||
comparable companies 2 | |||||||||||
Earnings multiple | 4.9x – 23.1x | 13.3x | 6.1x – 21.5x | 11.8x | |||||||
Structured Capital & Secondaries: | 537.4 | 482.6 | Third-party valuation / funding | N/A | N/A | N/A | +10% valuation | 53.7 | N/A | N/A | 48.3 |
Strategic Equity, LP Secondaries, Recovery Fund, Life Sciences, CPE | round value | -10% valuation | (53.7) | (48.3) | |||||||
Seed Investments | 120.8 | 149.4 | Various | +10% valuation | 12.1 | 14.9 | |||||
-10% valuation | (12.1) | (14.9) | |||||||||
Debt: Private Debt: North | 65.7 | 91.7 | Market comparable companies | Earnings multiple | 9.5x – 21.0x | 14.3x | +10% Earnings multiple³ | 5.9 | 5.5x – 29.0x | 14.1x | 9.7 |
American Credit Partners | -10% Earnings multiple³ | (5.9) | (9.7) | ||||||||
Debt: Private Debt: Senior Debt | 42.3 | 58.2 | Probability of default | 0.8%-2.1% | 1.0% | Upside case | — | 1.0%-2.2% | 1.0% | — | |
Partners | Discounted cash flow | Loss given default | 36.0 % | 36.0% | Downside case | (0.3) | 32.2% | 32.2% | (0.5) | ||
Maturity of loan | 3 years | 3 years | 3 years | 3 years | |||||||
Effective interest rate | 9.7%-9.8% | 9.8% | 9.6%-11.5% | 11.2% | |||||||
Debt: Credit: Non-consolidated | 7.7 | 19.7 | Discount rate | 10.5% - 38.5% | 20.0% | 15.0% - 15.5% | 15.1% | ||||
CLOs and credit funds | Default rate | 2.0% | 2.0% | Upside case 4 | 21.6 | 3.0% - 4.5% | 3.3% | 22.8 | |||
Third-party valuation: | 4 | ||||||||||
Discounted cash flow | Prepayment rate % | 15.0%-25.0% | 21.0% | Downside case | (19.9) | 15.0% -20.0% | 19.5% | (23.8) | |||
Recovery rate % | 65.0% | 65.0% | 75.0% | 75.0% | |||||||
Reinvestment price | 99.0%-99.5% | 99.4% | 99.5% | 99.5% | |||||||
Debt: Credit: Consolidated CLOs | 443.2 | 462.6 | Third-party valuation | N/A | N/A | N/A | +10% Third-party valuation | 44.3 | N/A | N/A | 46.3 |
and credit funds | -10% Third-party valuation | (44.3) | (46.3) | ||||||||
Debt: Credit: Liquid Funds | 31.4 | 30.6 | Third-party valuation | N/A | N/A | N/A | +10% Third-party valuation | 3.1 | N/A | N/A | 3.1 |
-10% Third-party valuation | (3.1) | (3.1) | |||||||||
Real Assets | 384.8 | 399.3 | Third-party valuation | N/A | N/A | N/A | +10% Third-party valuation | 38.5 | N/A | N/A | 39.9 |
LTV-based impairment model | N/A | N/A | N/A | -10% Third-party valuation | (38.5) | N/A | N/A | (39.9) | |||
Total financial assets | 3,100.2 | 3,184.7 | Total Upside sensitivity | 314.4 | 372.5 | ||||||
Total Downside sensitivity | (316.6) | (374.1) | |||||||||
Liabilities of Consolidated CLOs | (297.9) | (186.7) | Third-party valuation | N/A | N/A | N/A | +10% Third-party valuation | (29.8) | N/A | N/A | (18.7) |
and credit funds | -10% Third-party valuation | 29.8 | 18.7 |
2025 | 2024 | |||||
Contract or | Fair values | Contract or | Fair values | |||
underlying | underlying | |||||
principal amount | Asset | Liability | principal amount | Asset | Liability | |
Group | £m | £m | £m | £m | £m | £m |
Cross currency swaps | 100.6 | 3.9 | (6.1) | 118.8 | 6.2 | (5.5) |
Foreign exchange forward contracts and swaps | 1,592.4 | 22.4 | (2.2) | 1,201.8 | 3.1 | (3.7) |
Total | 1,693.0 | 26.3 | (8.3) | 1,320.6 | 9.3 | (9.2) |
2025 | 2024 | |||||
Contract or | Fair values | Contract or | Fair values | |||
underlying | underlying | |||||
principal amount | Asset | Liability | principal amount | Asset | Liability | |
Company | £m | £m | £m | £m | £m | £m |
Cross currency swaps | 100.6 | 3.9 | (6.1) | 118.8 | 6.2 | (5.5) |
Foreign exchange forward contracts and swaps | 1,552.0 | 22.4 | (4.5) | 1,201.8 | 3.1 | (3.7) |
Total | 1,652.6 | 26.3 | (10.6) | 1,320.6 | 9.3 | (9.2) |
Group | Company | |||
2025 | 2024 | 2025 | 2024 | |
£m | £m | £m | £m | |
Cash and cash equivalents | ||||
Cash at bank and in hand | 860.2 | 990.0 | 433.1 | 464.4 |
2025 | 2024 | |||||
Interest rate | Current | Non-current | Current | Non-current | ||
Group | % | Maturity | £m | £m | £m | £m |
Liabilities held at amortised cost | ||||||
– Private placement | 3.04% - 5.35% | 2025 - 2029 | 100.0 | 240.6 | 248.7 | 346.4 |
– Listed notes and bonds | 1.63% - 2.50% | 2027 - 2030 | 2.3 | 834.4 | 2.5 | 851.3 |
– Unsecured bank debt¹ | SONIA +1.15% | 2027 | (0.4) | (1.0) | (0.8) | (0.7) |
Total Liabilities held at amortised cost | 101.9 | 1,074.0 | 250.4 | 1,197.0 | ||
Lease liabilities | 2.85% - 7.09% | 2025 - 2034 | 9.8 | 62.1 | 8.9 | 69.3 |
Borrowings related to seed investments | 1.77% - 6.20% | 2026 - 2029 | — | 69.0 | — | 29.9 |
Liabilities held at FVTPL: | ||||||
– Derivative financial liabilities | 8.3 | — | 9.2 | — | ||
– Structured entities controlled by the Group | 0.65% - 9.58% | 2030 - 2038 | — | 4,858.2 | — | 4,602.3 |
120.0 | 6,063.3 | 268.5 | 5,898.5 |
2025 | 2024 | |||||
Interest rate | Current | Non-current | Current | Non-current | ||
Company | % | Maturity | £m | £m | £m | £m |
Liabilities held at amortised cost | ||||||
– Private placement | 3.04% - 5.35% | 2025 - 2029 | 100.0 | 240.6 | 248.7 | 346.4 |
– Listed notes and bonds | 1.63% - 2.50% | 2027 - 2030 | 2.3 | 834.4 | 2.5 | 851.3 |
– Unsecured bank debt¹ | SONIA +1.15% | 2027 | (0.4) | (1.0) | (0.8) | (0.7) |
Total Liabilities held at amortised cost | 101.9 | 1,074.0 | 250.4 | 1,197.0 | ||
Lease liabilities | 3.60% | 2025 - 2031 | 4.5 | 30.2 | 4.4 | 34.9 |
Liabilities held at FVTPL | ||||||
– Derivative financial liabilities | 10.6 | — | 9.2 | — | ||
117.0 | 1,104.2 | 264.0 | 1,231.9 |
Group | Company | |||
2025 | 2024 | 2025 | 2024 | |
£m | £m | £m | £m | |
At 1 April | 1,525.6 | 1,622.1 | 1,486.7 | 1,580.3 |
Repayment of long term borrowings | (241.1) | (50.7) | (241.1) | (50.7) |
Payment of principal portion of lease liabilities | (12.2) | (8.4) | (6.0) | (5.8) |
Establishment of lease liability | 4.6 | 1.2 | — | — |
Net interest movement | (0.1) | 1.7 | (1.6) | (0.9) |
Foreign exchange movement | (29.0) | (40.3) | (27.4) | (36.2) |
At 31 March | 1,247.8 | 1,525.6 | 1,210.6 | 1,486.7 |
2025 | 2024 | |
£m | £m | |
Interest income on cash deposits | 19.5 | 21.6 |
19.5 | 21.6 |
2025 | 2024 | |
£m | £m | |
Financial assets | ||
Change in fair value of financial instruments mandatorily at FVTPL | 644.6 | 933.5 |
Financial liabilities | ||
Change in fair value of financial instruments designated at FVTPL | (359.9) | (528.2) |
Net gains arising on investments | 284.7 | 405.3 |
2025 | 2024 | |
Finance costs | £m | £m |
Interest expense recognised on financial liabilities held at amortised cost | 36.5 | 42.2 |
Arrangement and commitment fees | 4.7 | 4.6 |
Interest expense associated with lease obligations | 2.5 | 2.7 |
43.7 | 49.5 |
2025 | 2024 | |
£m | £m | |
Staff costs | 297.4 | 294.3 |
Amortisation and depreciation | 17.8 | 17.9 |
Operating lease expenses | 3.7 | 1.9 |
Auditor's remuneration | 2.7 | 2.5 |
2025 | 2024 | |
£m | £m | |
ICG Group | ||
Audit fees | ||
Group audit of the annual accounts | 1.8 | 1.7 |
Audit of subsidiaries' annual accounts | 0.4 | 0.3 |
Audit of controlled CLOs | 0.1 | 0.1 |
Total audit fees | 2.3 | 2.1 |
Non-audit fees | ||
Audit-related assurance services | 0.2 | 0.2 |
Other assurance services | 0.2 | 0.2 |
Total non-audit fees | 0.4 | 0.4 |
Total auditor's remuneration incurred by the Group | 2.7 | 2.5 |
2025 | 2024 | |
£m | £m | |
Directors’ emoluments | 5.2 | 5.1 |
Employee costs during the year including Directors: | ||
Wages and salaries | 256.2 | 253.4 |
Social security costs | 31.1 | 30.7 |
Pension costs | 10.1 | 10.2 |
Total employee costs (note 11) | 297.4 | 294.3 |
The monthly average number of employees (including Executive Directors) was: | ||
Investment Executives | 300 | 289 |
Marketing and support functions | 392 | 350 |
Executive Directors | 3 | 3 |
642 |
2025 | 2024 | |
£m | £m | |
Current tax: | ||
Current year | 108.0 | 86.0 |
Prior year adjustment | (12.7) | 15.4 |
95.3 | 101.4 | |
Deferred tax: | ||
Current year | (21.6) | (28.1) |
Prior year adjustments | 5.6 | (10.9) |
(16.0) | (39.0) | |
Tax on profit on ordinary activities | 79.3 | 62.4 |
2025 | 2024 | |
£m | £m | |
Profit on ordinary activities before tax | 530.5 | 530.8 |
Tax at 25% (2024:25%) | 132.6 | 132.7 |
Effects of Prior year adjustment to current tax | (12.7) | 15.4 |
Prior year adjustment to deferred tax | 5.6 | (10.9) |
125.5 | 137.2 | |
Non-taxable and non-deductible items | 3.1 | 1.7 |
Non-taxable investment company income | (38.1) | (59.9) |
Trading income generated by overseas subsidiaries subject to different tax rates | (11.1) | (16.6) |
FX adjustment | (0.1) | — |
Tax charge for the period | 79.3 | 62.4 |
Share-based | |||||
payments and | |||||
compensation | Tax losses carried | Other temporary | |||
Deferred tax (asset)/liability | Investments | deductible as paid | forward | differences | Total |
Group | £m | £m | £m | £m | £m |
As at 31 March 2023 | 45.8 | (36.3) | (0.4) | 8.8 | 17.9 |
Reclassification between categories | 2.7 | 1.7 | — | (4.4) | — |
Reclassification of deferred tax liability out of discontinued operations | 14.0 | — | — | — | 14.0 |
Prior year adjustment | (4.1) | — | (1.6) | (5.2) | (10.9) |
Charge/(credit) to equity | 0.2 | (6.9) | — | (6.7) | |
Charge/(credit) to income | (11.4) | (10.0) | (5.3) | (1.4) | (28.1) |
Reclassification to current tax | — | — | — | (0.2) | (0.2) |
As at 31 March 2024 | 47.2 | (51.5) | (7.3) | (2.4) | (14.0) |
Prior year adjustment | 2.1 | — | 1.7 | 1.9 | 5.7 |
Charge/(credit) to equity | (1.1) | 2.3 | — | 1.3 | |
Charge/(credit) to income | (14.7) | 2.0 | (3.1) | (5.7) | (21.6) |
Movement in foreign exchange on retranslation | (0.8) | — | 0.2 | 0.3 | (0.3) |
As at 31 March 2025 | 32.7 | (47.1) | (8.5) | (5.9) | (28.9) |
Share based | |||||
payments and | |||||
compensation | Other temporary | ||||
Deferred tax (asset)/liability | Investments | deductible as paid | Derivatives | differences | Total |
Company | £m | £m | £m | £m | £m |
As at 31 March 2023 | 8.3 | (8.3) | 1.2 | 1.7 | 2.9 |
Reclassification between categories | (0.4) | 0.3 | 0.2 | (0.1) | — |
Transfer | 8.0 | 8.0 | |||
Prior year adjustment | (1.0) | — | — | (1.7) | (2.7) |
As at 31 March 2024 | 6.3 | — | 0.9 | 0.5 | 7.7 |
Prior year adjustment | (0.9) | — | (0.3) | (1.2) | |
Charge/(credit) to income | (1.7) | — | (0.7) | (0.4) | (2.7) |
As at 31 March 2025 | 3.7 | — | 0.2 | (0.2) | 3.7 |
2025 | 2024 | |||
Per share pence | £m | Per share pence | £m | |
Ordinary dividends paid | ||||
Final | 53.2 | 153.3 | 52.2 | 149.5 |
Interim | 26.3 | 75.6 | 25.8 | 73.9 |
79.5 | 228.9 | 78.0 | 223.4 | |
Proposed final dividend | 162.8 | 152.6 | ||
Total dividend for the financial year ended 31 March | 83.0 | 238.4 | 79.0 | 226.5 |
Year ended | Year ended | |
31 March 2025 | 31 March 2024 | |
Earnings | £m | £m |
Earnings for the purposes of basic and diluted earnings per share being net profit attributable to equity holders of the Parent | ||
Continuing operations | 451.2 | 467.4 |
Discontinued operations | — | 6.0 |
451.2 | 473.4 | |
Number of shares | ||
Weighted average number of ordinary shares for the purposes of basic earnings per share | 287,221,959 | 286,123,236 |
Effect of dilutive potential ordinary share options | 6,176,750 | 5,888,040 |
Weighted average number of ordinary shares for the purposes of diluted earnings per share | 293,398,709 | 292,011,276 |
Earnings per share for continuing operations | ||
Basic, profit from continuing operations attributable to equity holders of the parent (pence) | 157.1p | 163.4p |
Diluted, profit from continuing operations attributable to equity holders of the parent (pence) | 153.8p | 160.1p |
Earnings per share for discontinued operations | ||
Basic, profit from discontinued operations attributable to equity holders of the parent (pence) | — | 2.1p |
Diluted, profit from discontinued operations attributable to equity holders of the parent (pence) | — | 2.0p |
Computer software | Goodwill 1 | Investment management contracts | Total | |||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Group | £m | £m | £m | £m | £m | £m | £m | £m |
Cost | ||||||||
At 1 April | 17.9 | 25.0 | 4.3 | 4.3 | 1.1 | 19.1 | 23.3 | 48.4 |
Reclassified 3 | (0.6) | (0.8) | — | — | — | — | (0.6) | (0.8) |
Additions | 5.9 | 6.3 | — | — | — | — | 5.9 | 6.3 |
Derecognised 2 | — | (12.5) | — | — | — | (18.3) | — | (30.8) |
Exchange differences | — | (0.1) | — | — | — | 0.3 | — | 0.2 |
At 31 March | 23.2 | 17.9 | 4.3 | 4.3 | 1.1 | 1.1 | 28.6 | 23.3 |
Amortisation | ||||||||
At 1 April | 7.3 | 16.4 | — | — | 1.0 | 17.1 | 8.3 | 33.5 |
Charge for the year | 4.6 | 3.4 | — | — | 0.1 | 2.2 | 4.7 | 5.6 |
Derecognised 2 | — | (12.5) | — | — | — | (18.3) | — | (30.8) |
At 31 March | 11.9 | 7.3 | — | — | 1.1 | 1.0 | 13.0 | 8.3 |
Net book value | 11.3 | 10.6 | 4.3 | 4.3 | — | 0.1 | 15.6 | 15.0 |
Computer software | Investment management contracts 1 | Total | ||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Company | £m | £m | £m | £m | £m | £m |
Cost | ||||||
At 1 April | 17.1 | 23.8 | — | 18.3 | 17.1 | 42.1 |
Additions | 5.3 | 6.2 | — | — | 5.3 | 6.2 |
Derecognised 1 | — | (12.9) | — | (18.3) | — | (31.2) |
At 31 March | 22.4 | 17.1 | — | — | 22.4 | 17.1 |
Amortisation | ||||||
At 1 April | 7.4 | 16.5 | — | 16.4 | 7.4 | 32.9 |
Charge for the year | 4.4 | 3.4 | — | 1.9 | 4.4 | 5.3 |
Derecognised 1 | — | (12.5) | — | (18.3) | — | (30.8) |
At 31 March | 11.8 | 7.4 | — | — | 11.8 | 7.4 |
Net book value | 10.6 | 9.7 | — | — | 10.6 | 9.7 |
Furniture and equipment | ROU asset | Leasehold improvements | Total | |||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Group | £m | £m | £m | £m | £m | £m | £m | £m |
Cost | ||||||||
At 1 April | 5.9 | 7.5 | 89.1 | 90.0 | 16.8 | 14.7 | 111.8 | 112.2 |
Reclassified 1 | 0.6 | — | — | — | — | 0.8 | 0.6 | 0.8 |
Additions | 0.4 | 1.3 | 4.6 | 1.2 | 0.3 | 1.9 | 5.3 | 4.4 |
Disposals | — | (2.9) | — | (1.2) | — | (0.6) | — | (4.7) |
Exchange differences | (0.1) | — | (1.0) | (0.9) | (0.2) | — | (1.3) | (0.9) |
At 31 March | 6.8 | 5.9 | 92.7 | 89.1 | 16.9 | 16.8 | 116.4 | 111.8 |
Depreciation | ||||||||
At 1 April | 2.8 | 4.2 | 25.7 | 16.8 | 4.1 | 3.0 | 32.6 | 24.0 |
Charge for the year | 2.2 | 1.7 | 9.3 | 9.2 | 1.6 | 1.5 | 13.1 | 12.4 |
Disposals | — | (3.1) | — | (0.3) | — | (0.4) | — | (3.8) |
At 31 March | 5.0 | 2.8 | 35.0 | 25.7 | 5.7 | 4.1 | 45.7 | 32.6 |
Net book value | 1.8 | 3.1 | 57.7 | 63.4 | 11.2 | 12.7 | 70.7 | 79.2 |
Furniture and equipment | ROU asset | Leasehold improvements | Total | |||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Company | £m | £m | £m | £m | £m | £m | £m | £m |
Cost | ||||||||
At 1 April | 1.1 | 3.1 | 47.5 | 47.5 | 10.2 | 9.9 | 58.8 | 60.5 |
Additions | 0.2 | 0.3 | — | — | — | 0.3 | 0.2 | 0.6 |
Disposals | — | (2.3) | — | — | — | — | — | (2.3) |
At 31 March | 1.3 | 1.1 | 47.5 | 47.5 | 10.2 | 10.2 | 59.0 | 58.8 |
Depreciation | ||||||||
At 1 April | 0.5 | 2.4 | 16.4 | 12.2 | 2.9 | 1.9 | 19.8 | 16.5 |
Charge for the year | 0.3 | 0.4 | 3.9 | 4.2 | 1.0 | 1.0 | 5.2 | 5.6 |
Disposals | — | (2.3) | — | — | — | — | — | (2.3) |
At 31 March | 0.8 | 0.5 | 20.3 | 16.4 | 3.9 | 2.9 | 25.0 | 19.8 |
Net book value | 0.5 | 0.6 | 27.2 | 31.1 | 6.3 | 7.3 | 34.0 | 39.0 |
2025 | 2024 | |
Group | £m | £m |
Within one year | 0.4 | 0.4 |
After one year but not more than five years | — | 0.4 |
At 31 March | 0.4 | 0.8 |
2025 | 2024 | |
Group | £m | £m |
Investment property at fair value | ||
At 1 April | 82.7 | 0.8 |
Additions | 59.9 | 51.9 |
Disposals | (33.1) | — |
Reclassified 1 | — | 54.5 |
Fair value gain / (loss) | 12.8 | (24.5) |
At 31 March | 122.3 | 82.7 |
Group | Company | |||
2025 | 2024 | 2025 | 2024 | |
£m | £m | £m | £m | |
Trade and other receivables within structured entities controlled by the Group | 181.8 | 107.6 | — | — |
Trade and other receivables excluding those held in structured entities controlled by the Group | 250.4 | 240.2 | 74.2 | 27.8 |
Amount owed by Group companies | — | — | — | 0.9 |
Prepayments | 10.6 | 41.8 | 5.7 | 8.6 |
Total current assets | 442.8 | 389.6 | 79.9 | 37.3 |
Non-current assets | ||||
Trade and other receivables excluding those held in structured entities controlled by the Group | 29.3 | 36.1 | 11.1 | 24.3 |
Amounts owed by Group companies | — | — | 859.4 | 734.4 |
Total non-current assets | 29.3 | 36.1 | 870.5 | 758.7 |
Group | Company | |||
2025 | 2024 | 2025 | 2024 | |
£m | £m | £m | £m | |
Trade and other payables within structured entities controlled by the Group | 340.4 | 316.3 | — | — |
Trade and other payables excluding those held in structured entities controlled by the Group | 214.1 | 209.6 | 8.2 | 19.5 |
Amounts owed to Group companies | — | — | 809.7 | 1,098.9 |
Social security tax | 4.8 | 3.3 | 2.9 | 2.4 |
Total current trade and other payables | 559.3 | 529.2 | 820.8 | 1,120.8 |
Non-current liabilities | ||||
Trade and other payables excluding those held in structured entities controlled by the Group | 50.3 | 66.0 | 0.2 | 0.3 |
Total non-current trade and other payables | 50.3 | 66.0 | 0.2 | 0.3 |
2025 | 2024 | |||||
Floating | Fixed | Total | Floating | Fixed | Total | |
Group | £m | £m | £m | £m | £m | £m |
Financial assets (excluding investments in loans held in consolidated entities) | 1,065.7 | 3,092.0 | 4,157.7 | 839.5 | 3,023.4 | 3,862.9 |
Investments in loans held in consolidated entities | 4,730.6 | 245.8 | 4,976.4 | 4,762.4 | 319.9 | 5,082.3 |
Financial liabilities (excluding borrowings and loans held in consolidated entities) | — | (1,786.4) | (1,786.4) | — | (1,734.6) | (1,734.6) |
Borrowings and loans held in consolidated entities | (4,928.9) | (136.6) | (5,065.5) | (4,688.9) | (391.2) | (5,080.1) |
867.4 | 1,414.8 | 2,282.2 | 913.0 | 1,217.5 | 2,130.5 |
2025 | |||||
Net statement of | |||||
financial Position | Forward exchange | Sensitivity to | Increase in net | ||
exposure | contracts | Net exposure | strengthening | assets | |
Market risk - Foreign exchange risk | £m | £m | £m | % | £m |
Sterling | 482.2 | 1,503.3 | 1,985.5 | — | — |
Euro | 918.1 | (688.5) | 229.6 | 15% | 34.4 |
US dollar | 820.5 | (484.3) | 336.2 | 20% | 67.2 |
Other currencies | 258.1 | (312.6) | (54.5) | 10-25% | — |
2,478.9 | 17.9 | 2,496.8 | 101.6 |
2024 | |||||
Net statement of | |||||
financial Position | Forward exchange | Sensitivity to | Increase in net | ||
exposure | contracts | Net exposure | strengthening | assets | |
£m | £m | £m | % | £m | |
Sterling | 401.7 | 1,121.1 | 1,522.8 | — | — |
Euro | 804.0 | (450.7) | 353.3 | 15% | 53.0 |
US dollar | 710.3 | (492.1) | 218.2 | 20% | 43.6 |
Other currencies | 206.7 | (178.2) | 28.5 | 10-25% | — |
2,122.7 | 0.1 | 2,122.8 | 96.6 |
Contractual maturity analysis | |||||
More than five | |||||
Less than one year | One to two years | Two to five years | years | Total | |
As at 31 March 2025 | £m | £m | £m | £m | £m |
Financial liabilities | |||||
Private placements | 190.2 | 73.8 | 107.1 | — | 371.1 |
Listed notes and bonds | 17.3 | 435.9 | 450.0 | — | 903.2 |
Debt issued by controlled structured entities | 604.5 | 610.0 | 1,003.9 | 4,864.3 | 7,082.7 |
Derivative financial instruments | 19.6 | — | — | — | 19.6 |
Lease liabilities | 9.8 | 9.7 | 27.6 | 24.8 | 71.9 |
Other financial liabilities | 2.7 | 28.9 | 28.8 | — | 60.4 |
844.1 | 1,158.3 | 1,617.4 | 4,889.1 | 8,508.9 |
Contractual maturity analysis | |||||
More than five | |||||
Less than one year | One to two years | Two to five years | years | Total | |
As at 31 March 2024 | £m | £m | £m | £m | £m |
Financial liabilities | |||||
Private placements | 267.0 | 194.7 | 185.2 | — | 646.9 |
Listed notes and bonds | 17.6 | 17.6 | 466.5 | 438.1 | 939.8 |
Debt issued by controlled structured entities | 576.8 | 262.6 | 2,065.3 | 4,362.8 | 7,267.5 |
Derivative financial instruments | 0.9 | (4.8) | — | — | (3.9) |
Lease liabilities | 10.8 | 10.4 | 30.1 | 34.6 | 85.9 |
Other financial liabilities | 9.2 | 1.4 | 23.2 | — | 33.8 |
882.3 | 481.9 | 2,770.3 | 4,835.5 | 8,970.0 |
Number of ordinary | |||
shares of 26¼p | |||
allotted, | |||
called up and fully | Share Capital | Share Premium | |
Group and Company | paid | £m | £m |
1 April 2024 | 294,365,326 | 77.3 | 181.3 |
Shares issued | 4,899 | 0.0 | 0.0 |
31 March 2025 | 294,370,225 | 77.3 | 181.3 |
Number of ordinary | |||
shares of 26¼p | |||
allotted, | |||
called up and fully | Share Capital | Share Premium | |
Group and Company | paid | £m | £m |
1 April 2023 | 294,332,182 | 77.3 | 180.9 |
Shares issued | 33,144 | 0.0 | 0.4 |
31 March 2024 | 294,365,326 | 77.3 | 181.3 |
2025 | 2024 | 2025 | 2024 | |
£m | £m | Number | Number | |
1 April | 79.2 | 103.4 | 7,666,863 | 9,249,895 |
Purchased (ordinary shares of 26¼p) | 42.4 | — | 2,000,000 | — |
Options/awards exercised | (17.7) | (24.2) | (1,680,975) | (1,583,032) |
As at 31 March | 103.9 | 79.2 | 7,985,888 | 7,666,863 |
Number | Weighted average fair value | |||
Deferred share awards | 2025 | 2024 | 2025 | 2024 |
Outstanding at 1 April | 3,804,026 | 2,964,516 | 14.35 | 15.75 |
Granted | 1,141,054 | 2,316,207 | 23.11 | 13.35 |
Vested | (1,700,638) | (1,476,697) | 15.33 | 15.62 |
Outstanding as at 31 March | 3,244,442 | 3,804,026 | 16.95 | 14.35 |
Number | Weighted average fair value | |||
PLC Equity awards | 2025 | 2024 | 2025 | 2024 |
Outstanding at 1 April | 2,614,058 | 2,142,252 | 14.7 | 12.2 |
Granted | 839,597 | 982,261 | 23.1 | 13.4 |
Vested | (461,313) | (510,455) | 14.9 | 12.2 |
Outstanding as at 31 March | 2,992,342 | 2,614,058 | 17.0 | 14.7 |
Number | Weighted average fair value | |||
Special Recognition Awards | 2025 | 2024 | 2025 | 2024 |
Outstanding as at 1 April | — | 46,154 | — | 14.27 |
Granted | — | — | — | — |
Vesting | — | (46,154) | — | 14.27 |
Outstanding as at 31 March | — | — | — | — |
Number | Weighted average fair value | |||
Buy Out Awards | 2025 | 2024 | 2025 | 2024 |
Outstanding as at 1 April | 809,303 | 1,097,088 | 13.41 | 12.96 |
Granted | 110,225 | 180,336 | 21.52 | 14.46 |
Vesting | (474,082) | (468,121) | 15.02 | 13.55 |
Outstanding as at 31 March | 445,446 | 809,303 | 13.74 | 13.41 |
Number | Weighted average fair value | |||
Save As You Earn | 2025 | 2024 | 2025 | 2024 |
Outstanding as at 1 April | 222,121 | 103,818 | 4.3 | 5.0 |
Granted | — | 197,452 | — | 4.0 |
Vesting | (19,990) | (32,851) | 5.9 | 3.3 |
Forfeited | (22,049) | (46,298) | 4.5 | 5.5 |
Outstanding as at 31 March | 180,082 | 222,121 | 4.0 | 4.3 |
Number | Weighted average fair value | |||
Growth Incentive Award | 2025 | 2024 | 2025 | 2024 |
Outstanding as at 1 April | 411,000 | 463,000 | — | 3.13 |
Granted | — | — | — | — |
Vesting | — | — | — | — |
Forfeited | (22,000) | (52,000) | 3.13 | 3.13 |
Outstanding as at 31 March | 389,000 | 411,000 | 3.13 | 3.13 |
2025 | 2024 | |
£m | £m | |
ICG Europe Fund V | 23.7 | 24.2 |
ICG Europe Fund VI | 77.7 | 79.8 |
ICG Europe Fund VII | 100.5 | 105.2 |
ICG Europe Fund VIII | 45.2 | 192.4 |
ICG Europe Fund IX | 147.9 | — |
ICG Mid-Market Fund | 12.6 | 14.3 |
ICG Mid-Market Fund II | 40.4 | 64.1 |
Intermediate Capital Asia Pacific Fund III | 59.3 | 60.7 |
ICG Asia Pacific Fund IV | 35.6 | 52.3 |
ICG Strategic Secondaries Fund II | 34.3 | 32.1 |
ICG Strategic Equity Fund III | 80.6 | 95.9 |
ICG Strategic Equity Fund IV | 38.0 | 35.6 |
ICG Strategic Equity Fund V | 62.5 | 79.2 |
ICG Recovery Fund II | 21.3 | 40.8 |
LP Secondaries | 29.9 | 20.8 |
ICG Senior Debt Partners II | 3.8 | 4.0 |
ICG Senior Debt Partners III | 4.8 | 5.1 |
ICG Senior Debt Partners IV | 5.0 | 6.7 |
Senior Debt Partners V | 27.1 | 26.6 |
Senior Debt Partners NYCERS | 4.4 | 1.6 |
ICG North American Private Debt Fund | 26.3 | 26.9 |
ICG North American Private Debt Fund II | 20.9 | 24.6 |
ICG North American Credit Partners III | 69.2 | 79.2 |
ICG-Longbow UK Real Estate Debt Investments V | 0.2 | 0.2 |
ICG-Longbow UK Real Estate Debt Investments VI | 5.5 | 12.4 |
ICG-Longbow Development Fund | 14.0 | 6.8 |
ICG Infrastructure Equity Fund I | 52.2 | 31.7 |
ICG Infrastructure Equity Fund II | 102.3 | 10.1 |
ICG Living | 20.9 | 20.9 |
ICG Private Markets Pooling - Sale & Leaseback | 16.6 | 18.4 |
ICG Sale & Leaseback II | 16.7 | 16.5 |
ICG Metropolitan 2 | 27.7 | 36.8 |
Multistrat SMAs | 1.9 | — |
1,229.0 | 1,225.9 |
2025 | 2024 | |
£m | £m | |
Income statement | ||
Net gains/(losses) on investments | (18.4) | 84.5 |
(18.4) | 84.5 |
2025 | 2024 | |
£m | £m | |
Statement of financial position | ||
Trade and other receivables | 47.5 | 179.2 |
Trade and other payables | (11.7) | (155.0) |
35.8 | 24.2 |
2025 | 2024 | |
£m | £m | |
Income statement | ||
Management fees | 580.6 | 502.5 |
Performance fees | 87.4 | 75.7 |
668.0 | 578.2 |
2025 | 2024 | |
£m | £m | |
Statement of financial position | ||
Performance fees receivable | 108.4 | 83.7 |
Trade and other receivables | 406.3 | 848.1 |
Trade and other payables | (491.8) | (807.4) |
22.9 | 124.4 |
2025 | 2024 | |
£m | £m | |
Short-term employee benefits | 3.9 | 3.7 |
Post-employment benefits | 0.3 | 0.2 |
Other long-term benefits | — | 0.2 |
Share-based payment benefits | 6.8 | 6.9 |
11.0 | 11.0 |
2025 | 2024 | |
£000 | £000 | |
William Rucker | 400.0 | 375.0 |
Andrew Sykes | 145.0 | 120.0 |
Rosemary Leith | 134.5 | 134.5 |
Matthew Lester | 120.5 | 120.5 |
Virginia Holmes | 120.5 | 120.5 |
Stephen Welton | 90.5 | 90.5 |
Amy Schioldager | 125.0 | 125.0 |
Rusty Nelligan | — | 104.5 |
Sonia Baxendale | 104.5 | — |
% Voting rights | |||||
Name | Ref 1 | Country of incorporation | Principal activity | Share class | held |
ICG LTD (formerly ICG Asset Management Ltd) | United Kingdom | Holding company | Ordinary shares | 100% | |
ICG FMC Limited | England & Wales | Holding company | Ordinary shares | 100% | |
Intermediate Capital Investments Limited | England & Wales | Investment company | Ordinary shares | 100% | |
ICG Global Investment UK Limited | England & Wales | Holding company | Ordinary shares | 100% | |
ICG Carbon Funding Limited | England & Wales | Investment company | Ordinary shares | 100% | |
ICG Longbow Richmond Limited | England & Wales | Holding company | Ordinary shares | 100% | |
ICG-Longbow BTR Limited | England & Wales | Holding company | Ordinary shares | 100% | |
ICG Japan (Funding 2) Limited | England & Wales | Holding company | Ordinary shares | 100% | |
ICG Longbow Development (Brighton) Limited | England & Wales | Holding company | Ordinary shares | 100% | |
LREC Partners Investments No. 2 Limited | England & Wales | Investment company | Ordinary shares | 55% | |
ICG Longbow Senior Debt I GP Limited | England & Wales | General partner | Ordinary shares | 100% | |
ICG Debt Advisors (Cayman) Ltd | 4 | Cayman Islands | Advisory company | Ordinary shares | 100% |
ICG Re Holding (Germany) GmbH | 9 | Germany | Special purpose vehicle | Ordinary shares | 100% |
ICG Watch Jersey GP Limited | 19 | Jersey | General partner | Ordinary shares | 100% |
Intermediate Investments Jersey Limited | 19 | Jersey | Investment company | Ordinary shares | 100% |
Intermediate Capital Group Espana SL | 33 | Spain | Advisory company | Ordinary shares | 100% |
ICG Co-Investment 2024 Plus Limited | England & Wales | Investment company | Ordinary shares | 100% |
% Voting rights | |||||
Name | Ref 1 | Country of incorporation | Principal activity | Share class | held |
ICG Alternative Investment Limited | England & Wales | Advisory company | Ordinary shares | 100% | |
Intermediate Capital Managers Limited | England & Wales | Advisory company | Ordinary shares | 100% | |
Intermediate Capital Asia Pacific Limited | 12 | Hong Kong | Advisory company | Ordinary shares | 100% |
ICG Europe S.à r.l. | 23 | Luxembourg | Advisory company | Ordinary shares | 100% |
ICG Enterprise Co-Investment GP Limited | England & Wales | General Partner | Ordinary shares | 100% | |
ICG-Longbow B Investments L.P. | England & Wales | Investment company | N/A | 50% | |
ICG-Longbow Development GP LLP | England & Wales | General Partner | N/A | —% | |
Longbow Real Estate Capital LLP | England & Wales | Advisory company | N/A | —% | |
ICG Senior Debt Partners UK GP Limited | England & Wales | General Partner | Ordinary shares | 100% | |
Intermediate Capital Group SAS | 8 | France | Advisory company | Ordinary shares | 100% |
ICG Nordic AB | 34 | Sweden | Advisory company | Ordinary shares | 100% |
Intermediate Capital Group Dienstleistungsgesellschaft mbH | 9 | Germany | Service company | Ordinary shares | 100% |
Intermediate Capital Group Benelux B.V. | 30 | Netherlands | Advisory company | Ordinary shares | 100% |
Intermediate Capital Group Inc. | 17 | United States | Advisory company | Ordinary shares | 100% |
Intermediate Capital GP 2003 Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
Intermediate Capital GP 2003 No.1 Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
Intermediate Capital Asia Pacific Mezzanine 2005 GP Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
Intermediate Capital Asia Pacific Mezzanine Opportunities 2005 GP Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
Intermediate Capital Asia Pacific 2008 GP Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
ICG Europe Fund V GP Limited | 18 | Jersey | General Partner | Ordinary shares | 100% |
Intermediate Capital Group Beratungsgesellschaft mbH | 9 | Germany | Advisory company | Ordinary shares | 100% |
Intermediate Capital Group (Singapore) Pte. Limited | 32 | Singapore | Advisory company | Ordinary shares | 100% |
ICG North America Associates LLC | 17 | Delaware | General Partner | Ordinary shares | 100% |
ICG Japan KK | 14 | Japan | Advisory company | Ordinary shares | 100% |
ICG Asia Pacific Fund III GP Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
ICG Alternative Credit (Luxembourg) GP S.A. | 25 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Alternative Credit (Cayman) GP Limited | 5 | Cayman Islands | General Partner | Ordinary shares | 100% |
ICG Senior Debt Partners | 28 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Strategic Secondaries Carbon Associates LLC | 17 | Delaware | General Partner | Ordinary shares | 100% |
% Voting rights | |||||
Name | Ref 1 | Country of incorporation | Principal activity | Share class | held |
ICG European Fund 2006 B GP Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
ICG Europe Fund VI GP Limited | 18 | Jersey | General Partner | Ordinary shares | 100% |
ICG Total Credit (Global) GP, S.à r.l. | 24 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG EFV MLP Limited | 18 | Jersey | General Partner | Ordinary shares | 100% |
ICG-Longbow IV GP S.à r.l. | 20 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Europe Fund VI Lux GP S.à r.l. | 20 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Centre Street Partnership GP Limited | 18 | Jersey | General Partner | Ordinary shares | 100% |
Intermediate Capital Group Polska Sp. z.o.o | 31 | Poland | Service company | Ordinary shares | 100% |
ICG Recovery Fund 2008 B GP Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
ICG Europe Fund VII GP S.à r.l. | 28 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG - Longbow Fund V GP S.à r.l. | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Private Markets GP S.à r.l. | 27 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Europe Mid-Market Fund GP S.à r.l. | 28 | Luxembourg | General Partner | Ordinary shares | 100% |
Intermediate Capital Inc | 17 | Delaware | Dormant | Ordinary shares | 100% |
ICG Private Credit GP S.à r.l. | 28 | Luxembourg | General Partner | Ordinary shares | 100% |
Intermediate Capital Group (Italy) S.r.l | 13 | Italy | Advisory company | Ordinary shares | 100% |
ICG Alternative Credit Warehouse Fund I GP, LLC | 17 | Delaware | General Partner | Ordinary shares | 100% |
ICG Alternative Credit (Jersey) GP Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
ICG Enterprise Carry GP Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
ICG Senior Debt Partners Performance GP Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
ICG Structured Special Opportunities GP Limited | 5 | Cayman Islands | General Partner | Ordinary shares | 100% |
ICG Asia Pacific Fund IV GP S.à r.l. | 27 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG European Credit Mandate GP S.à r.l. | 28 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Infrastructure Equity Fund I GP S.a.r.l | 29 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG LP Secondaries Fund Associates I S.a. r.l. | 29 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG US Senior Loan Fund GP Ltd | 5 | Cayman Islands | General Partner | Ordinary shares | 100% |
ICG Recovery Fund II GP S.à r.l. | 29 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Strategic Equity IV GP LP | 16 | Delaware | Limited Partner | N/A | —% |
ICG North American Private Debt (Offshore) GP Limited Partnership | 5 | Cayman Islands | Limited Partner | N/A | —% |
ICG Europe Fund VI GP Limited Partnership | 18 | Jersey | Limited Partner | N/A | —% |
% Voting rights | |||||
Name | Ref 1 | Country of incorporation | Principal activity | Share class | held |
ICG Strategic Secondaries Carbon (Offshore) GP LP | 5 | Cayman Islands | Limited Partner | N/A | —% |
ICG Strategic Secondaries II (Offshore) GP LP | 5 | Cayman Islands | Limited Partner | N/A | —% |
ICG Strategic Secondaries II GP LP | 16 | Delaware | Limited Partner | N/A | —% |
ICG North American Private Debt II GP LP | 17 | Delaware | Limited Partner | N/A | —% |
ICG North American Private Debt II (Offshore) GP LP | 5 | Cayman Islands | Limited Partner | N/A | —% |
ICG Strategic Equity III GP LP | 16 | Delaware | Limited Partner | N/A | —% |
ICG Strategic Equity Side Car GP LP | 5 | Cayman Islands | Limited Partner | N/A | —% |
ICG Strategic Equity III (Offshore) GP LP | 5 | Cayman Islands | Limited Partner | N/A | —% |
ICG Australian Senior Debt GP Limited | 5 | Cayman Islands | General Partner | Ordinary shares | 100% |
ICG Strategic Equity Side Car (Onshore) GP LP | 16 | Delaware | Limited Partner | N/A | —% |
ICG Europe Fund VIII GP S.à r.l. | 29 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Real Estate Debt VI GP S.à r.l. | 27 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Excelsior GP S.à r.l. | 29 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Life Sciences GP S.à r.l. | 27 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Strategic Equity Associates IV S.à r.l | 29 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Strategic Equity IV GP LP SCSp | 29 | Luxembourg | Limited Partner | N/A | —% |
ICG RE AUSTRALIA GROUP PTY LTD | 3 | Australia | Service company | Ordinary shares | 100% |
ICG (DIFC) Limited | 26 | United Arab Emirates | Service company | Ordinary shares | 100% |
ICG Metropolitan GP S.à r.l. | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Senior Debt Partners GP S.à r.l. | 27 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Real Estate Senior Debt V GP S.à r.l. | 27 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG SRE GP II S.à r.l. | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Living GP S.a r.l. | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Europe Mid-Market Fund II GP S.à r.l. | 29 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Infrastructure Fund II GP S.à r.l | 29 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Strategic Equity GP V S.à r.l. | 29 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Fund Advisors LLC | 17 | Delaware | Advisory company | Ordinary shares | 100% |
ICG Alternative Credit LLC | 17 | Delaware | Advisory company | Ordinary shares | 100% |
ICG Strategic Equity Advisors LLC | 17 | Delaware | Advisory company | Ordinary shares | 100% |
ICG Debt Administration LLC | 17 | Delaware | Service company | Ordinary shares | 100% |
ICG Strategic Equity Associates II LLC | 16 | Delaware | General Partner | Ordinary shares | 100% |
% Voting rights | |||||
Name | Ref 1 | Country of incorporation | Principal activity | Share class | held |
ICG Velocity Co-Investor Associates LLC | 16 | Delaware | General Partner | Ordinary shares | 100% |
ICG Debt Advisors LLC - Manager Series | 17 | Delaware | Advisory company | Ordinary shares | 100% |
ICG North America Associates II LLC | 17 | Delaware | General Partner | Ordinary shares | 100% |
ICG Strategic Equity Associates III LLC | 16 | Delaware | General Partner | Ordinary shares | 100% |
ICG Augusta Associates LLC | 16 | Delaware | General Partner | Ordinary shares | 100% |
ICG STRATEGIC EQUITY ASSOCIATES IV LLC | 16 | Delaware | General Partner | Ordinary shares | 100% |
ICG LP Secondaries Associates I LLC | 16 | Delaware | General Partner | Ordinary shares | 100% |
ICG North America Associates III LLC | 17 | United States | General Partner | Ordinary shares | 100% |
ICG Global Investment Jersey Limited | 18 | Jersey | Investment company | Ordinary shares | 100% |
ICG Global Nominee Jersey Limited | 18 | Jersey | Special purpose vehicle | Ordinary shares | 100% |
ICG RE CORPORATE AUSTRALIA PTY LTD | 3 | Australia | Service company | Ordinary shares | 100% |
ICG RE CAPITAL PARTNERS AUSTRALIA PTY LTD | 3 | Australia | Advisory company | Ordinary shares | 100% |
ICG RE FUNDS MANAGEMENT AUSTRALIA PTY LTD | 3 | Australia | Service company | Ordinary shares | 100% |
Intermediate Capital Managers (Australia) PTY Limited | 2 | Australia | Advisory company | Ordinary shares | 100% |
Intermediate Capital Australia PTY Limited | 1 | Australia | Advisory company | Ordinary shares | 100% |
ICG Alternative Investment (Netherlands) B.V. | 30 | Netherlands | Advisory company | Ordinary shares | 100% |
ICG Asia Pacific Fund IV GP LP SCSp | 27 | Luxembourg | Limited Partner | N/A | —% |
ICG Augusta GP LP | 5 | Cayman Islands | Limited Partner | N/A | —% |
ICG Debt Advisors LLC – Holdings Series | 17 | Delaware | Investment company | Ordinary shares | 100% |
ICG EFV MLP GP LIMITED | England & Wales | General Partner | Ordinary shares | 100% | |
ICG Europe Fund VII GP LP SCSp | 28 | Luxembourg | Limited Partner | N/A | —% |
ICG Europe Fund VIII GP LP SCSp | 29 | Luxembourg | Limited Partner | N/A | —% |
ICG Europe Mid-Market Fund GP LP SCSp | 28 | Luxembourg | Limited Partner | N/A | —% |
ICG European Credit Mandate GP LP SCSp | 28 | Luxembourg | Limited Partner | N/A | —% |
ICG EXCELSIOR GP LP SCSp | 29 | Luxembourg | Limited Partner | N/A | —% |
ICG Executive Financing Limited | 19 | Jersey | Service company | Ordinary shares | 100% |
ICG Infrastructure Equity Fund I GP LP SCSp | 29 | Luxembourg | Limited Partner | N/A | —% |
ICG Life Sciences GP LP SCSp | 27 | Luxembourg | Limited Partner | N/A | —% |
ICG LP Secondaries I GP LP SCSp | 29 | Luxembourg | Limited Partner | N/A | —% |
ICG Employee Benefit Trust 2015 | 11 | Guernsey | N/A | Ordinary shares | 100% |
% Voting rights | |||||
Name | Ref 1 | Country of incorporation | Principal activity | Share class | held |
ICG Private Markets General Partner SCSp | 27 | Luxembourg | General Partner | N/A | —% |
ICG Real Estate Debt VI GP LP SCSp | 27 | Luxembourg | Limited Partner | N/A | —% |
ICG Recovery Fund II GP LP SCSp | 29 | Luxembourg | Limited Partner | N/A | —% |
ICG Strategic Equity Side Car II GP LP | 5 | Cayman Islands | Limited Partner | N/A | —% |
ICG Strategic Equity Side Car II (Onshore) GP LP | 16 | Delaware | Limited Partner | N/A | —% |
ICG Velocity GP LP | 16 | Delaware | Limited Partner | N/A | —% |
ICG Velocity Co-Investor GP LP | 16 | Delaware | Limited Partner | N/A | —% |
ICG Velocity Co-Investor (Offshore) GP LP | 5 | Cayman Islands | Limited Partner | N/A | —% |
Wise Living Homes Limited | 6 | England & Wales | Special purpose vehicle | Ordinary shares | 83% |
Wise Limited Amber Langley Mill Limited | 6 | United Kingdom | Special purpose vehicle | Ordinary shares | 83% |
ICG Longbow Development Debt Limited | England & Wales | Investment company | Ordinary shares | 100% | |
ICG-Longbow Investment 3 LLP | England & Wales | Special purpose vehicle | N/A | —% | |
ICG Asia Pacific Fund III GP Limited Partnership | 19 | Jersey | Limited Partner | N/A | —% |
ICG Europe Fund V GP Limited Partnership | 18 | Jersey | Limited Partner | N/A | —% |
ICG Europe Copenhagen, filial af ICG Europe S.à r.l. | 35 | Denmark | Branch | N/A | 100% |
ICG Europe SARL - Frankfurt Branch | 36 | Germany | Branch | N/A | 100% |
ICG Europe SARL - Milan Branch | 37 | Italy | Branch | N/A | 100% |
ICG Europe SARL - Paris Branch | 38 | France | Branch | N/A | 100% |
ICG North America Associates III S.à r.l. | 27 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG North American Private Debt GP LP | 17 | Delaware | Limited Partner | N/A | —% |
ICG Real Estate Opportunities APAC GP S.à r.l. | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Strategic Equity GP V LLC | 16 | Delaware | General Partner | Ordinary shares | 100% |
Intermediate Capital Managers Limited (France Branch) | 38 | France | Branch | N/A | 100% |
ICG Infrastructure APAC I GP S.à r.l. | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Real Estate Debt VII GP Sarl | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Seed Asset Founder LP Limited | 19 | Jersey | Special purpose vehicle | Ordinary shares | 100% |
ICG North American Private Equity Debt Limited | 19 | Jersey | Special purpose vehicle | Ordinary shares | 100% |
ICG Real Estate E Debt Limited | 19 | Jersey | Special purpose vehicle | Ordinary shares | 100% |
ICG Life Sciences Debt Limited | 19 | Jersey | Special purpose vehicle | Ordinary shares | 100% |
US Mid-Market Fund I LLC | 21 | Delaware | General Partner | Ordinary shares | 100% |
% Voting rights | |||||
Name | Ref 1 | Country of incorporation | Principal activity | Share class | held |
ICG Life Sciences SCSp | 27 | Luxembourg | Limited Partner | N/A | —% |
ICG Life Sciences Feeder SCSp | 27 | Luxembourg | Special purpose vehicle | N/A | —% |
ICG Funding Lux S.à r.l. | 22 | Luxembourg | Special purpose vehicle | Ordinary shares | 100% |
Montero PTE Ltd | 10 | Singapore | Special purpose vehicle | Ordinary shares | 100% |
ICG Real Estate Opportunities APAC Fund SCSP | 22 | Luxembourg | Special purpose vehicle | N/A | —% |
Yangju Investment PTE. LTD. | 10 | Singapore | Special purpose vehicle | Ordinary shares | 100% |
Montero Japan Master Pte. Ltd | 10 | Singapore | Special purpose vehicle | Ordinary shares | 100% |
Montero Cruise JP 1 Pte. Ltd | 10 | Singapore | Special purpose vehicle | Ordinary shares | 100% |
Montero Cruise JP 2 Pte. Ltd | 10 | Singapore | Special purpose vehicle | Ordinary shares | 100% |
Capstone Living and Stay General Private Investment Company No. 1 | 39 | South Korea | Portfolio Company | Ordinary shares | 100% |
Capstone Living and Stay General Private Investment Company No. 2 | 40 | South Korea | Portfolio Company | Ordinary shares | 100% |
Rifa Private Real Estate Trust No. 24 | 41 | South Korea | Portfolio Company | Ordinary shares | 100% |
ICG Core Private Equity Fund LP | 16 | Delaware | Limited Partner | N/A | —% |
ICG Core Private Equity GP LLC | 16 | Delaware | General Partner | Ordinary shares | 100% |
ICG Core Private Equity GP S.à r.l. | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Core Private Equity Master LP | 16 | Delaware | Limited Partner | N/A | —% |
ICG Europe Fund IX GP LP SCSp | 28 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Europe Fund IX GP S.à r.l. | 28 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Infrastructure APAC I GP LP SCSp | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Real Estate Debt VII GP LP SCSp | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Real Estate Multi-Strategy GP I S.à r.l | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
ICG Switzerland GMBH | Switzerland | Advisory company | Ordinary shares | 100% | |
Intermediate Capital Managers (Australia) Pty Ltd (Korea Branch) | 3 | Korea | Branch | N/A | 100% |
Australia Re Funding Co PTE. Ltd | 10 | Singapore | Special purpose vehicle | Ordinary shares | 100% |
Godo Kaisha Co-living One | 42 | Japan | Special purpose vehicle | Ordinary shares | 100% |
Godo Kaisha Converse | 42 | Japan | Special purpose vehicle | Ordinary shares | 100% |
ICG IDC 1 Pte Ltd | 10 | Singapore | Portfolio Company | Ordinary shares | 100% |
ICG IDC 2 Pte Ltd | 10 | Singapore | Portfolio Company | Ordinary shares | 100% |
IGISX General Real Estate Private Investment Company No.12 | 43 | South Korea | Portfolio Company | Ordinary shares | 100% |
Tokutei Mokutei Co-living One | 42 | Japan | Special purpose vehicle | Ordinary shares | 100% |
Tokutei Mokutei Converse | 42 | Japan | Special purpose vehicle | Ordinary shares | 100% |
Registered offices | |||
1 | Level 18, 88 Phillip Street, Sydney, NSW 2000, Australia | ||
2 | Level 31, 88 Phillip Street, Sydney, NSW 2000, Australia | ||
3 | Level 9, 88 Phillip Street, Sydney, NSW 2000, Australia | ||
4 | 75 Fort Street, Clifton House, c/o Estera Trust (Cayman) Limited, PO Box 1350, Grand Cayman, | ||
KY1-1108, Cayman Islands | |||
5 | PO Box 309, Ugland House, C/o Maples Corporate Services Limited, Grand Cayman, KY1-1104, | ||
Cayman Islands | |||
6 | 17 Regan Way, Chetwynd Business Park, Chilwell, Nottingham, NG9 6RZ, England & Wales | ||
7 | Brock House, 19 Langham Street, London, England, W1W 6BP | ||
8 | 1 rue de la Paix, Paris, 75002, France | ||
9 | 12th Floor, An der Welle 5, Frankfurt, 60322, Germany | ||
10 | 9 Temasek Boulevard, #12-01/02. Suntec Tower Two, 038989, Singapore | ||
11 | c/o Zedra Trust Company (Guernsey) Limited, 3rd Floor, Cambridge House, Le Truchot, St Peter Port, | ||
GY1 1WD, Guernsey | |||
12 | Suites 1301-02, 13/F, AIA Central, 1 Connaught Road Central, Hong Kong | ||
13 | Corso Giacomo Matteotti 3, Milan, 20121, Italy | ||
14 | Level 23, Otemachi Nomura Building, 2-1-1 Otemachi, Chiyoda-ku, Tokyo, 100-0004, Japan | ||
15 | 25 Farringdon Street, London, EC4A 4AB | ||
16 | c/o Maples Fiduciary Services (Delaware) Inc., Suite 302, 4001 Kennett Pike, Wilmington, DE, 19807, | ||
United States | |||
17 | c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, DE, 19801, United States | ||
18 | IFC 1, The Esplanade, St. Helier, JE1 4BP, Jersey | ||
19 | Ogier House,44 The Esplanade, St. Helier, JE4 9WG, Jersey | ||
20 | 12E, rue Guillaume Kroll, L - 1882 Luxembourg | ||
21 | c/o Intertrust Corporate Services Delaware LTD, Suite 210, 200 Bellevue Parkway, Wilmington, DE, | ||
1980 | 9, | United States | |
22 | 3, rue Gabriel Lippmann, L - 5365 Munsbach, Luxembourg | ||
23 | 32-36, boulevard d'Avranches L - 1160 Luxembourg, 1160, Luxembourg | ||
24 | 49 Avenue John F. Kennedy, Luxembourg, L-1855, Luxembourg | ||
25 | 5 Allée Scheffer, Luxembourg, L-2520, Luxembourg |
Registered offices | |
26 | Index Tower, Floor 4, Unit 404, Dubai International Financial Centre, Dubai, United Arab Emirates |
27 | 6, rue Eugene Ruppert, Luxembourg, L-2453, Luxembourg |
28 | 60, Avenue J.F. Kennedy, Luxembourg, L-1855, Luxembourg |
29 | 6H Route de Trèves, Senningerberg, L-2633, Luxembourg |
30 | Paulus Potterstraat 20, 2hg., Amsterdam, 1071 DA, Netherlands |
31 | Spark B, Aleja Solidarności 171, Warsaw, 00-877, Poland |
32 | 8 Marina View, #32-06. Asia Square Tower 1, 018960, Singapore |
33 | Serrano 30-3º, 28001 Madrid, Spain |
34 | David Bagares Gata 3, 111 38 Stockholm |
35 | Female Founders House Bredgade 45B, 3., kontor, Copenhagen, 607 1260, Denmark |
36 | 12th Floor, Stockwerk, An der Welle 5, Frankfurt, 60322, Germany |
37 | Corso Giacomo Matteotti 3, Milan, 20121, Italy |
38 | 1 rue de la Paix, Paris, 75002, France |
39 | 116, Ingye-ro, Paldal-gu, Suwon-si, Gyeonggi-do, Republic of Korea |
40 | 182, Beotkkot-ro, Geumcheon-gu, Seoul, Republic of Korea |
41 | 12F, 136, Sejong-daero, Jung-gu, Seoul, Republic of Korea |
42 | 1-1-7-807 Motoakasaka, Minato-ku, Tokyo, Japan, |
43 | 136, Sejong-daero, Jung-gu, Seoul, Republic of Korea |
Name of subsidiary | Country of incorporation | % of ownership interests and voting rights |
ICG US CLO 2014-1, Ltd. | Cayman Islands | 50% |
ICG US CLO 2014-2, Ltd. | Cayman Islands | 72% |
ICG US CLO 2014-3, Ltd. | Cayman Islands | 51% |
ICG US CLO 2015-1, Ltd. | Cayman Islands | 50% |
ICG US CLO 2015-2R, Ltd. | Cayman Islands | 83% |
ICG US CLO 2016-1, Ltd. | Cayman Islands | 63% |
ICG US CLO 2017-1, Ltd. | Cayman Islands | 60% |
ICG US CLO 2020-1, Ltd. | Cayman Islands | 52% |
ICG EURO CLO 2021-1 DAC | Ireland | 67% |
ICG EURO CLO 2023-2 DAC | Ireland | 100% |
St. Paul's CLO II DAC | Ireland | 85% |
St. Paul's CLO III-R DAC | Ireland | 62% |
St. Paul's CLO VI DAC | Ireland | 53% |
St. Paul's CLO VIII DAC | Ireland | 53% |
St. Paul's CLO XI DAC | Ireland | 57% |
ICG Euro CLO 2023-1 DAC | Ireland | 100% |
ICG Enterprise Carry (1) LP | Jersey | 100% |
ICG Enterprise Carry (2) LP | Jersey | 50% |
ICG US Senior Loan Fund | Cayman Islands | 100% |
ICG Total Credit (Global) SCA | Luxembourg | 100% |
ICG EURO CLO 2024-1 DAC | Ireland | 100% |
ICG US CLO 2024-1, Ltd. | Cayman Islands | 100% |
ICG US CLO 2024-R1, Ltd. | Cayman Islands | 100% |
Company | Registered number | Member(s) |
ICG FMC Limited | 7266173 | Intermediate Capital Group plc |
ICG Global Investment UK Limited | 7647419 | Intermediate Capital Group plc |
ICG Japan (Funding 2) Limited | 9125779 | Intermediate Capital Group plc |
ICG Longbow Development (Brighton) Limited | 8802752 | Intermediate Capital Group plc |
ICG Longbow Richmond Limited | 11210259 | Intermediate Capital Group plc |
ICG Longbow BTR Limited | 11177993 | Intermediate Capital Group plc |
ICG Longbow Senior Debt I GP Limited | 2276839 | Intermediate Capital Group plc |
Intermediate Capital Investments Limited | 2327070 | Intermediate Capital Group plc |
LREC Partners Investments No. 2 Limited | 7428335 | Intermediate Capital Group plc |
ICG Longbow Development Debt Limited | 9907841 | ICG-Longbow Development GP LLP |
ICG Ltd (formerly ICG Asset Management Ltd) | 14542130 | Intermediate Capital Group plc |
ICG-Longbow Development GP LLP | OC396833 | Intermediate Capital Group plc, ICG FMC Limited |
ICG-Longbow Investment 3 LLP | OC395389 | ICG FMC Limited, Intermediate Capital Managers Limited |
ICG Enterprise Co-Investment GP Limited | 9961033 | Intermediate Capital Group plc, ICG FMC Limited |
ICG EFV MLP GP Limited | 7758327 | ICG EFV MLP Ltd |
ICG Senior Debt Partners UK GP Limited | 8562977 | Intermediate Capital Group plc, ICG FMC Limited |
ICG Co-Investment 2024 Plus Limited | 16107851 | Intermediate Capital Group plc |
Proportion of | Proportion of | |||||
ownership | Income | ownership | Income | |||
interest/voting | distributions | interest/voting | distributions | |||
rights held by the | received from | rights held by the | received from | |||
Group | associate | Group | associate | |||
Name of associate | Principal activity | Country of incorporation | 2025 | 2025 | 2024 | 2024 |
ICG Europe Fund V Jersey Limited 1 | Investment company | Jersey | 20% | — | 20% | 4.5 |
ICG Europe Fund VI Jersey Limited 1 | Investment company | Jersey | 17% | 56.8 | 17% | (3.0) |
ICG North American Private Debt Fund 2 | Investment company | United States of America | 20% | 1.8 | 20% | 1.1 |
ICG Asia Pacific Fund III Singapore Pte. Limited 3 | Investment company | Singapore | 20% | 1.3 | 20% | 4.1 |
KIK Equity Co-invest LLC 2 | Investment company | United States of America | 25% | — | 25% | — |
Seaway Topco, LP 2 | Investment company | United States of America | 49% | — | 49% | — |
Proportion of ownership | Proportion of voting | ||||
Name of joint venture | Accounting method | Principal activity | Country of incorporation | interest held by the Group 2025 | rights held by the Group 2025 |
Brighton Marina Group Limited | Fair value | Investment company | United Kingdom | 70% | 50% |
ICG Fund VI Jersey Limited | ||
2025 | 2024 | |
£m | £m | |
Current assets | 358.1 | 0.6 |
Non-current assets | 952.6 | 975.4 |
Current liabilities | (357.7) | — |
953.0 | 976.0 | |
Revenue | 343.1 | 185.0 |
Expenses | (0.2) | (0.2) |
Total comprehensive income | 342.9 | 184.8 |
2025 | ||||||
Investment in | Management fees | Performance fees | Maximum | |||
Fund | receivable | Management fee rates | receivable | Performance fee rates | exposure to loss | |
Funds | £m | £m | % | £m | % | £m |
Structured Capital and Secondaries | 1,823.8 | 86.4 | 0.25% to 1.38% | 102.6 | 20%–25% of total performance fee of 10%–20% of profit over the threshold | 2,012.8 |
Real Assets | 442.7 | 21.8 | 0.03% to 1.23% | — | 20% of total performance fee of 15%–20% of profit over the threshold | 464.5 |
Debt | 384.8 | 28.3 | 0.29% to 1.50% | 5.8 | 20% of returns in excess of 0% for Alternative Credit Fund only and IRR of 12% | 418.9 |
for CLOs | ||||||
Total | 2,651.3 | 136.5 | 108.4 | 2,896.2 |
2024 | ||||||
Investment in | Management fees | Performance fees | Maximum | |||
Fund | receivable | Management fee rates | receivable | Performance fee rates | exposure to loss | |
Funds | £m | £m | % | £m | % | £m |
Structured Capital and Secondaries | 1,720.6 | 83.0 | 0.19% to 1.37% | 60.5 | 20%–25% of total performance fee of 10%–20% of profit over the threshold | 1,864.1 |
Real Assets | 401.6 | 17.7 | 0.30% to 1.24% | — | 20% of total performance fee of 15%–20% of profit over the threshold | 419.3 |
Debt | 455.9 | 30.6 | 0.29% to 1.50% | 23.2 | 20% of returns in excess of 0% for Alternative Credit Fund only and IRR of 12% | 509.7 |
for CLOs | ||||||
Total | 2,578.1 | 131.3 | 83.7 | 2,793.1 |
Year ended | Year ended | ||
31 March 2025 | 31 March 2024 | ||
Group | Group | ||
Notes | £m | £m | |
Profit before tax from continuing operations | 530.5 | 530.8 | |
Adjustments for non-cash items: | |||
Fee and other operating income | 3 | (676.0) | (554.8) |
Net investment returns | 9 | (284.7) | (405.3) |
Interest income | 8 | (19.5) | (21.6) |
Net fair value gain on derivatives | (38.4) | (22.8) | |
Impact of movement in foreign exchange rates | 28.1 | 33.3 | |
Interest expense | 10 | 43.7 | 49.5 |
Depreciation, amortisation and impairment of property, plant, equipment and intangible assets | 16, 17 | 17.8 | 18.0 |
Share-based payment expense | 45.6 | 43.9 | |
Working capital changes: | |||
Increase in trade and other receivables | (87.6) | (88.7) | |
Increase/(decrease) in trade and other payables | 12.3 | (17.7) | |
(428.2) | (435.4) | ||
Proceeds from sale of seed investments | 285.6 | 319.2 | |
Purchase of seed investments | (165.9) | (312.1) | |
Purchase of investments | (2,960.6) | (1,729.7) | |
Proceeds from sales and maturities of investments | 3,117.4 | 2,233.1 | |
Proceeds from borrowing related to seed investments | 47.4 | — | |
Issuance of CLO notes | 577.0 | — | |
Redemption of CLO notes | (1,085.0) | (389.1) | |
Interest received | 520.0 | 447.2 | |
Dividends received | 44.4 | 47.0 | |
Fee and other operating income received | 663.3 | 496.4 | |
Interest paid | (410.9) | (379.5) | |
Cash flows generated from operations | 204.5 | 297.1 | |
Taxes paid | (68.4) | (41.2) | |
Net cash flows from operating activities | 30 | 136.1 | 255.9 |
Year ended | Year ended | ||
31 March 2025 | 31 March 2024 | ||
Company | Company | ||
Notes | £m | £m | |
Profit before tax from continuing operations | 912.1 | 298.2 | |
Adjustments for non-cash items: | |||
Fee and other operating income | 3 | (4.7) | (16.3) |
Dividend income | (909.4) | (240.0) | |
Interest income | (73.7) | (75.1) | |
Net investment returns | (7.8) | (8.9) | |
Net fair value gain on derivatives | (37.9) | (23.5) | |
Impact of movement in foreign exchange rates | (65.6) | (99.7) | |
Interest expense | 138.9 | 124.4 | |
Depreciation, amortisation and impairment of property, equipment and intangible assets | 16, 17 | 9.6 | 10.9 |
Write-down of intercompany loan balance | — | 12.2 | |
Intragroup reallocation of incurred costs | (97.9) | (80.6) | |
Working capital changes: | |||
Decrease in trade and other receivables | 14.3 | 7.3 | |
Decrease in trade and other payables | 20 | (21.8) | (74.1) |
(143.9) | (165.2) | ||
Purchase of investments | (25.2) | (28.0) | |
Proceeds from sales and maturities of investments | 70.9 | 70.1 | |
Interest received | 27.7 | 21.4 | |
Fee and other operating income received | 17.6 | 11.7 | |
Interest paid | (41.2) | (46.8) | |
Cash flows used in operations | (94.1) | (136.8) | |
Tax refund/(payment) | 3.6 | (24.2) | |
Net cash flows used in operating activities | 30 | (90.5) | (161.0) |