ICG (ICG) H1 2025 earnings summary

Executive summary

• AUM reached $106bn as of 30 September 2024, with fee-earning AUM at $73bn and strong client demand driving near-record fundraising of $10bn in H1 FY25.

• Management fee income rose 23% year-on-year to £287m, supported by increased client numbers and robust growth in the Americas.

• Maintained top quartile or decile performance and DPI in flagship and scaling strategies, reinforcing leading positions in European Direct Lending and GP-led Secondaries.

• Private Debt returned to net deployment in Q2, with the largest ever European direct lending fundraise completed.

• Strategic diversification and positioning enabled outperformance in a challenging private markets environment.

Financial highlights

• Fee-earning AUM grew 4% in the period and 15% annualized over five years, reaching $73bn.

• Management fees up 23% year-on-year, totaling £287m in H1 FY25 and £558m LTM.

• Fund management company PBT up 21% year-on-year to £196m, with a 55.3% margin.

• Performance fees of £32m, up 9% year-on-year, and £40m in realized performance fee cash proceeds.

• NAV per share at 788p, with balance sheet investment portfolio at just under £3bn.

Outlook and guidance

• Medium-term fundraising target of at least $55bn between April 2024 and March 2028 reaffirmed, with FMC operating margin expected above 52%.

• Performance fees to represent 10–15% of total fee income; balance sheet portfolio expected to generate low double-digit percentage returns.

• First close for Europe IX and final closes for Strategic Equity V and Europe Mid-Market II expected before FY25 end.

• Cost growth expected to trend toward a 12% annualized rate for FMC expenses.

• Dividend policy remains progressive, targeting mid-single-digit percentage increases over the long term.