ICG (ICG) H2 2025 earnings summary

Executive summary

• Achieved a milestone year with $24 billion in fundraising, record GBP 600 million management fees, and enhanced competitive positioning in key markets.

• Surpassed ambitious targets, anchoring fundraising for the four-year cycle and securing $32 billion in dry powder.

• Reinforced market-leading positions in GP-led secondaries, European direct lending, and structured capital, with strong fundraising for Europe IX.

• Expanded global presence with new offices in Zurich, Munich, Toronto, and over 20 locations, investing in senior hires and new board members.

• Client base grew by 122 new LPs, with strong cross-selling and increased recognition in North America and the Americas as the largest fundraising contributor.

Financial highlights

• Fee-earning AUM rose 8% to $75 billion; total AUM reached $112 billion.

• Management fees hit a record GBP 604 million, up 19% year-over-year; performance fees were GBP 86 million, up 19%.

• Fund management company profit before tax increased 23% to GBP 461 million; operating cash flow rose 44% to GBP 518 million.

• Dividend per share increased to GBP 0.83, up 48% since FY21.

• Balance sheet investment portfolio valued at GBP 3,028 million; total available liquidity at GBP 1,098 million; net debt at GBP 629 million with net gearing of 0.25x.

Outlook and guidance

• Medium-term financial guidance reiterated: at least $55 billion fundraising between April 2024 and March 2028, assuming normalised environment.

• FMC operating margin expected to exceed 52%; performance fees to represent 10–15% of total fee income.

• Early indications for Europe Nine fundraising are strong, with a record EUR 4.5 billion first close.

• Only major strategy in fundraising for FY 2026-27 is the 9th vintage of European corporate.

• Confident in continued growth, supported by robust balance sheet and recurring fee income.