ICG (ICG) Q1 2025 TU earnings summary

Executive summary

• AUM reached $101bn as of 30 June 2024, with fee-earning AUM at $70bn and $18.2bn not yet earning fees.

• Strong fundraising in Q1 FY25, totaling $4.7bn, led by SDP ($2.1bn) and Strategic Equity V ($1.4bn).

• Deployment of $3.9bn and realisations of $2.5bn in Q1 FY25, both significantly higher year-over-year.

• Expectations for the year remain unchanged from FY24 results.

Financial highlights

• AUM grew 2.6% quarter-over-quarter and 3.0% year-over-year on a constant currency basis.

• Fee-earning AUM decreased slightly by 0.1% to $69.6bn, with a 0.2% increase at constant exchange rates.

• $27.9bn in dry powder available for new investments, with $18.2bn not yet earning fees.

Outlook and guidance

• Final closes expected for several major funds during the remainder of FY25, including SDP V and Strategic Equity V.

• New fund launches anticipated in FY25, such as Core Private Equity and Europe IX, subject to market conditions.