ICG (ICG) Q1 2026 TU earnings summary

Executive summary

• AUM reached $123bn at 30 June 2025, with fee-earning AUM at $82bn and dry powder of $34bn.

• Fee-earning AUM increased 4% in the quarter and 11% year-over-year on a constant currency basis.

• Fundraising totaled $3.4bn in Q1, led by Europe IX and Infrastructure Europe II.

• Investment landscape remains attractive for structured capital, secondaries, and real assets equity.

Financial highlights

• Fee-earning AUM up 4% in the quarter and 11% year-over-year on a constant currency basis.

• Total fundraising of $3.4bn in Q1 FY26, with $1.5bn from Europe IX and $1.2bn from Infrastructure Europe II.

• Balance Sheet Investment Portfolio valued at £2.9bn.

• Total available liquidity of £1.1bn and net financial debt of £477m at period end.

Outlook and guidance

• Infrastructure Europe II expected to close an additional €0.6bn before quarter end, reaching its hard cap.

• LP Secondaries II anticipated to launch during FY26, subject to market conditions.