ICG (ICG) Q3 2025 TU earnings summary

Executive summary

• Raised $22bn in the last twelve months, more than double the previous year, supporting long-term growth in client capital and management fees.

• Achieved strong quarterly fundraising of $7.2bn, with significant commitments to Strategic Equity and Europe IX.

• AUM reached $107bn (+5.1% quarter-on-quarter), with fee-earning AUM at $71bn (+2.8% quarter-on-quarter).

• Balance sheet investment portfolio generated positive NIR across all asset classes and net cash realisations.

• Awarded AAA ESG rating by MSCI for the fourth consecutive year and maintained Dow Jones Sustainability Index (Europe) membership.

Financial highlights

• Fee-earning AUM at $71bn, with $20bn of AUM not yet earning fees and $30bn available for new investments (dry powder) as of 31 December 2024.

• Structured and Private Equity led fundraising with $5.3bn in Q3 FY25 and $10.1bn over the last twelve months.

• Private Debt fundraising reached $0.2bn in Q3 FY25 and $6.6bn over the last twelve months.

• Real Assets fundraising totaled $0.7bn in Q3 FY25 and $1.5bn over the last twelve months.

• Total available liquidity at 31 December 2024 was £1.1bn, up from £0.9bn at H1 FY25.

Outlook and guidance

• Europe IX expected to be activated and fee-earning by March 2025.

• Final closes for Strategic Equity V and Europe Mid-Market II anticipated before the end of FY25, subject to market conditions.

• Confident in balance sheet performance continuing in line with guidance.