ICG (ICG) Q3 2026 TU earnings summary

Executive summary

• Assets under management reached $127bn, with fee-earning AUM at $85bn, up 1% quarter-on-quarter and 11% year-on-year.

• Fundraising totaled $4.4bn, led by Europe IX ($1.6bn), Metropolitan II ($0.6bn), and LP Secondaries II ($0.3bn), with further activation expected.

• Transaction activity showed modest recovery, with variability across asset classes.

• Positive total balance sheet return at group level for the quarter and year-to-date.

Financial highlights

• Dry powder stood at $36bn, with $19bn not yet earning fees.

• Total available liquidity was £1.4bn, up from £1.3bn at H1 FY26.

• Net financial debt reduced to £239m from £401m at H1 FY26.

Outlook and guidance

• LP Secondaries II expected to become fee-earning in coming quarters.

• Timing of fund launches and closes depends on prevailing market conditions.