Final results for the financial year ended 31 March 2025

About this update from Icg Plc

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fee-earning AUM of $75bn, up 8% 1 compared to FY24 and five-year annualised growth of 14% 1 ","length":104,"tagName":"p"}]},{"val":[{"type":"text","content":"$24bn of fundraising, securing cycle and underpinning near-term financial performance","length":85,"tagName":"p"}]},{"val":[{"type":"text","content":"Management fees of £604m, up 19% 2 compared to FY24","length":50,"tagName":"p"}]},{"val":[{"type":"text","content":"Performance fee income of £86m (FY24: £74m)","length":43,"tagName":"p"}]},{"val":[{"type":"text","content":"Total Balance Sheet Return of £241m 3 ","length":36,"tagName":"p"}]},{"val":[{"type":"text","content":"Fund Management Company profit before tax of £461m, up 23% compared to FY24","length":75,"tagName":"p"}]},{"val":[{"type":"text","content":"Group profit before tax of £532m; NAV per share of 859p","length":55,"tagName":"p"}]},{"val":[{"type":"text","content":"Operating cashflow of £518m, up 44% compared to FY24 (£359m)","length":60,"tagName":"p"}]},{"val":[{"type":"text","content":"Total ordinary dividend per share for FY25 of 83p, 15 th consecutive annual increase","length":83,"tagName":"p"}]},{"val":[{"type":"text","content":"Reiterating medium-term guidance","length":32,"tagName":"p"}]},{"val":[{"type":"text","content":"Will seek shareholder approval at 2025 Annual General Meeting to change name to “ICG plc"","length":94,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":717,"olType":false},{"type":"text","content":" Note: unless otherwise stated the financial results discussed herein are on the basis of Alternative Performance Measures (APM) - see page 3 . 1 On a constant currency basis. 2 +8% excluding catch-up fees. 3 Sum of NIR and CLO dividend received.","length":244,"tagName":"p","attribs":{}}]},{"style":"width:56px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]}],"length":1025},{"type":"text","content":" ","length":0,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:36px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"width:684px;vertical-align:bottom;","val":[{"type":"text","content":"Benoît Durteste","length":15,"tagName":"p","attribs":{}}]},{"style":"width:36px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:36px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:36px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"width:684px;vertical-align:bottom;","val":[{"type":"text","content":"CEO and CIO","length":11,"tagName":"p","attribs":{}}]},{"style":"width:36px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:36px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:36px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:36px;text-align:right;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"“","length":1,"tagName":"p","attribs":{}}]},{"style":"width:648px;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"FY25 was a milestone year for ICG during which we made significant progress in delivering on our ambition to offer our clients and shareholders breadth at scale. We raised $24bn from our global client base. Fundraising highlights for the year include closing the world’s largest fund dedicated to GP-led secondaries (Strategic Equity V) and Europe's largest direct lending fundraising (SDP V), as well as having our largest ever vintage-to-vintage upsize (Europe Mid-Market II, 3x larger than the prior vintage). We have therefore secured this fundraising cycle and have anchored management fees and dry powder, materially underpinning our near-term financial performance. Today we have leading positions in structured capital, secondaries and debt, and have a real assets platform that is positioned for growth. Longer-term, ICG has clearly emerged as one of the few global alternative asset managers who are seeing their competitive position strengthened by today’s challenging market conditions. Strategically our track record, product offering, culture and people drive our relevance to clients and our ability to originate differentiated investment opportunities. Financially we are generating substantial earnings. These qualities position us well to deliver further long-term value for our clients and shareholders."","length":1336,"tagName":"p","attribs":{}}]},{"style":"width:36px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:36px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]}],"length":1399},{"type":"text","content":" PERFORMANCE OVERVIEW ","length":20,"tagName":"p"},{"type":"text","content":"Unless stated otherwise, the financial results discussed herein are on the basis of alternative performance measures (APM), which the Board believes assists shareholders in assessing the financial performance of the Group. See page 3 for further information.","length":258,"tagName":"p"},{"type":"readMore"},{"type":"text","content":" AUM and fee-earning AUM ","length":23,"tagName":"p"},{"type":"text","content":"The presentation of our AUM has evolved compared to FY24. We are now showing three verticals (Structured Capital and Secondaries, Real Assets, and Debt) and within that, five asset classes (Structured Capital, Private Equity Secondaries, Real Assets, Private Debt, and Credit). The composition of Structured Capital and Secondaries is the same as what was previously called Structured and Private Equity; Real Assets remains unchanged; and Debt combines what was previously called Private Debt and Credit.","length":505,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:249px;border-bottom:solid black 1pt;vertical-align:top;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:107px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Year ended 31 March 2024 ","length":24,"tagName":"p","attribs":{}}]},{"style":"width:107px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Year ended 31 March 2025 ","length":24,"tagName":"p","attribs":{}}]},{"style":"width:107px;border-bottom:solid black 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Dividend includes FY25 declared dividend; 3 Sum of NIR and CLO dividend received, see page 12. 4 Five year average for Net Investment Return and Total Balance Sheet Return. Business activity ","length":300,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:231px;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" Year ended 31 March 2025 ","length":24,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Fundraising ","length":11,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Deployment 1 ","length":11,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Realisations 1,2 ","length":15,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:231px;border-top:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"Structured Capital and Secondaries","length":34,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$13.2bn","length":7,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$11.6bn","length":7,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$2.3bn","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:231px;vertical-align:middle;","val":[{"type":"text","content":"Real Assets","length":11,"tagName":"p","attribs":{}}]},{"style":"width:148px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$2.3bn","length":6,"tagName":"p","attribs":{}}]},{"style":"width:148px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$2.4bn","length":6,"tagName":"p","attribs":{}}]},{"style":"width:148px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$1.4bn","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:231px;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"Debt 3 ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$8.2bn","length":6,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$3.5bn","length":6,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$5.2bn","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:231px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" Total ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$23.7bn","length":7,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$17.5bn","length":7,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$8.9bn","length":6,"tagName":"p","attribs":{}}]}]}],"length":192},{"type":"text","content":"1 Direct investment funds; 2 Realisations of fee-earning AUM; 3 Includes Deployment and Realisations for Private Debt only.","length":123,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"5","style":"width:665px;border-top:solid black 1pt;border-left:solid black 1pt;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":" Medium-term financial guidance reiterated ","length":41,"tagName":"p","attribs":{}}]},{"style":"width:12px;border-top:solid black 1pt;border-right:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:9px;border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:164px;border-top:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" Fundraising ","length":11,"tagName":"p","attribs":{}}]},{"style":"width:164px;border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" FMC Operating margin ","length":20,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"width:328px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" Investment performance ","length":22,"tagName":"p","attribs":{}}]},{"style":"width:12px;border-right:solid black 1pt;border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:9px;border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:164px;border-top:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:top;","val":[{"type":"list","items":[{"val":[{"type":"text","content":"Fundraising of at least $55bn in aggregate between 1 April 2024 and 31 March 2028","length":81,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":81,"olType":false}]},{"style":"width:164px;border-top:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:top;","val":[{"type":"list","items":[{"val":[{"type":"text","content":"In excess of 52%","length":16,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":16,"olType":false}]},{"style":"width:164px;border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:top;","val":[{"type":"list","items":[{"val":[{"type":"text","content":"Performance fees to represent c. 10 - 15% of total fee income","length":61,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":61,"olType":false}]},{"style":"width:164px;border-top:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:top;","val":[{"type":"list","items":[{"val":[{"type":"text","content":"Balance sheet investment portfolio to generate low double digit % returns","length":73,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":73,"olType":false}]},{"style":"width:12px;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]}],"length":361},{"type":"text","content":" COMPANY PRESENTATION ","length":20,"tagName":"p"},{"type":"text","content":"A presentation for shareholders, debtholders and analysts will be held at 09:00 BST today: join via the link on our website . Alternatively, you can dial in using the following numbers and ask to be connected to the ICG meeting:","length":227,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"All callers: +44 333 300 1418","length":29,"tagName":"p"}]},{"val":[{"type":"text","content":"United Kingdom (Toll-Free): 0808 143 3720","length":41,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":70,"olType":false},{"type":"text","content":"A recording and transcript of the presentation will be available on demand from the same location in the coming days.","length":117,"tagName":"p"},{"type":"text","content":" COMPANY TIMETABLE ","length":17,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:304px;vertical-align:bottom;","val":[{"type":"text","content":"Ex-dividend date","length":16,"tagName":"p","attribs":{}}]},{"style":"width:139px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"12 June 2025","length":12,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:304px;vertical-align:bottom;","val":[{"type":"text","content":"Record date","length":11,"tagName":"p","attribs":{}}]},{"style":"width:139px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"13 June 2025","length":12,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:304px;vertical-align:bottom;","val":[{"type":"text","content":"Last date to elect for dividend reinvestment","length":44,"tagName":"p","attribs":{}}]},{"style":"width:139px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"11 July 2025","length":12,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:304px;vertical-align:bottom;","val":[{"type":"text","content":"AGM and Q1 trading statement","length":28,"tagName":"p","attribs":{}}]},{"style":"width:139px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"16 July 2025","length":12,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:304px;vertical-align:bottom;","val":[{"type":"text","content":"Payment of ordinary dividend","length":28,"tagName":"p","attribs":{}}]},{"style":"width:139px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"1 August 2025","length":13,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:304px;vertical-align:bottom;","val":[{"type":"text","content":"Half year results announcement","length":30,"tagName":"p","attribs":{}}]},{"style":"width:139px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"13 November 2025","length":16,"tagName":"p","attribs":{}}]}]}],"length":234},{"type":"text","content":" ENQUIRIES ","length":9,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:523px;vertical-align:top;","val":[{"type":"text","content":"Shareholders & Debtholders / Analysts:","length":42,"tagName":"p","attribs":{}}]},{"style":"width:149px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:523px;vertical-align:bottom;","val":[{"type":"text","content":"Chris Hunt, Head of Corporate Development & Shareholder Relations, ICG","length":74,"tagName":"p","attribs":{}}]},{"style":"width:149px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"+44(0)20 3545 2020","length":18,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:523px;vertical-align:top;","val":[{"type":"text","content":"Media:","length":6,"tagName":"p","attribs":{}}]},{"style":"width:149px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:523px;vertical-align:bottom;","val":[{"type":"text","content":"Fiona Laffan, Global Head of Corporate Affairs, ICG","length":51,"tagName":"p","attribs":{}}]},{"style":"width:149px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"+44(0)20 3545 1510","length":18,"tagName":"p","attribs":{}}]}]}],"length":221},{"type":"text","content":"This results statement may contain forward looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of this report and should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward looking information.","length":382,"tagName":"p"},{"type":"text","content":" ABOUT ICG ","length":9,"tagName":"p"},{"type":"text","content":"ICG (LSE: ICG) is a global alternative asset manager with $112bn* in AUM and more than three decades of experience generating attractive returns. We operate from over 20 locations globally and invest our clients’ capital across Structured Capital; Private Equity Secondaries; Private Debt; Credit; and Real Assets.","length":314,"tagName":"p"},{"type":"text","content":"Our exceptional people originate differentiated opportunities, invest responsibly, and deliver long-term value. We partner with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with our expertise and flexible capital. For more information visit our website and follow us on LinkedIn . *As at 31 March 2025.","length":366,"tagName":"p"},{"type":"text","content":" USE OF ALTERNATIVE PERFORMANCE MEASURES ","length":39,"tagName":"p"},{"type":"text","content":"The Board and management monitor the financial performance of the Group on the basis of Alternative Performance Measures (APM), which are non-UK-adopted IAS measures. The APM form the basis of the financial results discussed in this review, which the Board believes assist shareholders in assessing their investment and the delivery of the Group’s strategy through its financial performance.","length":391,"tagName":"p"},{"type":"text","content":"The substantive difference between APM and UK-adopted IAS is the consolidation of funds, including seeded strategies, and related entities deemed to be controlled by the Group, which are included in the UK-adopted IAS consolidated financial statements at fair value but excluded for the APM in which the Group’s economic exposure to the assets is reported.","length":356,"tagName":"p"},{"type":"text","content":"Under IFRS 10, the Group is deemed to control (and therefore consolidate) entities where it can make significant decisions that can substantially affect the variable returns of investors. This has the impact of including the assets and liabilities of these entities in the consolidated statement of financial position and recognising the related income and expenses of these entities in the consolidated income statement.","length":421,"tagName":"p"},{"type":"text","content":"The Group’s profit before tax on a UK-adopted IAS basis was in-line with prior period at £530.5m (FY24: £530.8m). On the APM basis it was below the prior period at £532.2m (FY24: £597.8m).","length":188,"tagName":"p"},{"type":"text","content":" CHIEF EXECUTIVE OFFICER’S REVIEW ","length":32,"tagName":"p"},{"type":"text","content":"ICG has accomplished a lot in the twelve months covered in this report. FY25 was a milestone year for us, both in terms of the results achieved and in securing visibility on future growth. We are delivering on our ambition of having breadth at scale, which is underpinned by our belief that clients are concentrating their resources on GPs with whom they can deploy significant amounts of capital into a range of private markets strategies, with top-tier investment performance. Managers such as ICG who are able to meet those demands are clearly benefiting and are seeing an increasing proportion of client business.","length":617,"tagName":"p"},{"type":"text","content":"As I reflect on the year, a number of highlights stand out:","length":59,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"We attracted $24bn of client capital;","length":37,"tagName":"p"}]},{"val":[{"type":"text","content":"We launched our first US evergreen strategy (Core Private Equity) and our first Asian Infrastructure fund;","length":106,"tagName":"p"}]},{"val":[{"type":"text","content":"We opened offices in three new locations; and","length":45,"tagName":"p"}]},{"val":[{"type":"text","content":"We made a number of important hires across our platform, in particular into our Client Solutions Group and key investment strategies.","length":133,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":321,"olType":false},{"type":"text","content":"Our waterfront of products today enables our clients to access a number of attractive, large and growing private markets asset classes. We have organically built leading positions in structured capital, secondaries and debt, and have a real assets platform that is positioned for growth. This is reflected in our AUM, with Structured Capital and Secondaries accounting for ~46% , Real Assets for ~12% and Debt strategies account for ~42%.","length":438,"tagName":"p"},{"type":"text","content":"We are proud of the platform that this has created:","length":51,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Our flagship strategies (European Corporate, Strategic Equity and Senior Debt Partners) have leading positions in their markets","length":127,"tagName":"p"}]},{"val":[{"type":"text","content":"Our scaling strategies (Mid-Market, Infrastructure, Real Assets, LP Secondaries and North America Credit Partners) are successfully attracting capital from clients and originating attractive investment opportunities","length":215,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":342,"olType":false},{"type":"text","content":"As a result, in a challenging market environment we are raising more capital from more clients into more strategies. This is visible in our fundraising for FY25, where we attracted 122 new institutional clients and raised 35% of the capital from the Americas. We had a number of final closes during the year including:","length":318,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"SDP V ($17bn 1 fund size, $4.9bn raised in FY25): the largest ever direct lending fund in Europe 2 ","length":96,"tagName":"p"}]},{"val":[{"type":"text","content":"SE V ($11bn 1 fund size, $5.8bn raised in FY25): the world’s largest GP-led secondaries fund focused on single asset continuation vehicles","length":137,"tagName":"p"}]},{"val":[{"type":"text","content":"Europe Mid-Market II (€3bn 1 fund size, €1.3bn raised in FY25): ICG’s largest ever vintage-to-vintage upsize, 3x larger than Europe Mid-Market I","length":143,"tagName":"p"}]},{"val":[{"type":"text","content":"NACP III ($1.9bn 1 fund size, $0.3bn raised in FY25): 50% increase in client capital compared to predecessor fund","length":112,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":488,"olType":false},{"type":"text","content":"From a shareholder perspective, this breadth at scale results in increasingly large and diverse management fees, and significant operating leverage. Management fees have grown at an annualised rate of 19% in the last five years, and were £604m in FY25. Over the same time period, our group operating expenses grew at an annualised rate of 12%.","length":343,"tagName":"p"},{"type":"text","content":"Transaction levels in the buyout market remained subdued in the year. Against that backdrop, we saw deployment and realisations notably higher than our average over the prior four years. In part this is a reflection of our size, and in part due to the nature of our investment strategies. Structured Capital and Secondaries drove deployment 3 , accounting for $11.6bn out the total $17.5bn, while Real Assets enjoyed its largest ever year of deployment at $2.4bn. Realisations 3 were driven by Private Debt, which accounted for $5.2bn of the total $8.9bn. Competitive leveraged loan markets over the last 12 months along with subdued buyout levels have impacted the private debt landscape. We view this as a natural ebb-and-flow of the credit cycle, and it follows a very attractive period for direct lending in recent years.","length":822,"tagName":"p"},{"type":"text","content":"Looking ahead, FY26 has started with notably higher levels of volatility and uncertainty. In the face of this we can remain measured and thoughtful, but never complacent, as we reflect on our positioning as a firm. Our fundraising over the last twelve months has anchored our management fees and dry powder for this fundraising cycle; FY26 and potentially FY27 were always going to be low points in our fundraising cycle irrespective of the market environment.","length":460,"tagName":"p"},{"type":"text","content":"The current geopolitical environment may result in a meaningful long-term shift in economic policy and capital flows. In the short-term, transaction activity is likely to remain relatively low by historical standards, although debt strategies, structured capital and secondaries may be relative bright spots. We will remain very disciplined in our investment process, and are in the fortunate position that none of our strategies are under pressure to deploy capital.","length":467,"tagName":"p"},{"type":"text","content":"Taking a longer perspective, the range of possible outcomes is wide and I believe the best-positioned private markets managers are those who prioritise investment performance, have strong origination capabilities, and have a range of strategies across asset classes and geographies.","length":282,"tagName":"p"},{"type":"text","content":"We are proud of our European heritage and of our global presence. We manage capital on behalf of clients from Asia, America and Europe, and today approximately 25% of our capital is deployed in North America and 70% in Europe. Our global footprint combined with our focus on services-centric businesses and our breadth of differentiated investment strategies combine to make ICG an attractive proposition for clients seeking exposure to private markets and for portfolio companies seeking private capital.","length":505,"tagName":"p"},{"type":"text","content":"I therefore see significant opportunity to grow all our investment strategies in the coming years while maintaining strong investment performance. We are also actively exploring product innovations and other strategic opportunities to enhance our client offering and to generate attractive returns for our shareholders.","length":319,"tagName":"p"},{"type":"text","content":"Periods of volatility during our 36-year history have always served to prove our ability to raise, invest and deploy capital successfully. In future years, when we look back on today’s environment, I am confident we will be able to say that ICG emerged with its reputation enhanced, its client franchise strengthened, and its competitive positioning reinforced.","length":361,"tagName":"p"},{"type":"text","content":"Thank you for your continued support, Benoît Durteste ","length":53,"tagName":"p"},{"type":"text","content":"1 Refers to the total programme, including co-mingled fund, other associated vehicles such as SMAs and annex sidecar vehicles, and the GP and ICG plc commitments. 2 At time of closing. 3 See page 2.","length":199,"tagName":"p"},{"type":"text","content":" FINANCIAL REVIEW ","length":16,"tagName":"p"},{"type":"text","content":" AUM and FY26 fundraising Refer to the Datapack for further detail on AUM (including fundraising, realisations and deployment). ","length":127,"tagName":"p"},{"type":"text","content":"At 31 March 2025, AUM stood at $112bn and fee-earning AUM at $75bn. The bridge between AUM and fee-earning AUM is as follows:","length":125,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:307px;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" $m ","length":2,"tagName":"p","attribs":{}}]},{"style":"width:74px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Structured Capital and Secondaries ","length":34,"tagName":"p","attribs":{}}]},{"style":"width:74px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Real Assets ","length":11,"tagName":"p","attribs":{}}]},{"style":"width:74px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Debt ","length":4,"tagName":"p","attribs":{}}]},{"style":"width:74px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Seed investments ","length":16,"tagName":"p","attribs":{}}]},{"style":"width:74px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Total ","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:307px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" Fee-earning AUM ","length":15,"tagName":"p","attribs":{}}]},{"style":"width:74px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 36,086 ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:74px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 7,711 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