Business
Q3 Trading Statement for the period to 31 Dec...
ICG plc reported a third-quarter trading update for the period ending December 31, 2025, showing Assets Under Management (AUM) of $127 billion, with fee-earning AUM at $85 billion, an increase of 1% for the quarter and 11% year-on-year. The company raised $4.4 billion in fundraising during the quarter, including significant contributions from Europe IX and Credit, and reported total available liquidity of £1.4 billion, with net financial debt reduced to £239 million. Transaction activity is showing a modest recovery, and the Group achieved a positive Total Balance Sheet Return for both the quarter and year-to-date. Disclaimer*
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Q3 Trading Statement for the period to 31 December 2025 21 January 2026 ICG plc Q3 Trading Statement for the period to 31 December 2025 Highlights AUM of $127bn; fee-earning AUM of $85bn, up 1%1 in the quarter, up 11%1 year-on-yearDry powder of $36bn, of which $19bn is not yet earning feesFundraising of $4.4bn, including Europe IX ($1.6bn), Metropolitan II ($0.6bn) and LP Secondaries II ($0.3bn). LP Secondaries II expected to be activated and fee-earning in the coming quarters. Remaining fundraising largely due to Credit ($0.8bn)Closed-end funds and associated SMAs that were actively fundraising included Europe IX, LP Secondaries II, Asia-Pacific Infrastructure I and Real Estate equity2Transaction activity continuing to show modest recovery with some variability between asset classesPositive Total Balance Sheet Return at a Group level in the quarter and YTDTotal available liquidity of £1.4bn (H1 FY26: £1.3bn) and net financial debt of £239m (H1 FY26: £401m) 1 On a constant currency basis; 2 At 31 December 2025. The timings of launches and closes depend on a number of factors, including the prevailing market conditions. Fee-earning AUM $mStructured Capital and SecondariesReal AssetsDebtTotalAt 30 September 202540,2859,49134,01383,789Funds raised: fees on committed capital1,552245—1,797Deployment of funds: fees on invested capital1203221,9862,428Total additions1,6725671,9864,225Realisations(134)(165)(2,598)(2,897)Net additions / (realisations)1,538402(612)1,328Stepdowns—(153)—(153)FX and other32(192)52(108)At 31 December 202541,8559,54833,45384,856Q-o-Q change $m1,57057(560)1,067Q-o-Q change %4%1%(2%)1%Constant currency growth: Q-o-Q change %4%–(2%)1%Y-o-Y change %22%17%(3%)11%Last five years change %26%14%6%15% Business activity $bnFundraising Deployment1 Realisations1,2 Q3 FY26LTM Q3 FY26LTM Q3 FY26LTM Structured Capital and Secondaries2.511.4 2.89.4 0.12.2 Real Assets0.64.5 0.63.0 0.21.7 Debt31.33.7 1.65.2 1.75.0 Total4.419.6 5.017.6 2.08.9 1 Direct...