ICG (ICG) H1 2027 earnings summary

Executive summary

• Fee-earning AUM reached $90bn at 30 September 2026, up 9% YoY; reported AUM was $145bn, including unrealised gains on invested capital.

• H1 FY27 FRE was £198.6m, up 18% YoY; Europe IX closed at €12.1bn, materially oversubscribed, and seven funds closed at or above target over two years.

• Strategy prioritises profitable organic growth and FRE-per-share gains, with excess capital returned to shareholders after attractive investment opportunities.

Financial highlights

• H1 management fees were £373.7m, up 12% YoY; growth was 12.4% excluding £41.0m of catch-up fees and 11.9% on a constant-currency basis.

• H1 APM FRE was £198.6m, up 18% YoY, or 21% excluding catch-up fees; FRE per share was 68p versus 58p.

• Performance fee income was £23.6m versus £97.6m, which included a £72m one-off transition impact; LTM performance fee income was £53m.

• H1 group operating cash flow was £219m; FRE-related cash flow rose 21% to £149m. LTM group operating cash flow was £613m.

• Operating expenses were £175m, up 6% YoY; balance-sheet portfolio value was £2.6bn.

Outlook and guidance

• Medium-term fundraising target is at least $55bn from 1 April 2024 to 31 March 2028; $48bn had been raised by 30 September 2026.

• Medium-term FRE margin expansion target is 12 percentage points over five years, excluding catch-up fees; performance fees are expected to represent 10–20% of total fee income.

• Fundraising over the next 12 months includes Senior Debt Partners 6, Strategic Equity VI, LP Secondaries II and Real Estate Debt VII; European Infrastructure Debt I is expected to launch in FY28.

• Medium-term cost growth guidance remains 5%–10%; zero net financial debt is the medium-term target, with 2027 described as a reasonable timeframe, subject to uneven cash generation.

• Significant capital generation is expected in coming years; investment to maximise long-term FRE-per-share growth takes priority before excess capital returns.