ICG (ICG) H2 2026 earnings summary

Executive summary

• Achieved strong financial and strategic performance for the year ended March 2026, surpassing fundraising targets and reinforcing a leading position in alternative asset management.

• Achieved strong organic growth, diversified earnings, and robust cash generation, with a focus on investment performance and market share gains across flagship and scaling strategies.

• Established a strategic partnership with Amundi and gained 83 new institutional LPs, bringing the total to over 870.

• Expanded platform into Real Estate, LP Secondaries, and Infrastructure, alongside Structured Capital and European Direct Lending.

• Closed six funds at or above target in the last 24 months, with two final closes above target in FY26.

Financial highlights

• Fee Earning AUM grew 11% year-over-year to $87 billion, with total AUM at $126 billion and $36 billion in dry powder.

• Raised $17 billion in fundraising, with real assets contributing $5.5 billion and scaling strategies $8.4 billion.

• Generated GBP 350 million in Fee Related Earnings (FRE), up 23% year-over-year.

• Performance fee income reached GBP 127 million, including a GBP 72 million transitional gain from a change in recognition methodology.

• Group operating cash flow hit a record GBP 861 million, reducing net debt to GBP 113 million from GBP 629 million.

Outlook and guidance

• Medium-term fundraising guidance set at $55 billion between April 2024 and March 2028, with $40 billion already raised.

• Expect fundraising in FY 2027 to be below FY 2026 due to the fundraising cycle, but Fee Earning AUM growth remains robust.

• FRE margin (excluding catch-up fees) expected to continue expanding, having grown 14 percentage points over five years.

• Performance fee income anticipated to represent 10–20% of total fee income over the medium term.

• Focus on reinforcing institutional client positioning and scaling strategies for compounding value per share.