REG-Final results for the financial year ended 31 March 2026
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ICG plc 21 May 2026 Final Results For the financial year ended 31 March 2026 Highlights Strategic and AUM * Delivering significant growth from flagship and scaling
strategies, maintaining disciplined approach to investment performance and a focus on cash realisations (DPI)
* AUM of $126bn; fee-earning AUM of $87bn , up 11% (1)y-o-y, five-year annualised growth of 14% (1)
* Fundraising of $17bn , exceeding our expectations
Financial * Financial presentation evolved to be in line with global alternative asset management peers, in particular a focus on FRE
* Management fees of £685m , up 13% (2)y-o-y; FRE of £350m / 120p per share up 23% (3)y-o-y, five-year annualised growth of 30% (3)
* Performance fee income of £127m (4)(FY25: £86m)
* Balance sheet investment portfolio (5)of £2,568m
* Group operating cashflow of £861m (FY25: £533m)
* Net debt of £113m (FY25: £629m), Total Available Liquidity of £1,461m (FY25: £1,098m)
Shareholder returns * Total ordinary dividend per share for FY26 of 87p (6 )(FY25: 83p), 16th consecutive annual increase
Note: unless otherwise stated the financial results discussed herein are on the basis of Alternative Performance Measures (APM). For information on closing number of
shares and weighted average number of shares used for per-share calculations see Share count within the Finance review. 1 On a constant currency basis. 2 +17% excluding
catch-up fees. 3 FRE growth on a per share basis. 4 Includes £72m of one-off transition impact due to change in estimate announced in October 2025. 5 Balance sheet
portfolio is presented net of the DVB liability, see Glossary. 6 Dividends are payable both to Ordinary Shares and to Non-Voting Shares. See announcement on 18 November
2025 for details.
Benoît Durteste
CIO and CEO
"FY26 was a strong year for ICG. We reinforced our scaled competitive position, established a strategic relationship with Amundi, and built on our track record of strategic and financial resilience. In an environment where liquidity and selectivity matter more than ever, we have maintained a disciplined approach to investments, with particular focus on cash realisations (DPI). Strong performance is driving increasing client demand. Europe IX is expected to be ICG's first-ever commingled fund to reach €10bn in size and is continuing to raise. And the successful final closes for Infrastructure II and Metropolitan II mean we have now had six funds close at or above their target in the last 24 months. This approach has translated into strong financial results, including fee-related earnings (“FRE”) of £350m (120p per share), up 23% in the year, and Group operating cashflow of £861m. We are experiencing
clear demand from institutional allocators globally for our strategies, and are unaffected by challenges being faced by certain evergreen vehicles in the US. I believe ICG is well positioned to continue generating compounding long-term shareholder value."
PERFORMANCE OVERVIEW
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.
Fee-earning AUM
$bn Structured Capital Private Equity Secondaries Structured Capital and Secondaries Real Assets Private Debt Credit Debt Year ended 31 March 2026 Year-on-year growth (1) Last five years CAGR (1)
Fee-earning AUM 25.9 17.2 43.1 9.8 14.3 19.3 33.6 86.5 11% 14%
AUM not yet earning fees 1.8 1.7 3.5 2.0 12.9 0.3 13.2 18.7
1 On constant currency basis.
Business activity
Fundraising Deployment (1) Realisations (1,2)
$bn
Structured Capital and Secondaries 7.0 6.2 1.2
Real Assets 5.5 2.5 1.6
Debt (3) 4.1 5.4 4.0
Total 16.6 14.1 6.8
1 Direct investment strategies. 2 Realisations of fee-earning AUM. 3 Includes
Deployment and Realisations for Private Debt only.
Financial performance
Refer to the Glossary for detailed definitions.
£m Year ended 31 March 2025 Year ended 31 March 2026 Year-on-year growth Last five years CAGR
Management fees 603.8 684.8 13% 20%
Fee-related earnings (FRE) 283.6 349.5 23% 30%
Performance fee income 86.2 127.0 47% 19%
Balance sheet portfolio (1) 2,901 2,568
Group operating cashflow 533 861
Net debt 629 113
FRE per share 98p 120p 23% 30%
Performance fee income per share 30p 44p 47% 19%
Balance sheet portfolio per share 998p 883p
Net debt per share 216p 39p
Dividend per share (2) 83p 87p 5% 9%
1 Balance sheet portfolio is presented net of the DVB liability, see Glossary.
2 31 March 2026 dividend per share includes FY26 declared dividend.
Updated medium-term financial guidance Financial guidance has been updated to reflect the evolution in presentation of our financial results. FMC margin guidance has been replaced with FRE margin guidance, and guidance on NIR has been removed. Guidance on fundraising and performance fees remains unchanged.
Growth Profitability Performance fee income
* Fundraising of at least $55bn in aggregate between 1 April 2024 and 31 March 2028 * FRE margin accretion (excluding catch-up fees) * Performance fee income to represent c. 10 - 20% of total fee income (1)
FY26: $40bn raised since 1 April 2024 FY26: +14% in L5Y FY26: 10% average in L5Y (1)
1 Excluding £72m transition gain in FY26.
COMPANY PRESENTATION
A presentation for shareholders, debtholders and analysts will be held at
09:00 BST today: join via the link on our website
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A recording and transcript of the presentation will be available on demand
from the same location in the coming days.
COMPANY TIMETABLE
Ex-dividend date 11 June 2026
Record date 12 June 2026
Last date to elect for dividend reinvestment 10 July 2026
AGM and Q1 trading statement 15 July 2026
Payment of ordinary dividend 31 July 2026
Half year results announcement 11 November 2026
ENQUIRIES
Shareholders & Debtholders / Analysts:
Chris Hunt, Head of Corporate Development & Shareholder Relations, ICG +44(0)20 3545 2020
Media:
Fiona Laffan, Global Head of Corporate Affairs, ICG +44(0)20 3545 1510
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.
ABOUT ICG
ICG (LSE: ICG) is a global alternative asset manager with $126bn* 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.
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
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and follow us on LinkedIn
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*As at 31 March 2026.
USE OF ALTERNATIVE PERFORMANCE MEASURES
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 the
Finance review, which the Board believes assist shareholders in assessing
their investment and the delivery of the Group’s strategy through its
financial performance. The APM reported in respect of the year ended 31 March
2026 introduces Fee‑Related Earnings (FRE) as an additional profitability
metric for the Group. Full details of all new APM, including Balance Sheet
Portfolio and Net Balance Sheet Returns, are presented in the Glossary.
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.
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.
The Group’s profit before tax on a UK-adopted IAS basis was ahead of prior
period at £588.2 (FY25: £530.5m). On the APM basis it was also above prior
period at £586.2m (FY25: £532.2m).
CHIEF EXECUTIVE OFFICER’S REVIEW
Dear fellow shareholders,
FY26 was a strong year for ICG. We reinforced our scaled competitive position,
established a strategic relationship with Amundi, and built on our track
record of strategic and financial growth. We surpassed our fundraising
expectations by some margin, putting us on track to deliver our four-year
fundraising target potentially a year early. At a time when areas of the
alternative asset management industry are under pressure, the consistency of
our investment discipline and performance stands out, and is increasingly
recognised by our institutional clients.
Periods of heightened uncertainty and volatility seem increasingly structural
rather than episodic. Importantly, two of the challenges facing the industry
today - liquidity strains within evergreen structures and exposure to
businesses at direct risk of Al disruption - have limited direct impact on
ICG. Our software exposure across the Group portfolio is approximately 10%,
and even then only in highly cash generative businesses; while in private debt
specifically, we do not have evergreen funds.
Against this backdrop, I believe the managers who will succeed and gain market
share are those with a long track record of proven investment discipline; who
offer clients access to a breadth of asset classes; and who have built
multiple levers of growth, while being flexible and suitably resourced to
execute on new opportunities as they arise.
ICG possesses these characteristics.
Our culture is unequivocally focused on investment performance: this will
drive long-term shareholder value
Steadfast investment discipline and consistency of investment performance
through cycles will drive long-term growth and shareholder value, rather than
AUM gathering at the inevitable expense of returns. The current challenges in
parts of the alternative asset management industry are making this very clear.
Investment performance starts with deployment and realisation discipline. The
industry’s overall poor track record for returning capital, as measured by
DPI metrics, in particular in recent years, has investors justifiably placing
a high value on realised performance rather than potentially-optimistic NAVs.
ICG’s industry-leading DPI performance across multiple strategies underpins
our successful fundraising campaigns throughout this period.
Our investment committees drive this culture, and during the year these
discussions have been some of the hardest in my memory. I continue to think
pockets of equity valuations have more downside than upside risk, and credit
terms remain very borrower friendly in most cases. Second- and third-order AI
risk for many companies is likely to remain challenging to value for some
time, and ongoing geopolitical conflicts add to the uncertainty of the
economic outlook. Our downside-focused structuring expertise and our strong
local origination capabilities ensure we can continue to deploy adequately
while never compromising on risk.
Focus on long-term quality growth
We have deliberately built ICG as an engine for organic growth. This is only
possible with a strong balance sheet and a long-term strategic vision.
Well executed, it is a powerful source of long-term per-share value creation.
SDP (European direct lending) and Strategic Equity (GP-led secondaries) were
both launched over a decade ago. Today they are large and highly profitable
strategies, and we are looking forward to launching the sixth vintage of both
in the coming months.
Today, Real Estate, Infrastructure and LP Secondaries represent emerging
drivers of future growth for our firm, building on our flagship strategies
within Structured Capital, GP-led Secondaries and European Direct Lending. Our
scaling strategies are increasingly visible in our financial results,
accounting for 19% of our management fees in FY26 compared to 13% in FY21.
This year we have launched the second vintage of LP Secondaries, which has a
strong fundraising pipeline, and we closed Infrastructure Europe II and
Metropolitan II above their targets. This was no small feat in the current
environment, and is a critical milestone: the success of second vintages is
vital to cementing the reputation and position of a strategy and as a result,
we can look confidently to meaningful growth in both strategies in the coming
decade.
The opportunities for growth within ICG have never been as large or as
diverse.
Address large investable markets to be relevant to all asset allocators
globally
Strong and sustained institutional demand continues to underpin ICG's growth.
With $126bn AUM, we are large enough to be meaningful to all asset allocators
while being nowhere near at capacity from the institutional market.
In the last 24 months, we have closed six funds at or above target against a
sector-wide backdrop in which the total AUM raised in private markets globally
is down 21% compared to 2021 and the number of funds raised has halved over
the same time period(1). Europe IX is on track to surpass its €10bn target
which, would make it ICG’s largest ever commingled fund and the largest
European structured capital fund ever raised globally at final close(2). This
underlines how ICG is gaining share in a sector that is continuing to
consolidate inorganically and organically.
Today we serve over 870 institutional clients globally, up 11% over the course
of the year. Among these we are proud to count six of the largest ten US
pension funds and seven of the ten largest sovereign wealth funds, as well as
hundreds more institutions who invest on behalf of their clients, customers,
pensioners and employees to build wealth and financial security.
The wealth market represents a large potential source of capital for private
markets, but events in real estate in 2022 and in credit in recent months have
made clear the challenges involved in designing and selling products that are
intrinsically illiquid. I remain convinced that, adequately structured to
preserve investment performance, alternative strategies can and should form an
integral part of long-term wealth allocation. For ICG, wealth capital accounts
for 4% of our AUM today(3). The partnership we signed with Amundi and our
relationships with global private banks constitute an incremental source of
long-term upside potential where investment strategies and product structures
are aligned with our investment approach.
Ensure you have the necessary resources to withstand any market headwind and
execute on value-creating opportunities
The financial results we are reporting today reflect the consistency of our
approach. A clear focus on investment performance and a commitment to building
scaled and relevant strategies have enabled us to grow organically in a
profitable and cash generative fashion.
For the year ended 31 March 2026 we generated fee-related earnings (FRE) of
£350m, equivalent to 120p per share and up 23% in the year. Over the last
five years our FRE has grown at an annualised rate of 30%. We also recognised
£127m of performance fee income in the year and generated £861m of operating
cash flow.
With £1.5bn of available liquidity and net debt of £113m, our balance sheet
has never been stronger, and it puts ICG in an excellent position to weather
market uncertainties and to take advantage of opportunities that will
inevitably arise.
This combination of performance, scale and financial strength positions ICG to
continue to compound FRE per share by expanding the breadth and scale of the
solutions we provide to our clients.
Even more important than financial resources, however, are our people and
culture. Volatility and uncertainty are never comfortable in the moment, but
history shows us that it is in these conditions that ICG's teams do their best
work: having the discipline to step back when risk is poorly rewarded, and the
confidence to lean in where long-term value can be created.
I would like to thank all our colleagues for their commitment and judgement
during the year. We continue to build ICG with a long-term perspective,
focused on serving our clients and delivering sustainable value for
shareholders. I am excited about the opportunities ahead and confident in our
ability to execute on them.
Benoît Durteste
1 Source: Bain Global Private Equity Report 2026.
2 Source: WithIntelligence as of 7(th) May 2026.
3 By % of third-party AUM, excluding CLOs and listed vehicles.
FINANCIAL REVIEW
AUM and FY27 fundraising
Refer to the Datapack
(https://www.globenewswire.com/Tracker?data=o4JD-u8jU-fXVfYMG_MWwTeQLz0PzYzaeTv1nUXh5OnuX5fFMGOVUbfpVkxdZ8VIf_bv8tf14DpPw3MHt0-DkJsiLKXX9fHKZvjShhkPeQuSyFpnO0ccJUA0hXZZ-kGaWDRpCFOmjUwedNdCZhl0yw==)
for further detail on AUM (including fundraising, realisations and
deployment).
At 31 March 2026, AUM stood at $126bn and fee-earning AUM at $87bn.
At 31 March 2026, we had $36.1bn of AUM available to deploy in new investments
("dry powder"), of which $18.7bn was not yet earning fees.
Fee-earning AUM ($m) Structured Capital and Secondaries Real Assets Debt Total
At 1 April 2025 36,086 7,711 31,330 75,127
Funds raised: fees on committed capital 5,978 2,706 — 8,684
Deployment of funds: fees on invested capital 777 1,360 8,193 10,330
Total additions 6,754 4,067 8,193 19,014
Realisations (1,171) (1,623) (6,742) (9,536)
Net additions / (realisations) 5,585 2,444 1,449 9,478
Step-ups/(Step-downs) 54 (153) — (99)
FX and other 1,410 (208) 808 2,010
At 31 March 2026 43,134 9,793 33,589 86,516
Change $m 7,048 2,082 2,259 11,389
Change % 20% 27% 7% 15%
Change % (constant currency basis) 15% 21% 3% 11%
See page 18 for FX exposure of fee-earning AUM, FRE and Balance sheet
portfolio.
FY27 fundraising
At 31 March 2026, closed-ended funds and associated SMAs that were actively
fundraising included Europe IX, LP Secondaries II, Infrastructure Asia I,
various Real Estate strategies. We expect to hold the final close for Europe
IX during 2026. We anticipate launching Senior Debt Partners 6, Asia Corporate
V and Strategic Equity VI towards the end of FY27. The timings of launches and
closes depend on a number of factors, including the prevailing market
conditions. Given our fundraising cycle and what is likely to be marketed in
FY27, we expect fundraising in FY27 to be below that of FY26.
Group financial performance
Following discussions with its shareholders, advisers and other market
participants, the Group has decided to evolve its financial presentation to be
more in line with its global alternative asset management peers. From FY26
onwards, ICG's financial results will focus on:
* Fee-related earnings (FRE): the profit generated from management fees less
Group cash operating expenses;
* Performance fee income: the income from the Group's share of performance
fees as recognised by our performance fee recognition policy (see note 3); and
* Balance sheet portfolio(1): the asset value of our co-investment portfolio
and seed portfolio.
In addition, we will continue to focus on Group operating cash flow and the
Company's net debt / (cash) position.
To underline the value to shareholders, a number of these metrics will also be
presented on a per share basis.
See the Glossary and Notes to the financial statements for detailed
definitions as well as reconciliations to our operating segments and IFRS
results. A five-year track record of this table is included in the Datapack.
£m unless stated Year ended 31 March 2025 Year ended 31 March 2026 Change %
Management fees 603.8 684.8 13%
of which catch-up fees 61.8 51.4 (17)%
FRE operating expenses (320.2) (335.3) 5%
Fee-related earnings (FRE) 283.6 349.5 23%
FRE margin 47.0% 51.0% 4%
FRE margin ex catch-up fees 40.9% 47.1% 6%
Performance fee income (2) 86.2 127.0 47%
Stock-based compensation (53.2) (50.0) (6)%
Asset management earnings 316.6 426.5 35%
Net balance sheet return (3) 231.4 148.8 (36)%
Other income and expenses 13.1 24.1 84%
Depreciation and amortisation (8.5) (7.6) (11)%
Net interest (20.4) (5.6) (73)%
Group profit before tax 532.2 586.2 10%
Tax (79.8) (108.2) 36%
Group profit after tax 452.4 478.0 6%
Earnings per share (4) 156p 165p 6%
Dividend per share (4) 83p 87p 5%
Group operating cash flow 533 861 62%
Balance sheet portfolio 2,901 2,568 (11)%
Net debt 629 113 (82)%
FRE per share (4) 98p 120p 23%
Performance fee income per share (4) 30p 44p 47%
Balance sheet portfolio per share (4) 998p 883p (11)%
Net debt per share (4) 216p 39p (82)%
Note: FMC PBT margin 60.2% 65.2% 5.0%
Note: For management purposes, the Group comprises two operating segments, the
Fund Management Company (FMC) and the Investment Company (IC) which are also
reportable segments (see note 4). Other information includes a bridge between
the financial information reported above and those operating segments. Further
details are provided in the Glossary.
1 Balance sheet portfolio is presented net of the DVB liability, see Glossary.
2 Includes £72m of one-off transition impact due to change in estimate
announced in October 2025.
3 Net investment returns and CLO dividends less DVB expense, see Glossary.
4 The number of shares used for per share calculations includes shares held in
the EBT, which are on a different basis to Note 15. The Group satisfies
stock-based compensation by issuing shares from the EBT, and the EBT makes
on-market purchases (funded by the Group) in order to meet these issuances. As
such, stock-based compensation is not dilutive to shareholders. See also Notes
23 and 24 for details. For details on Amundi’s share buyback, see page later
in the RNS for a comprehensive breakdown.
Structured Capital and Secondaries
Overview
Seeding strategies Scaling strategies Flagship strategies
Life Sciences European Mid-Market Asia Pacific Corporate LP Secondaries European Corporate Strategic Equity
Year ended 31 March 2025 Year ended 31 March 2026 Year-on-year growth (1) Last five years CAGR (1,2)
AUM AUM $51.5bn $58.2bn 9% 29%
Structured Capital $28.4bn $33.6bn 12% 24%
Private Equity Secondaries $23.1bn $24.6bn 6% 38%
Fee-earning AUM $36.1bn $43.1bn 15% 26%
Structured Capital $19.6bn $25.9bn 24% 23%
Private Equity Secondaries $16.5bn $17.2bn 4% 32%
Business activity Fundraising $13.2bn $7.0bn (47)%
Deployment $11.6bn $6.2bn (47)%
Realisations (3) $2.3bn $1.2bn (49)%
Financial outcomes Effective management fee rate 1.23% 1.24% (1)bps
Management fees £366m £405m 11% 25%
Performance fee income £85m £96m 13% 18%
1 AUM on constant currency basis.
2 CAGR calculation based on 31 March 2021 to 31 March 2026.
3 Realisations of fee-earning AUM.
Note: Growth calculations are performed using whole numbers for all metrics to
ensure an accurate representation of the movements.
Performance of key funds
Refer to the Datapack
(https://www.globenewswire.com/Tracker?data=o4JD-u8jU-fXVfYMG_MWwS6DG7BpIiVrR7bA4WyeBA4yjusEUhpeq5Nd4oWPd3NjUKMsIsqVucNeisdfcl0sLkCRr52o_yH2xa8LUjZSm6o2wHTt7IqwgHFhmHYJyDIMWKb8PIFJaUC8mMg0Kq-aKw==)
issued with this announcement for further detail on fund performance
Vintage Total fund size (1) Status % deployed Gross MOIC Gross IRR DPI
Structured Capital
Europe VI 2015 €3.0bn Realising 2.2x 23% 205%
Europe VII 2018 €4.5bn Realising 2.0x 17% 133%
Europe VIII 2021 €8.1bn Realising 1.5x 16% 15%
Europe IX Fundraising
Europe Mid-Market I 2019 €1.0bn Realising 1.9x 23% 73%
Europe Mid-Market II 2023 €2.6bn Investing 43% 1.3x 30% 29%
Asia Pacific III 2014 $0.7bn Realising 2.2x 17% 113%
Asia Pacific IV 2020 $1.1bn Investing 69% 1.4x 13% 15%
Private Equity Secondaries
Strategic Secondaries II 2016 $1.1bn Realising 3.0x 45% 200%
Strategic Equity III 2018 $1.8bn Realising 2.8x 30% 114%
Strategic Equity IV 2021 $4.3bn Realising 1.7x 19% 3%
Strategic Equity V 2023 $7.7bn Investing 56% 2.4x >100% —
LP Secondaries I 2022 $0.8bn Investing >100% 1.9x 45% 31%
LP Secondaries II Fundraising
1 Refers to commingled fund size.
Note: MOIC, IRR and DPI for Strategic Equity V shown for USD sleeve only.
Key drivers
Business activity Fundraising (1): Europe IX ($5.5bn) and LPS II ($0.5bn) Deployment : Strategic Equity ($3.1bn), European Corporate ($1.9bn), LP Secondaries ($0.5bn) and Mid-Market ($0.4bn) Realisations : European Corporate ($0.7bn) and Strategic Equity ($0.3bn)
Fee income Management fees : Increase largely driven by fundraising in Europe IX, including £9m of catch-up fees Performance fee income : Driven by inaugural recognition for Europe VIII, Strategic Equity IV, and Mid-Market I due to the change in approach announced in October 2025 (£49m), with the remaining income being split broadly equally between valuation changes and passage of time
1 Refers to co-mingled funds only.
Real Assets
Overview
Seeding strategies Scaling strategies Flagship strategies
— European Infrastructure Asia-Pacific Infrastructure Real Estate Equity Europe Real Estate Debt —
Year ended 31 March 2025 Year ended 31 March 2026 Year-on-year growth (1) Last five years CAGR (1, 2)
AUM AUM $12.9bn $18.7bn 37% 23%
Fee-earning AUM $7.7bn $9.8bn 21% 13%
Business activity Fundraising $2.3bn $5.5bn n/m
Deployment $2.4bn $2.5bn 4%
Realisations (3) $1.4bn $1.6bn 16%
Financial outcomes Effective management fee rate 0.97% 1.00% +3bps
Management fees £77m £122m 58% 27%
Performance fee income — £8m
1 AUM on constant currency basis.
2 CAGR calculation based on 31 March 2021 to 31 March 2026.
3 Realisations of fee-earning AUM.
Note: Growth calculations are performed using whole numbers for all metrics to
ensure an accurate representation of the movements.
Performance of key funds
Refer to the Datapack
(https://www.globenewswire.com/Tracker?data=o4JD-u8jU-fXVfYMG_MWwYDIifRclsWVz5beciZvKVxFwEXwlfDxY1Odd-LjBHbjQA53W_1bBM7Ok2BRxPIccyTwS936WAJN3yT0pN7LiVwcEPttwX57FXD3LQWmcjBQXxm2SVvexFFhKbImXzUcjw==)
issued with this announcement for further detail on fund performance
Vintage Total fund size (1) Status % deployed Gross MOIC Gross IRR DPI
Real Estate Partnership Capital IV 2015 £1.0bn Realising 1.2x 3% 106%
Real Estate Partnership Capital V 2018 £0.9bn Realising 1.3x 7% 91%
Real Estate Partnership Capital VI 2021 £0.6bn Realising 1.3x 10% 27%
Real Estate Debt Fund VII Fundraising
European Infra I 2020 €1.5bn Realising 1.6x 19% 50%
European Infra II 2023 €3.1bn Investing 21% 1.3x 24% —
Infrastructure Asia Fundraising
Metropolitan I 2022 €0.2bn Realising 1.2x 10% 24%
Metropolitan II 2024 €0.7bn Investing 37% 1.2x 19% 5%
Strategic Real Estate I 2019 €1.2bn Realising 1.3x 8% 29%
Strategic Real Estate II 2022 €0.7bn Realising 1.3x 10% 9%
1 Refers to commingled fund size.
Note: MOIC, IRR and DPI for Metropolitan II shown for EUR sleeve only.
Key drivers
Business activity Fundraising (1): European Infra II ($1.9bn), Metropolitan II ($0.6bn) and Infrastructure Asia ($0.2bn) Deployment : European Infrastructure ($0.9bn), Real Estate Equity ($0.9bn) and Real Estate Debt ($0.7bn) Realisations : Real Estate Debt ($1.1bn), Real Estate Equity (0.2bn) and European Infrastructure ($0.2bn)
Fee income Management fees : Increase driven by European Infra II, including £32m of catch-up fees in FY26 (FY25: £9m); and Metropolitan II, including £11m of catch-up fees (FY25: nil) Performance fee income : Largely due to inaugural recognition for European Infrastructure I, given the change in approach announced in October 2025 (£6m); with the remaining income being largely driven by valuation changes
1 Refers to co-mingled funds only.
Debt
Overview
Seeding strategies Scaling strategies Flagship strategies
— North American Credit Partners (NACP) Australian Loans Liquid Credit Senior Debt Partners (SDP) CLOs
Year ended 31 March 2025 Year ended 31 March 2026 Year-on-year growth (1) Last five years CAGR (1,2)
AUM AUM $47.6bn $48.3bn (2)% 6%
Private Debt $29.7bn $29.0bn (6)% 11%
Credit $17.9bn $19.3bn 4% 1%
Fee-earning AUM $31.3bn $33.6bn 3% 4%
Private Debt $13.5bn $14.3bn 1% 7%
Credit $17.8bn $19.3bn 4% 3%
Business activity Fundraising $8.2bn $4.1bn (50)%
Deployment (3) $3.5bn $5.4bn 55%
Realisations (4) $8.5bn $6.7bn (21)%
Financial outcomes Effective management fee rate 0.64% 0.63% (1)bps
Management fees £161m £159m (2)% 7%
Performance fee income £2m £23m n/m 15%
1 AUM on constant currency basis.
2 CAGR calculation based on 31 March 2021 to 31 March 2026.
3 Excludes deployment on Credit funds.
4 Realisations of fee-earning AUM.
Note: Growth calculations are performed using whole numbers for all metrics to
ensure an accurate representation of the movements.
Performance of key funds
Refer to the Datapack
(https://www.globenewswire.com/Tracker?data=o4JD-u8jU-fXVfYMG_MWwWhFBgGAhBFoeDWR3mxFtZzevj-PQ6pnxsx8n8JJrwCSn2Wnr9e3ngAMvLY3Ry34V4a7nsM7SZQxPnJzJgj8k8yrxBi1BtqAPV2_3H5Ichg_F-jIyyQ7jb_DaFuWqzI3JA==)
issued with this announcement for further detail on fund performance
Vintage Total fund size (1) Status % deployed Gross MOIC Gross IRR DPI
Private Debt
Senior Debt Partners 2 2015 €1.5bn Realising 1.3x 7% 112%
Senior Debt Partners 3 2017 €2.5bn Realising 1.2x 5% 91%
Senior Debt Partners 4 2020 €4.9bn Realising 1.3x 11% 77%
Senior Debt Partners 5 2022 €7.3bn Investing 72% 1.2x 14% 11%
North American Private Debt I 2014 $0.8bn Realising 1.4x 16% 138%
North American Private Debt II 2019 $1.4bn Realising 1.4x 13% 96%
North America Credit Partners III 2023 $1.9bn Investing 31% 1.2x 17% 2%
1 Refers to commingled fund size.
Note: MOIC, IRR and DPI for SDP III, IV and V shown for EUR sleeves only.
Key drivers
Business activity Fundraising : CLOs ($1.8bn) and Liquid Credit ($1.8bn) Deployment : SDP ($4.5bn), and North America Credit Partners ($0.2bn) Realisations : SDP ($3.1bn) and North America Credit Partners ($0.3bn)
Fee income Management fees: Reduction compared to FY25, despite growing FE AUM year-on-year, is due to timing of realisations and deployments in FY25 and FY26, impacting average FE AUM over the respective years Performance fee income: Largely driven by SDP and NACP due to change in approach announced in October 2025 (£17m); remaining mostly driven by passage of time
Management fees and fee-related earnings (FRE)
Management fees for the period totalled £684.8m (FY25: £603.8m), a
year-on-year increase of 13% (+17% excluding the impact of catch-up fees of
£51.4m (FY25: £61.8m)). On a constant currency basis management fees
increased 14% year-on-year.
We maintained fee discipline across strategies and continued to experience a
mix-shift towards higher-return strategies, resulting in an effective
management fee rate on fee-earning AUM of 98bps (FY25: 96bps).
FRE operating expenses totalled £335.3m, an increase of 5% compared to FY25
(£320.2m). This growth, which continues a recent trajectory of shallowing FRE
expenses, was due largely to being disciplined in our headcount (down 1% in
the year), as well as appropriate cost control for staff and non-staff costs.
The year-on-year growth in administrative costs was due to a number of one-off
expenses.
As a result FRE was £349.5m / 120p per share in FY26 (FY25: £283.6m / 98p
per share). This represents a 23% year-on-year growth (34% excluding catch-up
fees) and a five-year CAGR of 30% (27% excluding catch-up fees).
FRE margin was 51.0% (FY25: 47.0%), or 47.1% excluding catch-up fees (FY25:
40.9%).
£m Year ended 31 March 2025 Year ended 31 March 2026 Change %
Management fees 603.8 684.8 13%
Of which catch-up fees 61.8 51.4 (17)%
Salaries (139.2) (148.2) 7%
Cash Incentives (95.7) (96.3) 1%
Administrative costs (85.3) (90.8) 6%
FRE operating expenses (320.2) (335.3) 5%
FRE 283.6 349.5 23%
FRE margin 47.0% 51.0% 4%
FRE ex. catch-up fees 221.8 298.1 34%
FRE margin ex. catch-up fees 40.9% 47.1% 6%
Performance fee income
Performance fees recognised for the year totalled £127.0m (FY25: £86.2m), of
which £72m was due to the change in estimate for performance fees revenue
measurement announced on 2 October 2025. The remainder was due to the passage
of time and to changes in the underlying fund valuations.
During the period, the Group received in cash performance fees of £96.1m and
at 31 March 2026 had an accrued performance fees receivable on its balance
sheet of £144.7m (31 March 2025: £108.4m).
£m
Accrued performance fees at 31 March 2025 108.4
Accruals during period 127.0
Received during period (96.1)
FX and other movements 5.4
Accrued performance fees at 31 March 2026 144.7
Net Balance Sheet Return
For the twelve months to 31 March 2026 the Net Balance Sheet Return was £149m
(+5%) (FY25: £231m (+8%))(1 )and over the last five years has generated an
average return of 10%. All asset classes except Debt generated +5% to +8%
returns in the year, while Debt’s return of £(7)m (-2%) was driven by a
number of mark-to-market movements within our CLO portfolio. This year's
outcome in the context of a challenging macro backdrop underlines the
diversification and resilience of the Balance Sheet Portfolio, which
management expects to generate low double-digit % annualised returns over the
long term.
Other income and expenses
Other income and expenses increase of £11m, which is largely non-cash,
includes net FX gains of £20m (FY25: £8m) from foreign exchange
retranslation and fair value movements on hedging derivatives.
1 For detail on balance sheet return by asset class see the Datapack
accompanying this announcement and for bridges from total balance sheet return
to net balance sheet return and from balance sheet net realisations to net
cash flows from balance sheet activity see the Glossary.
Tax
The Group recognised a tax charge of £108.2m (FY25: £79.8m), resulting in an
effective tax rate for the period of 18.5% (FY25: 14.9%).
The Group has a structurally lower effective tax rate than the statutory UK
rate. See note 13 for more detail.
Balance Sheet and Capitalisation
ICG is well capitalised with an asset base that is strategically valuable and
aligns interests between shareholders and clients. This includes a
co-investment portfolio that invests alongside our funds to align interests
with clients, and seed investments that support the growth of future
strategies and products.
At 31 March 2026, ICG had net financial debt of £113m(1) (FY25: £629m) and
net debt / FRE of 0.3x.
£m 31 March 2025 31 March 2026
Balance sheet portfolio 2,901 2,568
Cash and cash equivalents 605 981
Other assets 447 487
Total assets 3,953 4,036
Financial debt (1,177) (1,024)
Other liabilities (280) (308)
Total liabilities (1,457) (1,332)
Net asset value 2,496 2,704
A breakdown of the balance sheet portfolio and its movement over the year is
set out below:
£m At 31 March 2025 Revenue Cash flow At 31 March 2026
Net Balance Sheet Return FX & other Net (realisations)
Co-investment portfolio (2) 2,609 135 58 (478) 2,324
Seed investments 292 14 (7) (55) 244
Balance sheet portfolio 2,901 149 51 (533) 2,568
Net realisations of the co-investment portfolio represented 18% of the opening
value (five-year average: 10%).
The increasingly asset-light nature of our business model is visible in the
levels of cash the balance sheet portfolio is generating. In recent years the
Group has reduced the level of co-investment to a number of strategies as they
have become more established with clients over multiple vintages. As a result,
we believe we are in the early stages of a multi-year trend whereby the
co-investment portfolio for the current perimeter of products could generate
significant net cashflow as older vintages are realised and lower
co-investment commitments feed into deployment levels. The timing and amount
of this cashflow are uncertain, depending amongst other things on realisation
activity and realised valuations.
At 31 March 2026, ICG had uncalled commitments to funds in their investment
period of £832m and a further £634m to funds outside of their investment
period. See page 69 for details. We continue to optimise the absolute size of
balance sheet commitments alongside funds as strategies mature and have
reduced the absolute commitments made across a number of strategies in recent
years. During the year the Group made commitments to funds including Europe IX
(€181m), LPS II ($50m); Core Private Equity (evergreen) funds ($100m);
various Real Assets strategies (£62m). Note that for funds still raising,
further commitments from the balance sheet may be made as client capital is
accepted into the fund.
At 31 March 2026, the Group had drawn debt of £1,024m (FY25: £1,177m). The
change is due to the repayment of certain facilities as they matured, along
with changes in FX rates impacting the value:
£m
Drawn debt at 31 March 2025 1,177
Debt (repayment) / issuance (172)
Impact of foreign exchange rates 19
Drawn debt at 31 March 2026 1,024
The Group’s debt is provided through a range of facilities. The
weighted-average pre-tax cost of drawn debt at 31 March 2026 was 2.71% (FY25:
2.84%). For further details of our debt facilities see Other Information (page
85).
At 31 March 2026, the Group had credit ratings of BBB+ (stable outlook) from
S&P and Fitch, including an upgrade from Fitch during the year.
1 Drawn financial debt less available cash.
2 Investments made by ICG’s balance in or alongside funds managed by ICG
that have taken third-party capital. For detail on the balance sheet portfolio
by asset class see the Datapack accompanying this announcement.
Cash flow and total available liquidity
ICG generated operating cash flow of £861m during FY26 (FY25: £533m) and at
31 March 2026 had total available liquidity of £1,461m (FY25: £1,098m).
FRE-related cash flow grew 9% to £325m. In addition, certain funds managed by
the Group had a number of material exits during the year, which resulted in
£96m of performance fees being received (as many of those funds were already
in carry) and £533m net cash flow being generated by the balance sheet
portfolio (FY25: £240m). The cash flow from balance sheet portfolio in
particular benefitted from a number of large exits in Europe VI and VII.
The table below sets out movements in cash:
£m 31 March 2025 31 March 2026
Opening cash 627 605
Operating activities
Management fees 602 657
FRE expenses (303) (332)
FRE-related cash flow 299 325
Performance fees 60 96
Net cash flows from balance sheet portfolio 240 533
Other operating cash flow 2 2
Tax paid (68) (95)
Group operating cash flows 533 861
Financing activities
Net interest (22) (7)
Dividends paid (229) (242)
Net repayment of borrowings (241) (172)
EBT-related outflows (70) (58)
Net cash flows for Amundi buyback / share issuance (1) (17)
Group financing cash flows (562) (496)
FX and other (6) 11
Closing cash 605 981
Regulatory liquidity requirement (57) (70)
Available cash 548 911
Available undrawn RCF 550 550
Cash and undrawn debt facilities (total available liquidity) 1,098 1,461
1 Net cash inflows and outflows arising from the share buyback and share
issuance transactions reflect timing effects only. On a cumulative basis, the
overall transaction is expected to be cash-neutral for shareholders upon
completion.
Operating cash flows under UK-adopted IAS of £846.1m (FY25: £136.1m) include
consolidated credit funds. This difference to the APM measure is driven by
cash consumption within consolidated credit funds as a result of their
investing activities during the period.
Capital allocation
Our approach to capital allocation focuses on maintaining our progressive
dividend alongside reaching a position of zero net debt and investing in the
growth of ICG, primarily with a focus on increasing FRE per share over the
long term.
At the point of having excess capital and cash we will continue to evaluate
all options for growing FRE per share and total shareholder return over the
long-term. As well as optimising co-investments alongside our funds, these
options include further organic growth through developing new products and
strategies; inorganic growth through M&A and partnerships; and returning
capital to shareholders.
Dividend
ICG has a progressive dividend policy. Over the long term the Board intends to
increase the dividend per share by at least mid-single digit percentage points
on an annualised basis.
The Board has proposed a final dividend of 59.3p per share which, combined
with the interim dividend of 27.7p per share, results in total dividends for
the year of 87p (FY25: 83p). Both Ordinary Shares and Ordinary Non-Voting
Shares are entitled to this dividend.
This marks the 16(th) consecutive year of growth in the ordinary dividend per
share, which over that time has grown at an annualised rate of 11%.
We continue to make the dividend reinvestment plan available for Ordinary
Shares.
Share count
At 31 March 2026 the Group had the following share capital:
31 March 2025 31 March 2026
Total Ordinary Shares in issue 294,370,225 294,373,624
Less Ordinary Shares held in treasury (legacy) (3,733,333) (3,733,333)
Less Ordinary Shares held in treasury pursuant to Amundi partnership — (2,785,365)
Plus Ordinary Non-Voting Shares in issue — 1,680,934
Plus Ordinary Shares held in treasury that are expected to have Ordinary Non-Voting Shares issued in their place (1) — 1,104,431
Number of shares used for purposes of per share calculations 290,636,892 290,640,291
Note: total ordinary voting shares outstanding 290,636,892 287,854,926
Weighted average number of shares for purposes of per share calculations (2) 290,633,332 290,638,658
1 This represents the number of shares repurchased so far by ICG pursuant to
the Amundi partnership, less Ordinary Non-Voting Shares already issued to
Amundi. It is expected that an equal number of Non-Voting will be issued to
Amundi in due course. This metric is used for per share calculations to
represent the ongoing value attributable to shareholders on a normalised
basis, reflecting the difference in timing between share repurchases made by
ICG and subscription by Amundi for Ordinary Non-Voting Shares. See
announcement of 18 November 2025. These shares are not entitled to dividends
at the balance sheet date.
2 31 March 2026 weighted average number of shares include both voting and
non-voting ordinary shares for calculating financial performance.
As detailed in the announcement of 18 November 2025, the Ordinary Non-Voting
Shares have the same nominal value, rights and privileges as the Ordinary
Shares, including as relates to dividends and other economic rights, save that
the Ordinary Non-Voting Shares do not have any voting rights.
The Group has a policy of neutralising the dilutive impact of stock-based
compensation through the purchase of shares by an Employee Benefit Trust
(EBT). During the year, the Group expensed £50.0m of stock-based compensation
and had £58.0m of EBT-related cash flows.
Foreign exchange rates
The following foreign exchange rates have been used throughout this review:
Average rate for FY25 Average rate for FY26 Year ended 31 March 2025 Year ended 31 March 2026
GBP:EUR 1.1919 1.1546 1.1944 1.1449
GBP:USD 1.2773 1.3411 1.2918 1.3228
EUR:USD 1.0751 1.1616 1.0815 1.1553
The table below sets out the currency exposure for the following:
USD EUR GBP Other
Fee-earning AUM 33% 59% 7% 1%
The table below sets out the indicative impact on our reported management
fees, FRE and balance sheet portfolio had sterling been 5% weaker or stronger
against the euro and the dollar in the period (excluding the impact of any
hedges):
Impact on FY26 management fees (1) Impact on FY26 FRE Impact on balance sheet portfolio at 31 March 2026
Sterling 5% weaker against euro and dollar +£33.4m +£26.5m +£105.3m
Sterling 5% stronger against euro and dollar -£(30.2)m -£(24.0)m -£(105.3)m
(1)Impact assessed by sensitising the average FY26 FX rates.
Where noted, this review presents changes in fee-earning AUM on a constant
currency exchange rate basis. For the purposes of these calculations, prior
period numbers have been translated from their underlying fund currencies to
the reporting currencies at the respective FY26 period end exchange rates.
This has then been compared to the FY26 numbers to arrive at the change on a
constant currency exchange rate basis.
The Group does not hedge its net currency income as a matter of course,
although this is kept under review. The Group does hedge its net balance sheet
currency exposure with the intention of insulating it from FX movements.
Changes in the fair value of the balance sheet hedges are reported within
other income and expenses.
MANAGING RISK
Our approach
The Board is accountable for the overall stewardship of the Group’s Risk
Management Framework (RMF), internal control assurance, and for determining
the nature and extent of the risks it is willing to take in achieving the
Group’s strategic objectives. In doing so the Board sets preferences for the
risks undertaken and within a strong control environment aims to generate a
return for investors and shareholders and to protect their interests. The
Board also promotes a Group-wide strong risk management culture by
encouraging acceptable behaviours, decisions, and attitudes towards taking and
managing risk.
Managing risk
Taking on risk in a controlled manner enables the organisation to capture
opportunities, to innovate and to further enhance our business, for example
new investment strategies or new approaches to managing our client
relationships. Therefore, the Group maintains a risk culture that provides
flexibility for entrepreneurial leadership within a prudent risk management
and effective control framework.
Risk management is embedded across the Group through the RMF to ensure current
and emerging risks are identified, assessed, monitored, controlled, and
appropriately governed based on a common risk taxonomy and methodology. The
Group’s RMF operates under the principles of the ‘three lines
of defence’ model. The RMF is designed to protect the interests of
stakeholders and meet our responsibilities as a UK-listed company, and the
parent company of a number of regulated entities. The Board reviews the RMF
regularly, and it forms the basis on which the Board reaches its conclusions
on the effectiveness of the Group’s system of internal controls and the
Group’s risk profile.
The Board’s oversight of risk management is proactive, ongoing and
integrated into the Group’s governance processes. The Board Risk Committee
receives regular reports on the RMF activities and operating effectiveness of
the internal control system. These reports set out significant risks
(Principal Risks) as well as emerging risks faced by the Group. The Board Risk
Committee receives regular management information and monitors performance of
defined metrics of the Principal Risks against set thresholds and limits.
The Board also meets regularly with the internal and external auditors to
discuss their findings and recommendations, which provides insight into
areas that may require enhanced monitoring or improvement.
Risk Appetite
Risk appetite is defined as the level of risk which the Group is prepared to
accept in the conduct of its activities. The risk appetite strategy is
implemented through the Group’s operational policies, procedures and
internal controls. It is monitored by defined risk appetite metrics which
provide early warning indicators and control exposures and activities that may
have material risk implications. The current risk profile is within our risk
appetite and tolerance range.
Principal and emerging risks
The Group uses a Principal and Emerging risks process to provide a current as
well as forward-looking view of the potential risks that can threaten the
execution of the Group’s strategy or operations over the medium to long
term.
The Group’s Principal Risks are individual risks, or a combination of
risks, of which materialisation beyond tolerance limits could result in events
or circumstances that might threaten our business model, future performance,
solvency, liquidity and reputation. The Group’s RMF identifies nine
Principal Risks which are accompanied by associated responsibilities and
expectations around risk management and control. Each Principal Risk is
overseen by an accountable Executive Director, who is responsible for the
framework, policies and detailed procedures and standards.
Emerging risks are developing risks that cannot yet be fully assessed nor
quantified but that could, in the future, affect the viability of the
Group’s strategy or materially impact our current principal risk exposures.
Emerging risks are identified through regular interactions with stakeholders
throughout the business, attendance at industry events, review of external
publications, and horizon scanning performed by the relevant functions,
including Risk and Compliance functions. Once emerging risks have been
identified, they can be tracked and monitored to determine if they represent a
key risk exposure to ICG and whether or not any management actions need to be
put in place to mitigate ICG’s exposure to these risks. Emerging risks are
continuously monitored to ensure that they are appropriately managed by the
Group.
Reputational risk is an important consideration and is actively managed and
mitigated as part of managing each Principal Risk and the wider RMF.
Similarly, sustainability risk is not defined as a principal risk but is
considered across the Group’s activities as an embedded value. The Group has
determined that the most significant impact from climate change relates to the
underlying portfolio investments. Climate-related risk for both the Group’s
own investment and fund management activities are addressed in greater detail
in note 1 of the financial statements (see page 34).
Directors’ Confirmations
The Board has continued to oversee the further enhancement of the Group’s
risk management and internal control processes in line with the requirements
of UK Corporate Governance Code 2024 (the ‘Code’). This involves
continuous monitoring and assessment of risk management and internal controls
as well as expanded assurance processes on internal controls, with a focus on
Provision 29 of the Code which applies to our financial year beginning 1 April
2026.
The Directors confirm that they have reviewed the effectiveness of the
Group’s risk management and internal control system and confirm that no
significant failings or weaknesses have been identified. This is supported by
an annual Material Controls assessment and Fraud Risk Assessment (other than
for Internal Controls over Financial Reporting, facilitated by the Chief
Control Office, which provides the Directors with a detailed assessment of
related internal controls.
The Directors confirm that they have undertaken a robust assessment of the
principal and emerging risks facing the business, in line with the
requirements of the Code.
External Environment Risk
Risk appetite: High
Executive Director Responsible: Benoît Durteste
Risk Description
Geopolitical, macroeconomic concerns, and global events (e.g. wars, tariffs,
government debt) beyond our control may impact our performance, profitability,
operating environment and that of our fund portfolio companies. These events
can lead to financial market volatility, affecting fundraising, investment
performance, exit opportunities, and the ability to deploy capital.
Key Controls and Mitigation
Our business model is primarily based on long-term illiquid fund investments,
providing stability during market downturns. Additionally, by nature,
closed-end funds are not subject to redemptions.
A range of complementary approaches are used to inform strategic planning and
risk prevention, including active engagement and management of the Group’s
fund portfolios and, profitability. In addition, balance sheet scenario
planning and stress testing is performed to ensure resilience across a range
of outcomes.
The Board, the Risk Committee and the individual functions regularly monitor
emerging risks, and changes in their likelihood and impact that may translate
to materialised external environment risks to the Group.
Trend and Outlook
The investing environment remains uncertain and potentially volatile, with
geopolitical shifts, high interest rates, and weak economic growth.
As noted in the Finance review on page 7, we have substantial dry powder
across a range of strategies, stable management fee income, are not under
pressure to deploy or realise, and can capitalise on opportunities that emerge
across our asset classes.
We monitor the macroeconomic and geopolitical landscape, but do not anticipate
increased risk to our operations, strategy, performance, or client demand.
Fundraising Risk
Risk appetite: Medium
Executive Director Responsible: Benoît Durteste
Risk Description
The Group's long-term growth and profitability rely on successfully raising
third-party funds. Failure to attract new investors, grow existing
investments, and launch new strategies could impact future management fee
income and restrict expansion into new markets and asset classes, limiting
economies of scale and diversification opportunities. This risk has
significant strategic and financial implications, including reduced
profitability, loss of market share, and challenges in attracting and
retaining top talent.
Key Controls and Mitigation
The Group’s Client Solutions Group function is dedicated to continually
growing and diversifying our client base and supporting the Group’s
fundraising efforts. The diverse product offerings provide a range of
solutions to match client requirements.
Monitoring of new possible fund structures, new strategic partnerships of
distribution, client investment appetite and investor bases is conducted on a
regular basis to assess and develop new products and growth opportunities.
Trend and Outlook
Fundraising markets continue to consolidate, with wider macroeconomic and
geopolitical uncertainty coupled with investor liquidity constraints fuelling
a persistently challenging fundraising market. Despite this, the Group has
continued to exceed our fundraising targets, successfully scaling up flagship
strategies and building momentum in scaling strategies. Europe IX,
Infrastructure Europe II and Metropolitan II were the major drivers of capital
raised. Notably Infrastructure Europe II final close exceeded the extended
hard cap, and we recorded our best year on record for Real Estate fundraising.
Our diverse product offering and client base, coupled with continued strong
performance and strategic hires to support the growth of our Client Solutions
Group, positions ICG for successful fundraising to continue scaling AUM.
Fund performance risk
Risk appetite: Medium
Executive Director Responsible: Benoît Durteste
Risk Description
Current and potential clients continually assess our investment fund
performance and track record. There is a risk that our funds may not deliver
consistent performance against investment objectives and ultimately erode our
track record. Poor fund performance may hinder our ability to raise subsequent
vintages or new strategies, impacting competitiveness, profitability and
growth plans.
Key Controls and Mitigation
A robust and disciplined investment process is in place where investments are
selected and regularly monitored by the Investment Committees for fund
performance, delivery of investment objectives, and asset performance.
All proposed investments are subject to a thorough due diligence and approval
process during which all key aspects of the transaction are discussed and
assessed. Subsequent monitoring of investment, engagement with portfolio
investments towards value enhancement and assessment of divestment pipelines
is undertaken on an ongoing basis.
Monitoring of all portfolio investments is undertaken on a quarterly basis
focusing on the operating performance and liquidity of the portfolio.
Material sustainability and climate-related risks are assessed for each
potential investment opportunity and presented to, and considered by, the
Investment Committees of all investment strategies as part of the investment
approval process.
Trend and Outlook
Our platform is well-positioned and remains firmly aligned with our investment
thesis: namely, to support performing companies that operate in non-cyclical
industries with good management teams.
The Group’s disciplined investment methodology, of investing in less
cyclical services sectors will provide a constructive operating environment
for the Group, with our embedded relationships with founders and deep
underwriting and structuring expertise mitigating this risk.
During this period, fund valuations have remained stable, supported by the
financial performance of our portfolio companies and income from
interest-bearing investments. Our disciplined approach to realisations has
helped maintain the performance of key vintages, despite the market's reduced
transaction activity.
Market and liquidity risk
Risk appetite: Medium
Executive Director Responsible: David Bicarregui
Risk Description
The Group is exposed to market and liquidity risks. Adverse market conditions
could negatively impact the carrying value of the Group's investments,
resulting in financial losses and constraining the Group's ability to launch
new funds or meet existing co-investment obligations or invest in future
co-investment opportunities. This risk stems from the Group's strategy of
co-investing alongside clients in its funds, seeding assets in preparation
for fund launches, and holding investment participation in Collateralised
Loan Obligations to meet regulatory requirements.
Liquidity risk refers to the possibility that the Group may not have
sufficient liquidity resources to meet its cash-flow obligations, including
refinancing or repaying debt and funding co-investment commitments, as they
fall due.
Key Controls and Mitigation
Debt funding for the Group is obtained from diversified sources and the
repayment profile is managed to minimise material repayment events.
The profile of the debt facilities available to the Group is reviewed
frequently by the Treasury Committee.
Market and liquidity exposures are reported monthly and reviewed by the
Group’s Treasury Committee. Liquidity projections and stress tests are
prepared to assess the Group’s future liquidity as well as compliance with
the regulatory capital and liquidity requirements.
Any Group’s co-investment commitments are reviewed and approved by the CEO
and the CFO on a case-by-case basis following assessment of the risks and
return on capital.
Valuation of the balance sheet investment portfolio is reviewed quarterly by
the Group Valuation Committee, which includes assessing the assumptions used
in valuations of underlying investments.
Trend and Outlook
Global markets remain susceptible to volatility from a number of macroeconomic
factors, specifically related to global interest rates, and geopolitical
factors. We continue to implement measures to mitigate the impact of market
volatility, and respond to the prevailing market environment where
appropriate.
Our balance sheet remains strong and well capitalised, with net debt of
£113.0m, and with £1.46bn of available liquidity as of 31 March 2026.
In addition, the Group has significant headroom to its debt covenants. All
of the Group’s drawn debt is fixed rate, with the only floating rate debt
being the Group’s committed £550m revolving credit facility, which was
undrawn as of 31 March 2026. This facility is only intended to provide short
to medium term working capital for the Group.
The Group’s liquidity, net debt and headroom are detailed in the Finance
Review on page 7.
Key Personnel Risk
Risk appetite: Low
Executive Director Responsible: Antje Hensel-Roth
Risk Description
The Group depends upon the experience, skill and reputation of our senior
executives and investment professionals, and their continued service is vital
to our success. Breaching the governing agreements of our funds in relation
to ‘Key Person’ provisions could disrupt deploying, value creation or
realising activities or hinder our ability to raise new funds, if not
resolved promptly.
As such, the departure of key personnel may have a significant adverse impact
on our long-term prospects, revenues, profitability, and cash flows. It could
also impede our ability to maintain or grow assets under management in
existing funds and hinder our ability to raise new third-party funds.
Key Controls and Mitigation
We employ an active and comprehensive approach to attract, retain, and
develop talent. This includes a well-defined recruitment process, succession
planning, competitive long-term compensation and incentives, and advancement
opportunities through performance appraisals and dedicated talent development
programmes.
Regular reviews of resourcing and key person exposures are undertaken as part
of business line reviews and the fund and portfolio company review processes.
We maintain a focus on our organisational culture, implementing initiatives to
promote appropriate behaviours that lead to optimal long-term outcomes for our
employees, clients, and shareholders.
The Remuneration Committee oversees the Directors’ Remuneration Policy and
its application to senior employees, and reviews and approves incentive
arrangements to ensure they are appropriate and in line with market practice.
Trend and Outlook
Attracting, developing and retaining key personnel remains a significant
priority for the Group. We continue to invest in emerging and high potential
talent through focused and individual tailored development plans. After a
successful pilot, we have launched a firm-wide mentoring programme during FY26
to foster connections across our business and support innovation.
Additionally, having developed and piloted a new manager-focused programme in
FY25, we have deployed the programme globally to inspire team vision, drive
performance, ensure effective communication, and promote career development.
We remain committed to strategically strengthening and expanding our overall
management capability. We have already welcomed senior professionals to the
firm across our locations and across client-facing, investment and operational
roles. We have also established a Management Committee at Group level which
supports the Executive Directors in managing and implementing the strategy of
the Group.
Legal, Regulatory and Tax Risk
Risk appetite: Low
Executive Director Responsible: David Bicarregui
Risk Description
Regulations establish the framework for the investment management operations
and marketing distribution of our strategies, along with supporting our Group
business operations. Non-compliance with professional conduct rules and legal
and regulatory requirements in any of the Group’s regulated subsidiaries
could result in censure, penalties, or legal action.
Additionally, the increase in demand for tax-related transparency means that
tax rules have evolved and there has been a significant increase
in reporting requirements. This raises a complex mix of tax implications for
the Group, in particular for transfer pricing, permanent establishment and
fund structuring processes. The tax authorities now have more visibility than
ever before on the underlying activities of the business and could challenge
the Group’s interpretation of tax rules, resulting in additional tax
liabilities.
Changes in the legal, regulatory, and tax framework can disrupt the markets we
operate in and impact our business operations. This may result in increased
costs, reduced competitiveness, lower future revenues and profitability, or
require the Group to hold more regulatory capital.
Key Controls and Mitigation
The Chief Control Office, consisting of Risk & Controls, Financial Crime
Prevention and Regulatory Compliance functions, and the Legal function are
responsible for understanding, assessing and meeting regulatory and legal
requirements on behalf of the Group. They provide guidance to, and oversight
of, the business in relation to its regulatory and legal obligations. This
involves routine monitoring and in-depth assessments to evaluate adherence to
relevant regulations and legislation.
The Tax function has close involvement with significant Group transactions,
fund structuring and business activities, both to proactively plan the most
tax efficient strategy and to manage the impact of business transactions on
previously taken tax positions.
Trend and Outlook
ICG operates within a continually evolving and complex global regulatory
environment. Against this backdrop the Group consistently adapts to meet
regulatory obligations. Throughout the period, ICG has focused on internal
initiatives, including AIFM Directive II adaptation, further expanding the EU
branch structure and other marketing and client servicing locations, the
establishment of a strategic distribution partnership and development of the
global regulatory footprint, to maintain a stable regulatory risk profile.
Legal risk continues to be impacted by the regulatory focus on the sector,
which may lead to an evolution of the existing applicable legal framework for
the business. The Group remains subject to litigation risk, which may increase
as the Group’s business expands and becomes more complex.
The Pillar One and Two Model rules apply to the Group from 1 April 2024. The
Group’s trading activities are subject to tax at the relevant statutory
rates in the jurisdictions in which income is earned. As expected, Pillar One
did not apply to the Group for the period and we do not anticipate it will
apply for the foreseeable future. The implementation of Pillar Two was closely
modelled by the Group and we do not expect material impact for the period
or beyond, but we continue to monitor closely. The Group remains responsive
to increasing scrutiny around private markets and continues to invest in its
Compliance, Legal, and Tax teams to ensure appropriate and relevant coverage.
External Reporting Risk
Risk appetite: Low
Executive Director Responsible: David Bicarregui
Risk Description
External reporting risk refers to the potential adverse consequences arising
from inaccurate, incomplete, or untimely reporting of the Group’s financial
and non-financial information to external stakeholders, including existing and
potential investors, shareholders, regulators, and the public.
This risk encompasses the possibility of misstatements, omissions, or
misleading disclosures in the Group’s financial statements, regulatory
filings, and other communications. Ineffective management of external
reporting risk can lead to reputational damage, loss of investor confidence,
regulatory scrutiny, and potential legal liabilities.
Key Controls and Mitigation
The Group’s financial reporting practices are aligned to external reporting
and industry standards.
Financial reporting controls are in place and are subject to rigorous internal
reviews and subject to assurance.
Developments in accounting standards are continually monitored to ensure the
impact of new or changed standards are properly assessed.
Sustainability disclosures are benchmarked against relevant standards from the
Sustainability Accounting Standards Board and the Global Reporting Initiative.
The Group continuously evolves and enhances investor reporting based on client
relations feedback and demand, industry standards and information
availability.
Trend and Outlook
ICG continues to rigorously review changes to regulatory and legislative
requirements and client expectations in respect to external reporting, to
ensure the Group meets stakeholder expectations and provides confidence to
investors.
Sustainability has seen sustained focus from regulators. With anticipated
changes to both UK and EU regulations expected in the next 1-3 years, ICG is
preparing towards an increase in the volume and complexity of the Group’s
reporting obligations.
Updates to the UK Corporate Governance Code have enhanced ICG’s reporting
requirements in relation to our internal controls framework. The Group has
continued to assess the updated Code and implemented measures to ensure
continued compliance with reporting standards.
The Group remains alert to developments in reporting requirements and
standards, across an increasingly complex global business, and continues to
ensure appropriate resource are in place to keep up with stakeholder
expectations.
Information Technology and Security Risk
Risk appetite: Medium
Executive Director Responsible: David Bicarregui
Risk Description
The Group relies on information technology systems to conduct its operations
and serve its clients. A failure to maintain a secure, reliable,
and resilient IT environment could expose the Group to unauthorised access,
breaches of data confidentiality, and disruptions to system availability.
Cyber attacks, system failures, or other technology-related incidents could
compromise sensitive information, hinder the Group's ability to make
investment decisions, disrupt operations, and damage the Group's reputation.
Key Controls and Mitigation
Operational resilience, in particular cyber security, is a key focus of the
Group’s Board and Leadership agenda. The adequacy of the Group’s
resilience and response is reviewed on an ongoing basis.
Business Continuity and Disaster Recovery plans are reviewed and approved at
least on an annual basis by designated plan owners, and preparedness exercises
are complemented by an automated Business Continuity Planning tool.
The Group’s technology environment is continually maintained and subject to
regular testing, such as penetration testing, vulnerability scans and patch
management. Technology processes and controls are also upgraded where
appropriate to ensure ongoing technology performance and resilience.
An externally managed security operations centre supplies the Group with
skilled security experts and technology to proactively detect and prevent
potential threats and to recover from security incidents, including
cyber-attacks.
Trend and Outlook
To maintain pace with the ever-evolving threat landscape, the Group continues
to invest in our platform and systems to support the increasing breadth and
scale of our business and to position ICG for future growth.
As part of the Group’s commitment to cyber and information security, ICG
certifies against the ISO27001 framework. Up-to-date and maintained cyber
hygiene, vulnerability scanning, technical surveillance countermeasures
alongside user education make up the core components of the Group’s cyber
security with external threat intelligence used to inform investments in
solutions to ensure our data is protected and secure.
ICG is responsive to technological enhancements, including the growing
presence of Artificial Intelligence, to ensure that we are properly equipped
to mitigate evolving cyber security risks, as well as positioning the Group to
utilise new tools to support our continued growth.
Third-Party Provider Risk
Risk appetite: Medium
Executive Director Responsible: David Bicarregui
Risk Description
As part of the Group’s business model, we rely on third-party providers for
certain functions, including service provider arrangements for our funds. The
most significant relationships are with Third Party Administrators (TPAs) for
ICG funds.
There is a risk that TPAs may not fulfil their contractual obligations, which
could impact our operations and hinder our ability to meet client and
stakeholder expectations.
Additionally, failure of the Group to maintain sufficient knowledge,
understanding and oversight of the controls and processes in place to
proactively manage our TPAs could damage the quality and reliability of these
TPA service delivery and relationships.
Key Controls and Mitigation
The TPA oversight framework consists of policies, procedures, and tools to
govern the oversight of key suppliers, including our approach to selection,
contracting and on-boarding, management and monitoring, and termination and
exit.
Ongoing monitoring of the services delivered by our TPAs is undertaken
through regular oversight interactions where service levels are compared
to the expected standards documented in service agreements.
Trend and Outlook
The Group operates within a defined TPA Governance and Oversight Framework,
whereby providers are assessed against criteria to determine the level of risk
to the Group. The associated monitoring activities are scaled accordingly.
The operational oversight teams are responsible for overseeing the
day-to-day services with an escalation process in place when required. Where
trends and themes are identified that impact service levels, additional
oversight activities could be required. The teams work in partnership with our
TPAs to ensure consistent performance levels are maintained and issues are
remediated on a timely basis.
The KPI reporting allows the Group to benchmark the performance of our TPAs
against each other, which provided information to support the rationalisation
of the portfolio. The Group is going through a programme to reduce the number
of key TPA relationships. Over time, we expect that the programme will result
in improved operational efficiency and streamlined investor experience.
RESPONSIBILITY STATEMENT
The responsibility statement below has been prepared in connection with the
Company's full annual report for the year ending 31 March 2026. Certain parts
thereof are not included within this announcement.
We confirm to the best of our knowledge:
* the financial statements, prepared in accordance with UK-adopted
international accounting standards, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company and the
undertakings included in the consolidation taken as a whole; and
* the management report, which is incorporated into the directors' report,
includes a fair review of the development and performance of the business and
the position of the Company and the undertakings included in the consolidation
taken as a whole, together with a description of the principal risks and
uncertainties they face.
This responsibility statement was approved by the Board of Directors on 20 May
2026 and is signed on its behalf by:
Benoît Durteste David Bicarregui
CEO CFO
CONSOLIDATED INCOME STATEMENT
for the year ended 31 March 2026
Year ended 31 March 2026 Year ended 31 March 2025
Notes £m £m
Fee and other operating income 3 804.1 676.0
Finance income 5 22.4 10.2
Net gains on investments 9 209.5 284.7
Total Revenue 1,036.0 970.9
Other income 8 29.9 19.5
Finance costs 10 (39.6) (43.7)
Administrative expenses 11 (438.1) (416.2)
Profit before tax 588.2 530.5
Tax charge 13 (109.5) (79.3)
Profit for the year 478.7 451.2
Attributable to:
Equity holders of the parent 478.4 451.2
Non-controlling interests 0.3 —
478.7 451.2
Earnings per share attributable to ordinary equity holders of the parent
Basic (pence) 15 166.8p 157.1p
Diluted (pence) 15 163.9p 153.8p
The accompanying notes 1 to 32 are an integral part of these financial
statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 March 2026
Year ended 31 March 2026 Year ended 31 March 2025
Group £m £m
Profit for the year 478.7 451.2
Items that may be subsequently reclassified to profit or loss if specific conditions are met
Exchange differences on translation of foreign operations 2.2 (11.6)
Deferred tax on equity investments translation — 1.5
Total comprehensive income for the year 480.9 441.1
Attributable to:
Equity holders of the parent 480.6 441.1
Non-controlling interests 0.3 —
480.9 441.1
The accompanying notes 1 to 32 are an integral part of these financial
statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 March 2026
31 March 2026 Group 31 March 2025 Group
Notes £m £m
Non-current assets
Intangible assets 16 17.7 15.6
Property, plant and equipment 17 61.5 70.7
Investment property 18 131.4 122.3
Trade and other receivables 19 105.1 29.3
Financial assets at fair value 5 7,741.4 7,679.9
Deferred tax asset 13 33.1 35.6
8,090.2 7,953.4
Current assets
Trade and other receivables 19 347.3 442.8
Current tax debtor 10.6 10.1
Financial assets at fair value 5 43.8 49.8
Derivative financial assets 5 4.9 26.3
Cash and cash equivalents 6 1,415.4 860.2
1,822.0 1,389.2
Total assets 9,912.2 9,342.6
Non-current liabilities
Trade and other payables 20 50.7 50.3
Financial liabilities at fair value 5, 7 5,303.8 4,858.2
Financial liabilities at amortised cost (1) 7 528.2 996.6
Other financial liabilities (1) 7 181.5 131.1
Deferred tax liabilities 13 26.2 6.7
6,090.4 6,042.9
Current liabilities
Trade and other payables 20 516.0 559.3
Current tax creditor 45.5 52.1
Financial liabilities at amortised cost (1) 7 505.6 179.3
Other financial liabilities (1) 7 37.6 9.8
Derivative financial liabilities 5, 7 16.1 8.3
1,120.8 808.8
Total liabilities 7,211.2 6,851.7
Equity and reserves
Called up share capital 22 77.7 77.3
Share premium account 22 208.0 181.3
Other reserves 22, 23 (10.9) 29.4
Retained earnings 2,426.0 2,203.0
Equity attributable to owners of the Company 2,700.8 2,491.0
Non-controlling interest 0.2 (0.1)
Total equity 2,701.0 2,490.9
Total equity and liabilities 9,912.2 9,342.6
1. Comparative period has been restated, see note 7.
The accompanying notes 1 to 32 are an integral part of these financial
statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
for the year ended 31 March 2026
31 March 2026 Group 31 March 2025 Group
Notes £m £m
Profit before tax from continuing operations 588.2 530.5
Adjustments for non-cash items:
Fee and other operating income 3 (804.1) (676.0)
Net investment returns 9 (209.5) (284.7)
Interest income 8 (29.9) (19.5)
Net fair value loss/(gain) on derivatives 7.8 (38.4)
Impact of movement in foreign exchange rates (30.2) 28.1
Interest expense 10 39.6 43.7
Depreciation, amortisation and impairment of property, plant, equipment and intangible assets 16, 17 17.2 17.8
Share-based payment expense 45.0 45.6
Working capital changes:
Decrease/(increase) in trade and other receivables 110.3 (87.6)
(Decrease)/increase in trade and other payables (181.1) 12.3
(446.7) (428.2)
Proceeds from sale of seed investments 186.3 285.6
Purchase of seed investments (156.4) (165.9)
Purchase of investments (2,368.7) (2,960.6)
Proceeds from sales and maturities of investments 3,211.4 3,117.4
Proceeds from borrowing related to seed investments 87.2 47.4
Issuance of CLO notes 724.8 577.0
Redemption of CLO notes (1,244.1) (1,085.0)
Interest received 497.6 520.0
Dividends received 59.2 44.4
Fee and other operating income received 748.7 663.3
Interest paid (358.2) (410.9)
Cash flows generated from operations 941.1 204.5
Taxes paid (95.0) (68.4)
Net cash flows from operating activities 846.1 136.1
Investing activities
Purchase of intangible assets 16 (6.6) (5.9)
Purchase of property, plant and equipment 17 (0.7) (0.7)
Net cash flow from derivative financial instruments 21.9 22.4
Cash flow as a result of change in control of subsidiary 30 167.6 260.3
Net cash flows from investing activities 182.2 276.1
Financing activities
Purchase of own shares 23 (78.0) (42.4)
Proceeds from shares issued 27.1 —
Payment of principal portion of lease liabilities 7 (12.5) (12.2)
Repayment of borrowings (172.4) (241.1)
Dividends paid to equity holders of the parent 14 (242.3) (228.9)
Net cash flows used in financing activities (478.1) (524.6)
Net increase/(decrease) in cash and cash equivalents 550.2 (112.4)
Effects of exchange rate differences on cash and cash equivalents 5.0 (17.4)
Cash and cash equivalents at 1 April 6 860.2 990.0
Cash and cash equivalents at 31 March 6 1,415.4 860.2
In the current period, net cash flows from operating activities previously
disclosed in Note 30 have been presented within the consolidated statement of
cash flows. Comparative information has not been restated.
The Group’s cash and cash equivalents include £434.0m (2025: £255.4m) of
restricted cash held principally by structured entities controlled by the
Group (see note 6). The accompanying notes 1 to 32 are an integral part of
these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2026
Other reserves
Share capital (note 22) Share premium (note 22) Capital redemption reserve Share-based payments reserve (note 24) Own shares (note 23) Foreign currency translation reserve (2) Retained earnings Total Non-controlling interests Total equity
Group £m £m £m £m £m £m £m £m £m £m
Balance at 1 April 2025 77.3 181.3 5.0 99.1 (103.9) 29.2 2,203.0 2,491.0 (0.1) 2,490.9
Profit after tax — — — — — — 478.4 478.4 0.3 478.7
Exchange differences on translation of foreign operations — — — — — 2.2 — 2.2 — 2.2
Total comprehensive income for the year — — — — — 2.2 478.4 480.6 0.3 480.9
Issue of share capital 0.4 26.6 — — — — — 27.0 — 27.0
Own shares acquired in the year - share scheme — — — — (34.0) — — (34.0) — (34.0)
Own shares acquired in the year - share buyback (3) — — — — (44.0) — — (44.0) — (44.0)
Options/awards exercised (1) 0.0 0.1 (44.3) 35.8 — (13.1) (21.5) — (21.5)
Tax on options/awards exercised — — — (1.0) — — — (1.0) — (1.0)
Credit for equity settled share schemes — — — 45.0 — — — 45.0 — 45.0
Dividends paid (note 14) — — — — — — (242.3) (242.3) — (242.3)
Balance at 31 March 2026 77.7 208.0 5.0 98.8 (146.1) 31.4 2,426.0 2,700.8 0.2 2,701.0
Other reserves
Share capital (note 22) Share premium (note 22) Capital redemption reserve Share-based payments reserve (note 24) Own shares (note 23) Foreign currency translation reserve (2) Retained earnings Total Non-controlling interests Total equity
Group £m £m £m £m £m £m £m £m £m £m
Balance at 1 April 2024 77.3 181.3 5.0 90.7 (79.2) 39.3 1,987.5 2,301.9 (2.2) 2,299.7
Profit after tax — — — — — — 451.2 451.2 — 451.2
Exchange differences on translation of foreign operations — — — — — (11.6) — (11.6) — (11.6)
Deferred tax on equity investments translation — — — — — 1.5 — 1.5 — 1.5
Total comprehensive income/(expense) for the year — — — — — (10.1) 451.2 441.1 — 441.1
Adjustment of non-controlling interest on disposal of subsidiary — — — — — — (2.1) (2.1) 2.1 —
Issue of share capital 0.0 — — — — — — 0.0 — 0.0
Own shares acquired in the year - share scheme — — — — (42.4) — — (42.4) — (42.4)
Options/awards exercised (1) — — — (39.0) 17.7 — (4.7) (26.0) — (26.0)
Tax on options/awards exercised — — — 1.8 — — — 1.8 — 1.8
Credit for equity settled share schemes — — — 45.6 — — — 45.6 — 45.6
Dividends paid (note 14) — — — — — — (228.9) (228.9) — (228.9)
Balance at 31 March 2025 77.3 181.3 5.0 99.1 (103.9) 29.2 2,203.0 2,491.0 (0.1) 2,490.9
1. The movement in the Group Own shares reserve in respect of Options/awards
exercised, represents the employee shares vesting net of personal taxes and
social security. The associated personal taxes and social security liabilities
are settled by the Group with the equivalent value of shares retained in the
Own shares reserve.
2. Other comprehensive income/(expense) reported in the foreign currency
translation reserve represents foreign exchange gains and losses on the
translation of subsidiaries reporting in currencies other than sterling.
3. Pursuant to the Amundi Strategic Partnership, see note 23.
The accompanying notes 1 to 32 are an integral part of these financial
statements.
NOTES TO THE FINANCIAL STATEMENTS
1. General information and basis of preparation
General information
ICG plc, formerly known as Intermediate Capital Group plc, (the ‘Parent
Company’, ‘Company’ or ‘ICG plc’) is a public company limited by
shares, incorporated, domiciled and registered in England and Wales under the
Companies Act, with the company registration number 02234775. The registered
office is Procession House, 55 Ludgate Hill, London EC4M 7JW.
The consolidated financial statements for the year to 31 March 2026 comprise
the financial statements of the Parent Company and its consolidated
subsidiaries (collectively, the ‘Group’). The nature of the Group’s
operations and its principal activities are detailed in the Strategic Report.
Basis of preparation
The consolidated financial statements of the Group and Company are prepared in
accordance with UK-adopted international accounting standards (‘UK-adopted
IAS’) and, as regards the Parent Company financial statements, as applied in
accordance with the provisions of the Companies Act 2006. The Company has
taken advantage of section 408 of the Companies Act 2006 not to present the
Parent Company profit and loss account.
In preparing the financial statements, the Directors have considered the
impact of potential climate-related risks on a number of key estimates within
the financial statements, including:
* the valuation of financial assets; and
* the application of the Group’s revenue recognition policy, primarily the
impact on the net asset value (‘NAV’) of funds on which
performance-related fees are generated.
Overall, the Directors concluded that climate-related risks do not have a
material impact on the financial reporting judgements and estimates in the
current year. This reflects the conclusion that climate change is not expected
to have a significant impact on the Group’s short-term cash flows including
those considered in the going concern and viability assessments.
Basis of consolidation
The Group’s financial statements consolidate the results of ICG plc and
entities controlled by the Company for the period to 31 March each year.
Control is achieved when the Company has power over the relevant activities of
the investee, exposure to variable returns from the investee, and the ability
to affect those returns through its power over the investee.
The assessment of control is based on all relevant facts and circumstances and
the Group reassesses its conclusion if there is an indication that there are
changes in facts and circumstances. Subsidiaries are included in the
consolidated financial statements from the date that control commences, until
the date that control ceases. See note 27 which lists the Group’s
subsidiaries and controlled structured entities.
Each component of other comprehensive income and profit or loss is attributed
to the owners of the Company and non-controlling interests.
Adjustments are made where required to the financial statements of
subsidiaries for consistency with the accounting policies of the Group. All
intra-group transactions, balances, unrealised income and expenses are
eliminated on consolidation.
Key accounting judgements and estimates in the application of accounting
policies
In the application of the Group’s accounting policies, the Directors are
required to make judgements, estimates and assumptions about the carrying
amounts of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual
results may differ from these estimates.
The judgements, estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in the period
in which the estimate is revised if the revision affects only that period, or
in the period of the revision and future periods if the revision affects both
current and future periods.
Key accounting judgements
In preparing the financial statements, two key accounting judgements have been
made by the Directors in the application of the Group’s accounting policies
which have the most significant effect on the amounts recognised in the
consolidated financial statements:
1. General information and basis of preparation continued
1. The Group’s assessment as to whether it controls certain investee
entities, including third-party funds and carried interest partnerships, and
is therefore required to consolidate the investee, as detailed above.
The Group’s assessment of this critical judgement is discussed further in
note 27.
2. The application of the Group’s revenue recognition policy in respect of
the performance-related management fees. Judgement is primarily applied in
considering whether a fund will meet its expected performance conditions. The
Group’s assessment of this key accounting judgement, which was revised
during the year is discussed further in note 3.
Key sources of estimation uncertainty
The key sources of estimation uncertainty at the reporting date, that may have
a significant risk of causing a material adjustment to the carrying amounts
of assets and liabilities within the next financial year, results from a) the
Group’s assessment of fair value of its financial assets and liabilities
(discussed further in note 5 and note 7) and the impact of this assessment of
fair value on the measurement of trade and other payables related to the Deal
Vintage Bonus (‘DVB’) – see notes 12 and 20, and b) the Group’s
assessment of the performance-related management fees receivable – see note
3.
Key accounting judgements and the Group’s assessment of fair value of its
financial assets and liabilities are reviewed by the Audit Committee during
the year and its involvement in the process is included in its report.
Foreign currencies
The functional currency of the Company is sterling as the Company’s shares
are denominated in sterling and the Company’s costs are primarily incurred
in sterling. The Group has determined the presentational currency of the Group
is the functional currency of the Company. Information is presented to the
nearest million (£m).
Transactions denominated in foreign currencies are translated using the
exchange rates prevailing at the date of the transactions. At each reporting
date, any monetary assets, non-monetary assets measured at fair value,
monetary liabilities and non-monetary liabilities measured at fair value
denominated in a foreign currency are retranslated at the rates prevailing at
the reporting date. Non-monetary items that are measured at historical cost
are translated using rates prevailing at the date of the transaction.
The assets and liabilities of the Group’s foreign operations are translated
using the exchange rates prevailing at the reporting date. Income and expense
items are translated using the average exchange rates during the year.
Exchange differences arising from the translation of foreign operations are
taken directly to the foreign currency translation reserve. On disposal of a
foreign operation, exchange differences previously recognised in other
comprehensive income are reclassified to the income statement.
Going concern
The financial statements are prepared on a going concern basis, as the Board
is satisfied that the Group has the resources to continue in business for a
period of at least 18 months from approval of the financial statements.
In assessing the Group’s ability to continue in its capacity as a going
concern, the Board considered a wide range of information relating to present
and future projections of profitability and liquidity. The assessment also
incorporates internally-generated stress tests, including reverse stress
testing, on key areas including fund performance risk and external
environmental risk. The stress tests used were based upon an assessment of
reasonably possible downside economic scenarios that the Group could be
exposed to.
The review showed the Group has sufficient liquidity in place to support its
business operations for the foreseeable future. Accordingly, the Directors
have a reasonable expectation the Group has resources to continue as a going
concern to 30 November 2027, an 18-month period from the date of approval of
the financial statements.
2. Changes in accounting policies and disclosures
New and amended standards and interpretations
The new and amended standards and interpretations that are issued, but not yet
effective, up to the date of issuance of the Group’s financial statements
are disclosed below. The Group intends to adopt these standards,
if applicable, when they become effective. These new standards are not
expected to have a material impact on the Group.
The implementation of IFRS 18 is not expected to have a material impact on the
results or net assets of the Group and the impact on the presentation of the
consolidated financial statements is still being assessed. No new standard
implemented during the year had a material impact on the Group financial
statements.
IFRS/IAS Accounting periods commencing on or after
IFRS 9 Amendment to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments 1 January 2026
IFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027
Changes in material accounting policy information
No changes to material accounting policies were implemented. The accounting
policies as set out in the notes to the accounts have been applied
consistently to all periods presented in these consolidated
financial statements.
3. Revenue
Revenue and its related cash flows, within the scope of IFRS 15 ‘Revenue
from Contracts with Customers’, are derived from the Group’s fund
management company activities and are presented net of any consideration
payable to a customer in the form of rebates. The significant components of
the Group’s fund management revenues are as follows:
Year ended 31 March 2026 Year ended 31 March 2025
Type of contract/service £m £m
Management fees 664.7 580.6
Performance-related management fees 133.5 87.4
Other income 5.9 8.0
Fee and other operating income 804.1 676.0
Management fees
The Group earns management fees from its investment management services.
Management fees are charged on third-party capital managed by the Group and
are based on an agreed percentage of either committed capital, invested
capital or NAV, dependent on the fund. Management fees comprise both
non-performance and performance-related fee elements related to one contract
obligation. Non-performance-related management fees for the year of £664.7m
(2025: £580.6m) and are recognised in the period services are performed.
Performance fees
Performance-related management fees (‘performance fees’) are recognised
only to the extent it is highly probable that there will not be a significant
reversal of the revenue recognised in the future. In determining the amount of
performance fee revenue to be recognised, if any, the Group is required to
make judgments in respect of the timing and the measurement of such amounts.
Performance fees reported within Revenue will only be crystallised and
received in cash when the relevant fund performance hurdle is met.
There are no other individually significant components of revenue from
contracts with customers.
Key accounting judgement - change in estimate
A key judgement for the Group is whether a fund will meet its expected
performance conditions and generate performance fees. The Group bases its
assessment on the best available information pertaining to the fund, including
the performance of predecessor funds with the same strategy.
The value of performance fees is determined by the proceeds received by the
fund in respect of the realisation of its assets. The valuation of the
underlying assets within a fund will be subject to fluctuations in the future,
including the impact of macroeconomic factors outside the Group’s control.
The valuation information on which this judgement is based is the liquidation
NAV of the relevant funds.
A constraint is applied to the performance fee receivable calculated with
respect to the liquidation NAV of the fund, to reflect the uncertainty of
future fund performance. This constraint is set by reference to the maturity
of the fund and its portfolio of assets, assuming a standard fund life of 12
years (2025: 10 years). Management judgement will be applied to define the
level of constraint for funds that materially deviate from the standard
expectations of a fund's life. The level of constraints applied are reassessed
at each reporting date.
During the year, the Directors reviewed the track record of the portfolio of
funds and revised their judgement regarding the timing of recognition of
performance fees for closed-end fund structures, removing the 24-month
forward-looking assessment to identify funds expected to reach the hurdle rate
and the associated constraint applied to those funds. Based on their
experience of the performance of the funds they have managed previously, the
Directors determined that future performance fee income was highly probable
earlier in the life of the fund than 24 months before the hurdle rate forecast
is to be achieved. Consequently, this constraint has been removed and
recognition of performance fees in respect of a fund now commences when the
successor fund has its first fundraising close and the investment period for
the existing fund has ended as this has been judged to be a more reliable
measure of when it is highly probable that performance fees can be recognised
without significant reversal.
Performance fees of £133.5m include £71.6m in respect of the one-off net
effect of the changes in estimate for closed-end fund structures. There has
been no change in estimates for other fund structures, where the estimate of
performance fees is made with reference to specific requirements.
3. Revenue continued
The weighted-average constraint at the reporting date is 47% (2025: 53%). If
the constraints were to increase by 10 percentage points for each fund, this
would increase weighted average constraint to 52% (2025: 58%) and result in a
reduction in revenue of £17.9m (2025: £3.3). Conversely, a 10% decrease in
constraint for each fund would result decrease in the weighted average
constraint to 43% (2025: 48%) and result in an increase in revenue of £17.9m
(2025: £3.3m). In certain limited circumstances performance fees received may
be subject to clawback provisions if the performance of the fund deteriorates
materially following the receipt of performance fees.
4. Segmental reporting
For management purposes, the Group is organised into two operating segments,
the Fund Management Company (‘FMC’) and the Investment Company (‘IC’)
which are also reportable segments. In identifying the Group’s reportable
segments, management considered the basis of organisation of the Group’s
activities, the economic characteristics of the operating segments, and the
type of products and services from which each reportable segment derives its
revenues. Total reportable segment figures are alternative performance
measures (‘APM’).
The Executive Directors, the chief operating decision makers, monitor the
operating results of the FMC and the IC for the purpose of making decisions
about resource allocation and performance assessment. The Group does not
aggregate the FMC and IC as those segments do not have similar economic
characteristics. Information about these segments is presented below.
The FMC earns fee income for the provision of investment management services
and incurs the majority of the Group’s costs in delivering these services,
including the cost of the investment teams and the cost of support functions,
primarily marketing, operations, information technology and human resources.
The IC is charged a management fee of 1% of the carrying value of the average
balance sheet portfolio by the FMC and this is shown below as the
Inter-segmental fee. It also recognises the fair value movement on any hedging
derivatives. The costs of finance, treasury and legal teams, and other Group
costs primarily related to being a listed entity, are allocated to the IC. The
remuneration of the Executive Directors is allocated equally to the FMC and
the IC.
The amounts reported for management purposes in the tables below are
reconciled to the UK-adopted IAS reported amounts on the following pages.
Year ended 31 March 2026 Year ended 31 March 2025
FMC IC Reportable segments FMC IC Reportable segments
£m £m £m £m £m £m
External fee income 811.8 — 811.8 690.0 — 690.0
Inter-segmental fee 23.3 (23.3) — 24.6 (24.6) —
Other operating income 2.9 0.7 3.6 2.8 1.7 4.5
Fund management fee income 838.0 (22.6) 815.4 717.4 (22.9) 694.5
Net investment returns — 98.2 98.2 — 192.5 192.5
Dividend income 62.0 — 62.0 48.3 — 48.3
Finance gain — 20.4 20.4 — 8.3 8.3
Total revenue 900.0 96.0 996.0 765.7 177.9 943.6
Interest income 0.1 27.5 27.6 0.3 19.2 19.5
Interest expense (2.3) (33.1) (35.4) (2.5) (39.6) (42.1)
Staff costs (117.5) (30.7) (148.2) (109.2) (30.0) (139.2)
Incentive scheme costs (129.4) (28.3) (157.7) (128.8) (29.5) (158.3)
Other administrative expenses (64.1) (32.0) (96.1) (64.1) (27.2) (91.3)
Profit before tax 586.8 (0.6) 586.2 461.4 70.8 532.2
Reconciliation of APM amounts reported for management purposes to the
financial statements reported under UK-adopted IAS
The impact of the following statutory adjustments on profit before tax,
included within Consolidated entities, are shown in the table on the next
page:
* All income generated from the balance sheet portfolio is presented as net
investment returns for Reportable segments purposes, under UK-adopted IAS it
is presented within gains on investments and other operating income.
4. Segmental reporting continued
* Structured entities controlled by the Group are presented as fair value
investments for Reportable segments, these entities are consolidated under
UK-adopted IAS within Consolidated entities.
* Seed investments are presented as current financial assets for Reportable
segments, these assets are presented under UK-adopted IAS as current financial
assets, non-current financial assets or investment property within
Consolidated entities.
Consolidated income statement
Reportable segments Consolidated entities Financial statements
Year ended 31 March 2026 £m £m £m
Fund management fee income 811.8 (13.6) 798.2
Other operating income 3.6 2.3 5.9
Fee and other income 815.4 (11.3) 804.1
Dividend income 62.0 (62.0) —
Finance gain 20.4 2.0 22.4
Finance income/(loss) 82.4 (60.0) 22.4
Net investment returns/gains on investments 98.2 111.3 209.5
Total revenue 996.0 40.0 1,036.0
Other income 27.6 2.3 29.9
Finance costs (35.4) (4.2) (39.6)
Staff costs (148.2) — (148.2)
Incentive scheme costs (157.7) — (157.7)
Other administrative expenses (96.1) (36.1) (132.2)
Administrative expenses (402.0) (36.1) (438.1)
Profit before tax 586.2 2.0 588.2
Tax charge (108.2) (1.3) (109.5)
Profit after tax 478.0 0.7 478.7
Reportable segments Consolidated entities Financial statements
Year ended 31 March 2025 £m £m £m
Fund management fee income 690.0 (22.0) 668.0
Other operating income 4.5 3.5 8.0
Fee and other income 694.5 (18.5) 676.0
Dividend income 48.3 (48.3) —
Finance gain 8.3 1.9 10.2
Finance income/(loss) 56.6 (46.4) 10.2
Net investment returns/gains on investments 192.5 92.2 284.7
Total revenue 943.6 27.3 970.9
Other income 19.5 — 19.5
Finance costs (42.1) (1.6) (43.7)
Staff costs (139.2) — (139.2)
Incentive scheme costs (158.3) — (158.3)
Other administrative expenses (91.3) (27.4) (118.7)
Administrative expenses (388.8) (27.4) (416.2)
Profit before tax 532.2 (1.7) 530.5
Tax charge (79.8) 0.5 (79.3)
Profit after tax 452.4 (1.2) 451.2
4. Segmental reporting continued
Consolidated statement of financial position
2026
Reportable segments Consolidated entities Financial statements
Year ended 31 March 2026 £m £m £m
Non-current financial assets 2,555.7 5,185.7 7,741.4
Other non-current assets 217.4 131.4 348.8
Cash 981.4 434.0 1,415.4
Current financial assets 112.8 (64.1) 48.7
Other current assets 264.4 93.5 357.9
Total assets 4,131.7 5,780.5 9,912.2
Non-current financial liabilities 582.2 5,431.3 6,013.5
Other non-current liabilities 76.9 — 76.9
Current financial liabilities 534.2 25.1 559.3
Other current liabilities 234.1 327.4 561.5
Total liabilities 1,427.4 5,783.8 7,211.2
Equity 2,704.3 (3.3) 2,701.0
Total equity and liabilities 4,131.7 5,780.5 9,912.2
2025
Reportable segments Consolidated entities Financial statements
Year ended 31 March 2025 £m £m £m
Non-current financial assets 2,806.2 4,873.7 7,679.9
Other non-current assets 150.0 123.5 273.5
Cash 604.8 255.4 860.2
Current financial assets 248.7 (172.6) 76.1
Other current assets 270.2 182.7 452.9
Total assets 4,079.9 5,262.7 9,342.6
Non-current financial liabilities (1) 1,058.7 4,927.2 5,985.9
Other non-current liabilities 54.2 2.8 57.0
Current financial liabilities (1) 199.8 (2.4) 197.4
Other current liabilities 271.2 340.2 611.4
Total liabilities 1,583.9 5,267.8 6,851.7
Equity 2,496.0 (5.1) 2,490.9
Total equity and liabilities 4,079.9 5,262.7 9,342.6
1. Comparative period has been restated, see note 7.
4. Segmental reporting continued
Consolidated statement of cash flows
2026
Reportable segments Consolidated entities Financial Statements
£m £m £m
Profit before tax from continuing operations 586.2 2.0 588.2
Adjustments for non-cash items:
Fee and other operating (income)/expense (815.4) 11.3 (804.1)
Net investment returns (98.2) (111.3) (209.5)
Net fair value (loss)/gain on derivatives 9.2 (1.4) 7.8
Impact of movement in foreign exchange rates (29.6) (0.6) (30.2)
Dividend income (62.0) 62.0 —
Interest income (27.6) (2.3) (29.9)
Interest expense 35.5 4.1 39.6
Depreciation, amortisation and impairment of property, plant, equipment and intangible assets 17.2 — 17.2
Share-based payment expense 45.0 — 45.0
Working capital changes:
(Increase)/decrease in trade receivables (0.2) 110.5 110.3
Decrease in trade and other payables (47.8) (133.3) (181.1)
(387.7) (59.0) (446.7)
Proceeds from sale of seed investments 186.3 — 186.3
Purchase of seed investments (156.4) — (156.4)
Purchase of investments (259.5) (2,109.2) (2,368.7)
Proceeds from sales and maturities of investments 636.2 2,575.2 3,211.4
Proceeds from borrowing related to seed investments — 87.2 87.2
Issuance of CLO notes — 724.8 724.8
Redemption of CLO notes — (1,244.1) (1,244.1)
Interest and dividend income received 195.2 361.6 556.8
Fee and other operating income received 754.5 (5.8) 748.7
Interest paid (34.3) (323.9) (358.2)
Cash flow generated from operations 934.3 6.8 941.1
Taxes paid (95.0) — (95.0)
Net cash flows from operating activities 839.3 6.8 846.1
Investing activities
Purchase of intangible assets (6.6) — (6.6)
Purchase of property, plant and equipment (0.7) — (0.7)
Net cash flow from derivative financial instruments 20.6 1.3 21.9
Cash flow as a result of change in control of subsidiary — 167.6 167.6
Net cash flows from investing activities 13.3 168.9 182.2
Financing activities
Purchase of Own Shares (78.0) — (78.0)
Proceeds from shares issued 27.1 — 27.1
Payment of principal portion of lease liabilities (12.5) — (12.5)
Repayment of borrowings (172.4) — (172.4)
Dividends paid to equity holders of the parent (242.3) — (242.3)
Net cash flows used in financing activities (478.1) — (478.1)
Net increase in cash and cash equivalents 374.5 175.7 550.2
Effects of exchange rate differences on cash and cash equivalents 2.1 2.9 5.0
Cash and cash equivalents at 1 April 604.8 255.4 860.2
Cash and cash equivalents at 31 March 981.4 434.0 1,415.4
4. Segmental reporting continued
2025
Reportable segments Consolidated entities Financial Statements
£m £m £m
Profit/(loss) before tax from continuing operations 532.2 (1.7) 530.5
Adjustments for non-cash items:
Fee and other operating (income)/expense (694.4) 18.4 (676.0)
Net investment returns (192.5) (92.2) (284.7)
Net fair value gain on derivatives (38.4) — (38.4)
Impact of movement in foreign exchange rates 30.1 (2.0) 28.1
Dividend income (48.3) 48.3 —
Interest income (19.5) — (19.5)
Interest expense 42.1 1.6 43.7
Depreciation, amortisation and impairment of property, plant, equipment and intangible assets 17.8 — 17.8
Share-based payment expense 45.6 — 45.6
Working capital changes:
Decrease/(increase) in trade receivables 29.9 (117.5) (87.6)
(Decrease)/increase in trade and other payables (27.2) 39.5 12.3
(322.6) (105.6) (428.2)
Proceeds from sale of seed investments 285.6 — 285.6
Purchase of seed investments (165.9) — (165.9)
Purchase of investments (519.7) (2,440.9) (2,960.6)
Proceeds from sales and maturities of investments 500.3 2,617.1 3,117.4
Proceeds from borrowing related to seed investments — 47.4 47.4
Issuance of CLO notes — 577.0 577.0
Redemption of CLO notes — (1,085.0) (1,085.0)
Interest and dividend income received 172.0 392.4 564.4
Fee and other operating income received 656.1 7.2 663.3
Interest paid (41.2) (369.7) (410.9)
Cash flow generated from/(used in) operations 564.6 (360.1) 204.5
Taxes paid (68.4) — (68.4)
Net cash flows from/(used in) operating activities 496.2 (360.1) 136.1
Investing activities
Purchase of intangible assets (5.9) — (5.9)
Purchase of property, plant and equipment (0.7) — (0.7)
Net cash flow from derivative financial instruments 22.4 — 22.4
Cash flow as a result of change in control of subsidiary — 260.3 260.3
Net cash flows from investing activities 15.8 260.3 276.1
Financing activities
Purchase of Own Shares (42.4) — (42.4)
Payment of principal portion of lease liabilities (12.2) — (12.2)
Repayment of borrowings (241.1) — (241.1)
Dividends paid to equity holders of the parent (228.9) — (228.9)
Net cash flows used in financing activities (524.6) — (524.6)
Net decrease in cash and cash equivalents (12.6) (99.8) (112.4)
Effects of exchange rate differences on cash and cash equivalents (9.8) (7.6) (17.4)
Cash and cash equivalents at 1 April 627.2 362.8 990.0
Cash and cash equivalents at 31 March 604.8 255.4 860.2
4. Segmental reporting continued
Geographical analysis of non-current non-financial assets
2026 2025*
Asset Analysis by Geography £m £m
Europe (including UK) 150.4 117.5
Asia Pacific 134.6 127.1
North America 63.8 28.9
Total 348.8 273.5
Geographical analysis of Group revenue
2026 2025*
Income Analysis by Geography £m £m
Europe (including UK) 765.2 746.3
Asia Pacific 5.2 4.4
North America 265.6 220.2
Total 1,036.0 970.9
* The prior period balances have been re‑presented to align the geographical
analysis of non‑current non‑financial assets and Group revenue with the
domicile of the underlying funds.
5. Financial assets and liabilities
Accounting policy Financial assets Financial assets can be classified into the following categories: Amortised Cost, Fair Value Through Profit and Loss (‘FVTPL’) and Fair Value Through Other Comprehensive Income (‘FVOCI’). The Group has classified all invested financial assets as FVTPL. Financial assets at FVTPL are initially recognised and subsequently measured at fair value and transaction costs are recognised in the consolidated income statement immediately. A valuation assessment is performed on a
recurring basis with gains or losses arising from changes in fair value recognised through net gains on investments in the consolidated income statement. Dividends or interest earned on the financial assets are also included in the net gains on investments. Exchange differences are included within finance income/(loss). Where the Group holds investments in a number of financial instruments such as debt and equity in a portfolio company, the Group views their entire investment as a unit of account for
valuation purposes. Industry standard valuation guidelines such as the International Private Equity and Venture Capital (’IPEV’) Valuation Guidelines – December 2025, allow for a level of aggregation where there are a number of financial instruments held within a portfolio company. Derecognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when substantially all the risks and rewards of ownership of the asset are
transferred to another party. On derecognition of a financial asset in its entirety, the difference between the asset’s carrying value amount and the sum of the consideration received and receivable, is recognised in profit or loss. Key sources of estimation uncertainty on financial assets Fair value is the amount for which an asset could be exchanged, or liability settled, between knowledgeable, willing parties in an arm’s length transaction at the reporting date. The fair value of investments is based
on quoted prices, where available. Where quoted prices are not available, the fair value is estimated in line with UK-adopted IAS and industry standard valuation guidelines such as IPEV for direct investments in portfolio companies, and the Royal Institute of Chartered Surveyors Valuation – Global Standards 2024 for investment property. These valuation techniques can be subjective and include assumptions which are not supportable by observable data. Details of the valuation techniques and the associated
sensitivities are further disclosed in this note on page 49. Given the subjectivity of valuing investments in private companies, senior and subordinated notes of Collateralised Loan Obligation vehicles and investments in investment property, these are key sources of estimation uncertainty, and as such the valuations are approved by the relevant Fund Investment Committees and Group Valuation Committee (‘GVC’). The unobservable inputs relative to these investments are further detailed on the next page.
5. Financial assets and liabilities continued
Valuations
Valuation process
The GVC is responsible for reviewing and concluding on the fair value of the
Group’s balance sheet investment positions in accordance with the Group’s
Valuation Policy. This includes consideration of the valuations received from
the underlying funds. The GVC reviews the fair values on a quarterly basis and
reports to the Audit Committee semi-annually. The GVC is independent of the
boards of directors of the funds, and no member of the GVC is a member of
either the Group’s investment teams or fund Investment Committees
(‘ICs’).
The ICs are responsible for the review, challenge, and approval of the
underlying funds’ valuations of their assets. Sources of the valuation
reviewed by the ICs include the ICG investment team, third-party valuation
services and third-party fund administrators as appropriate. The IC’s
provide those valuations to the Group, as an investor in the fund assets. The
IC’s are also responsible for escalating significant events regarding the
valuation to the Group, for example change in valuation methodologies,
potential impairment events, or material judgements.
The table on page 49 outlines in more detail the range of valuation
techniques, as well as the key unobservable inputs for each category of Level
3 assets and liabilities.
Investment in or alongside managed funds
When fair values of publicly traded closed-ended funds and open-ended funds
are based on quoted market prices in an active market for identical assets
without any adjustments, the instruments are included within Level 1 of the
hierarchy. The Group values these investments at bid price for long positions.
The Group also co-invests with funds, including credit and private equity
secondary funds, which are not quoted in an active market. The Group assesses
the valuation techniques and inputs used by these funds to ensure they are
reasonable, appropriate and consistent with the principles of fair value. The
latest available NAV of these funds are generally used as an input into
measuring their fair value. The NAV of the funds are adjusted, as necessary,
to reflect restrictions on redemptions, and other specific factors relevant to
the funds. In measuring fair value, consideration is also given to any
transactions in the interests of the funds. The Group classifies these funds
as Level 3.
Investment in private companies
The Group takes debt and equity stakes in companies that are, other than on
very rare occasions, not quoted in an active market and uses either a
market-based valuation technique or a discounted cash flow technique to value
these positions.
The Group’s investments in private companies are held at fair value using
the most appropriate valuation technique based on the nature, facts and
circumstances of the private company. The first of two principal valuation
techniques is a market comparable companies technique. The enterprise value
(‘EV’) of the portfolio company is determined by applying an earnings
multiple, taken from comparable companies, to the profits of the portfolio
company. The Group determines comparable private and public companies, based
on industry, size, location, leverage and strategy, and calculates an
appropriate multiple for each comparable company identified. The second
principal valuation technique is a discounted cash flow (‘DCF’) approach.
Fair value is determined by discounting the expected future cash flows of the
portfolio company to the present value. Various assumptions are utilised as
inputs, such as terminal value and the appropriate discount rate to apply.
Typically, the DCF is then calibrated alongside a market comparable companies
approach. Alternate valuation techniques may be used where there is a recent
offer or a recent comparable market transaction, which may provide an
observable market price and an approximation to fair value of the private
company. The Group classified these assets as Level 3.
Investment in public companies
Quoted investments are held at the last traded bid price on the reporting
date. When a purchase or sale is made under contract, the terms of which
require delivery within the timeframe of the relevant market, the contract is
recognised on the trade date.
Investment in loans held in consolidated structured entities
The loan asset portfolios of the consolidated structured entities are valued
using observable inputs where possible such as recently executed transaction
prices in securities of the issuer or comparable issuers and from independent
loan pricing sources. To the extent that the significant inputs are observable
the Group classifies these assets as Level 2 and assets with unobservable
inputs are classified as Level 3. Level 3 assets are valued using
a discounted cash flow technique and the key inputs under this approach are
detailed on page 49.
5. Financial assets and liabilities continued
Derivative assets and liabilities
The Group uses market-standard valuation models for determining fair values of
over-the-counter interest rate swaps, currency swaps and forward foreign
exchange contracts. The most frequently applied valuation techniques include
forward pricing and swap models, using present value calculations. The models
incorporate various inputs including both credit and debit valuation
adjustments for counterparty and own credit risk, foreign exchange spot and
forward rates and interest rate curves. For these financial instruments,
significant inputs into models are market observable and are included within
Level 2.
Senior and subordinated notes of CLO vehicles
The Group holds investments in the senior and subordinated notes of the CLOs
it manages, predominately driven by European Union risk-retention
requirements. The Group employs DCF analysis to fair value these investments,
using several inputs including constant annual default rates, prepayments
rates, reinvestment rates, recovery rates and discount rates. The DCF analysis
at the reporting date shows that the senior notes are typically expected to
recover all contractual cash flows, including under stressed scenarios, over
the life of the CLOs. Observable inputs are used in determining the fair value
of senior notes and these instruments are therefore classified as Level 2.
Unobservable inputs are used in determining the fair value of subordinated
notes, which are therefore classified as Level 3 instruments.
Liabilities of consolidated CLO vehicles
Rated debt liabilities of consolidated CLOs are generally valued at par plus
accrued interest, which we assess as fair value. This is supported by an
assessment of the valuation of the CLO loan asset portfolio. As a result we
deem these liabilities as Level 2.
Unrated/subordinated debt liabilities of consolidated CLOs are valued directly
in line with the fair value of the CLO loan asset portfolios. These
underlying assets mostly comprise observable loan securities traded in active
markets. The underlying assets are reported in both Level 2 and Level 3. As a
result of this methodology of deriving the valuation of unrated/subordinated
debt liabilities from a combination of Level 2 and Level 3 asset values, we
deem these liabilities to be Level 3.
Real assets
To the extent that the Group invests in real estate assets, whether through an
investment in a managed fund or an investment in a private company, the assets
may be classified as either a financial asset (investment in a managed fund)
or investment property (investment in a controlled private company) in
accordance with IAS 40 ‘Investment Property’. The fair values of the
directly held material investment properties have been recorded based on
independent valuations prepared by third-party real estate valuation
specialists in line with the Royal Institution of Chartered Surveyors
Valuation – Global Standards 2024. At the end of each reporting period, the
Group reviews its assessment of the fair value of each property, taking into
account the most recent independent valuations. The Directors determine a
property value within a range of reasonable fair value estimates, based on
information provided.
All resulting fair value estimates for investment properties are included in
Level 3.
Fair value measurements recognised in the statement of financial position
The information set out below provides information about how the Group and
Company determines fair values of various financial assets and financial
liabilities, grouped into Levels 1 to 3 based on the degree to which the fair
value is observable.
* Level 1 fair value measurements are those derived from quoted prices
(unadjusted) in active markets for identical assets or liabilities
* Level 2 fair value measurements are those derived from inputs other than
quoted prices included within Level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from
prices)
* Level 3 fair value measurements are those derived from valuation techniques
that include inputs for the asset or liability that are not based on
observable market data (i.e. unobservable inputs)
5. Financial assets and liabilities continued
The following table summarises the valuation of the Group’s financial assets
and liabilities by fair value hierarchy:
As at 31 March 2026 As at 31 March 2025
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Group £m £m £m £m £m £m £m £m
Financial assets
Investment in or alongside managed funds (1) 3.7 0.3 2,152.3 2,156.3 3.7 2.3 2,417.4 2,423.4
Collateral assets held in consolidated CLOs — 4,826.7 542.4 5,369.1 — 4,533.1 443.2 4,976.3
Derivative assets — 4.9 — 4.9 — 26.3 — 26.3
Investment in private companies (2) — — 150.1 150.1 — — 210.8 210.8
Investment in public companies 11.9 — — 11.9 4.3 — — 4.3
Investments in unconsolidated CLOs — 79.7 18.1 97.8 — 86.1 28.8 114.9
Total financial assets (3) 15.6 4,911.6 2,862.9 7,790.1 8.0 4,647.8 3,100.2 7,756.0
Financial liabilities
Liabilities of consolidated CLOs — (5,298.1) (5.7) (5,303.8) — (4,560.3) (297.9) (4,858.2)
Derivative liabilities — (16.1) — (16.1) — (8.3) — (8.3)
Total financial liabilities (4) — (5,314.2) (5.7) (5,319.9) — (4,568.6) (297.9) (4,866.5)
1. Level 3 investments in or alongside managed funds includes £1,044.0m
Corporate Investments (2025: £1,325.5m), £592.4m Strategic Equity, LP
Secondaries, Recovery Fund and CPE (2025: £508.0m), £41.2m Senior Debt
Partners (2025: £42.3m), £58.0m North America Credit Partners (2025:
£64.4m), £356.6m real asset funds (2025: £384.8m), £30.3m Seed
(2025:£60.8m) and £29.8m credit funds (2025: £31.4m).
2. Level 3 Investment in private companies includes £150.1m Structured
Capital and Secondaries (2025: £172.0m) and nil real estate funds (2025:
£38.8m).
3. Total financial assets correspond to the sum of non-current and current
financial assets at fair value and the sum of current derivative assets on the
face of the balance sheet.
4. Total financial liabilities correspond to the sum of non-current financial
liabilities at fair value and current derivative liabilities on the face of
the balance sheet.
Reconciliation of Level 3 fair value measurement of financial assets
The following tables set out the movements in recurring financial assets
valued using the Level 3 basis of measurement. Within the income statement,
realised gains and fair value movements are included within gains on
investments, and foreign exchange gains/(losses) are included within finance
income/(loss). Transfers between levels take place when there are changes to
the observability of inputs used in the valuation of these assets. This is
determined based on the year-end valuation and transfers therefore take place
at the end of the reporting period.
Investment in or alongside managed funds Investment in loans held in consolidated entities Investment in private companies Investments in unconsolidated CLOs Total
Group £m £m £m £m £m
At 1 April 2025 2,417.4 443.2 210.8 28.8 3,100.2
Total gains or losses in the income statement
– Net investment return (2) 164.3 (17.5) (10.2) 1.9 138.5
– Foreign exchange 49.0 (4.2) (5.4) 0.8 40.2
Purchases 280.5 331.4 36.4 65.3 713.6
Exit proceeds (722.4) (215.3) (118.0) (78.7) (1,134.4)
Transfers in (1) — 118.8 — — 118.8
Transfers out (1) — (114.0) — — (114.0)
Reclassification (3) (36.5) — 36.5 — —
At 31 March 2026 2,152.3 542.4 150.1 18.1 2,862.9
1. During the year certain assets in Investments in loans held in consolidated
entities were reassessed as Level 3 (from Level 2) or Level 2 (from Level 3)
and these changes are reported as a transfers in or transfers out in the year.
2. Included within Net investment return are £72.1m of unrealised gains
/(losses), including accrued interest, and consisting of: £149.6m Investment
in or alongside managed funds, £(75.4)m Investment in loans held in
consolidated entities, £1.4m Investment in private companies, £(3.5)m
Investments in unconsolidated CLOs.
3. During the year the Group reclassified certain investments into or
alongside managed funds into investments in private companies.
5. Financial assets and liabilities continued
Investment in or alongside managed funds Investment in loans held in consolidated entities Investment in private companies Subordinated notes of CLO vehicles Total
Group £m £m £m £m £m
At 1 April 2024 2,300.7 462.6 401.7 19.7 3,184.7
Total gains or losses in the income statement
– Net investment return (2) 177.1 16.1 30.1 (1.3) 222.0
– Foreign exchange (41.8) (10.0) (10.1) (0.2) (62.1)
Purchases 534.7 319.5 4.8 37.3 896.3
Exit proceeds (565.4) (233.2) (203.6) (26.7) (1,028.9)
Transfers in (1) — 42.7 — — 42.7
Transfers out (1) — (154.5) — — (154.5)
Reclassification (3) 12.1 — (12.1) — —
At 31 March 2025 2,417.4 443.2 210.8 28.8 3,100.2
1. During the year certain assets in Investments in loans held in consolidated
entities were reassessed as Level 3 (from Level 2) or Level 2 (from Level 3)
and these changes are reported as a transfers in or transfers out in the year.
2. Included within Net investment returns are £183.6m of unrealised
gains/(losses),including accrued interest, consisting of: £176.7m Investment
in or along managed funds, £(34.2m) Investment in loans held in consolidated
entities, £36.2m Investment in private companies, £4.9m Investments in
unconsolidated CLOs.
3. During the year the Group reclassified certain investments in private
companies into investments in or alongside managed funds.
Reconciliation of Level 3 fair value measurements of financial liabilities
The following tables sets out the movements in reoccurring financial
liabilities valued using the Level 3 basis of measurement in aggregate. Within
the income statement, realised gains and fair value movements are included
within gains on investments, and foreign exchange gains/(losses) are included
within finance income/(loss). Transfers in and out of Level 3 financial
liabilities were due to changes to the observability of inputs used in the
valuation of these liabilities. During the year ended 31 March 2026, changes
in the fair value of the assets of consolidated credit funds resulted in a
reduction in the fair value of the financial liabilities of those consolidated
credit funds, reported as a ‘fair value gain’ in the table below.
2026 2025
Financial liabilities designated as FVTPL Financial liabilities designated as FVTPL
Group £m £m
At 1 April 297.9 186.7
Total gains or losses in the income statement
– Fair value (gains)/losses (332.0) 10.6
– Foreign exchange (gains)/losses 4.7 (3.9)
Purchases 96.1 68.9
Transfer between levels (61.0) 35.6
At 31 March 5.7 297.9
5. Financial assets and liabilities continued
Valuation inputs and sensitivity analysis
The following table summarises the inputs and estimates used for items
categorised in Level 3 of the fair value hierarchy together with a
quantitative sensitivity analysis:
31 March 2026 31 March 2025
Fair Value Fair Value Primary Valuation Techniques (1) Key Unobservable Inputs Range Weighted Average/ Fair Value Inputs Sensitivity/ Scenarios Effect on Fair Value 31 March 2026 Range Weighted Average/ Fair Value Inputs Effect on Fair Value 31 March 2025
Group assets As at 31 March 2026 As at 31 March 2025
£m £m £m £m
Structured Capital & Secondaries: Corporate Investments 1,098.8 1,466.9 Market comparable companies Earnings multiple 8.0x - 25.0x 14.4x +10% Earnings multiple³ 116.7 7.5x – 27.5x 14.0x 135.2
Discounted cash flow calibrated to market comparable companies (2) Discount rate 7.6% - 20.7% 10.2% -10% Earnings multiple³ (116.7) 7.6% - 20.9% 10.6% (138.8)
Earnings multiple 9.2x - 20.4x 13.6x 4.9x – 23.1x 13.3x
Structured Capital & Secondaries: Strategic Equity, LP Secondaries, Recovery Fund, Life Sciences, CPE 687.6 537.4 Third-party valuation / funding round value N/A N/A N/A +10% valuation 68.8 N/A N/A 53.7
-10% valuation (68.8) N/A N/A (53.7)
Seed Investments 44.1 120.8 Various +10% valuation 4.4 12.1
-10% valuation (4.4) (12.1)
Debt: Private Debt: North American Credit Partners 58.0 65.7 Market comparable companies Earnings multiple 7.5x - 17.8x 14.1x +10% Earnings multiple³ 4.7 9.5x – 21.0x 14.3x 5.9
-10% Earnings multiple³ (4.4) (5.9)
Debt: Private Debt: Senior Debt Partners 41.2 42.3 Amortised Cost with ECL Impairment assessment Probability of default 0.7%-1.9% 0.9% Upside case — 0.8%-2.1% 1.0% —
Loss given default 35.6% 35.6% Downside case (0.2) 36.0% 36.0% (0.3)
Maturity of loan 3 years 3 years 3 years 3 years
Effective interest rate 10.1%-10.3% 10.2% 9.7%-9.8% 9.8%
Debt: Credit: Non-consolidated CLOs and credit funds 4.4 7.7 Third-party valuation: Discounted cash flow Discount rate 7.5%-59.0% 17.0% 10.5% - 38.5% 20.0%
Default rate 2.0% 2.0% Upside case (4) 29.6 2.0% 2.0% 21.6
Prepayment rate % 18.7%-20.0% 19.7% Downside case (4) (31.2) 15.0%-25.0% 21.0% (19.9)
Recovery rate % 65.0% 65.0% 65.0% 65.0%
Reinvestment price 99.4%-99.5% 99.5% 99.0%-99.5% 99.4%
Debt: Credit: Consolidated CLOs 542.4 443.2 Third-party valuation N/A N/A N/A +10% Third-party valuation 54.2 N/A N/A 44.3
-10% Third-party valuation (54.2) (44.3)
Debt: Credit: Liquid Funds 29.8 31.4 Third-party valuation N/A N/A N/A +10% Third-party valuation 3.0 N/A N/A 3.1
-10% Third-party valuation (3.0) (3.1)
Real Assets 356.6 384.8 Third-party valuation N/A N/A N/A +10% Third-party valuation 35.7 N/A N/A 38.5
LTV-based impairment model N/A N/A N/A -10% Third-party valuation (35.7) N/A N/A (38.5)
Total financial assets 2,862.9 3,100.2 Total Upside sensitivity 248.3 314.4
Total Downside sensitivity (249.8) (316.6)
Liabilities of Consolidated CLOs and credit funds (5.7) (297.9) Third-party valuation N/A N/A N/A +10% Third-party valuation (0.6) N/A N/A (29.8)
-10% Third-party valuation 0.6 29.8
Total financial liabilities (5.7) (297.9)
1. Where the Group has co-invested with its managed funds, it is the type of
the underlying investment, and the valuation techniques used for these
underlying investments, that is set out here.
2. Where both discounted cash flow (“DCF”) and market comparable
companies’ valuation techniques are performed, the valuation models are
calibrated, and an earnings multiple is implied by the DCF valuation. Where
this methodology is applied, the sensitivity has been applied to the implied
earnings multiple, using the market comparable companies’ valuation
technique.
3. Investments in the following strategies are sensitised using the actual or
implied earnings multiple to provide a consistent and comparable basis for
this analysis: Corporate Investments, US Mid-Market, North America Credit
Partners.
4. The sensitivity analysis is performed on the entire portfolio of
subordinated notes of CLO vehicles that the Group has invested in with total
value of £221.4m (2025: £214.9m). This value includes investments in CLOs
that are not consolidated £4.4m (2025: £7.7m) and investments in CLOs which
are consolidated £217.0m (2025: £207.2m). The default rate applied was set
at 2.0% until maturity, across the entire portfolio. The upside case is based
on the default rate being lowered to 1.0% to maturity, keeping all other
parameters consistent .The downside case is based on the default rate being
increased to 3.0% to maturity, keeping all other parameters consistent.
5. Financial assets and liabilities continued
Derivative financial instruments
Accounting policy Derivative financial instruments for economic hedging The Group holds derivative financial instruments to hedge foreign currency exposures. Derivatives are recognised at fair value determined using independent third-party valuations or quoted market prices. Changes in fair values of derivatives are recognised immediately in Finance income / (loss) in the Income Statement. A derivative with a positive fair value is recognised as a financial asset while a derivative with a negative fair
value is recognised as a financial liability. A derivative is presented as a non-current asset or non-current liability if the remaining maturity of the instrument is more than 12 months from the reporting date, otherwise a derivative will be presented as a current asset or current liability.
2026 2025
Contract or underlying principal amount Fair values Contract or underlying principal amount Fair values
Group Asset Liability Asset Liability
£m £m £m £m £m £m
Cross currency swaps — — — 100.6 3.9 (6.1)
Foreign exchange forward contracts and swaps 1,715.4 4.9 (16.1) 1,592.4 22.4 (2.2)
Total 1,715.4 4.9 (16.1) 1,693.0 26.3 (8.3)
The Group holds £1.7m of cash pledged as collateral by its counterparties as
at 31 March 2026 (31 March 2025: £6.1m). All of the Credit Support Annexes
that have been agreed with our counterparties are fully compliant with
European Market Infrastructure Regulation ‘EMIR’.
The foreign exchange movements net of fair value gains/(losses) in derivatives
during the year is £22.4m (2025: £10.2m). There was no change in fair value
related to credit risk in relation to derivatives as at 31 March 2026
(31 March 2025: £nil).
Within the International Swaps and Derivatives Association (‘ISDA’) Master
Agreements in place with our counterparties, in the event of a default, the
close-out netting provision would result in all obligations under a contract
being terminated with a subsequent combining of positive and negative
replacement values into a single net payable or receivable.
6. Cash and cash equivalents
Accounting policy Cash and cash equivalents comprise cash and short-term deposits with an original maturity of three months or less. The carrying amount of these assets approximates to their fair value. Cash and cash equivalents at the end of the reporting period as shown in the consolidated statement of cash flows can be reconciled to the related items in the consolidated statement of financial position as shown above.
2026 2025
£m £m
Cash and cash equivalents
Cash at bank and in hand 1,415.4 860.2
The Group’s cash and cash equivalents include £434.0m (2025: £255.4m) of
restricted cash, held by structured entities controlled by the Group. The
Group does not have legal recourse to these balances as their sole purpose is
to service the interests of the investors in these structured entities.
7. Financial liabilities
Accounting policy Financial liabilities, which include borrowings and listed notes and bonds (with the exception of financial liabilities designated as FVTPL), are initially recognised at fair value net of transaction costs and subsequently measured at amortised cost using the effective interest rate method. Arrangement and commitment fees related to the issued liabilities are included within the carrying value. Lease liabilities are initially measured at the present value of all the future lease
payments. The present value at the inception of the lease is determined by discounting all future lease payments at the Group’s centrally determined incremental borrowing rate at the date of inception of the lease. In calculating the present value of lease payments, the Group uses its incremental borrowing rate because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced
for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Financial liabilities designated at fair value are initially recognised and subsequently measured at fair value on a recurring basis. Gains or losses arising from changes in fair value of derivative financial liabilities are recognised in Finance
income in the income statement. Gains or losses arising from changes in fair value of liabilities of Structured entities controlled by the Group are recognised through gains on investments in the income statement. The Group has designated financial liabilities relating to consolidated structured entities at fair value to eliminate or significantly reduce an accounting mismatch. The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or expire.
The fair value of the Listed notes and bonds, being the market price of the
outstanding bonds is £837.2m (2025: £802.7m). Listed notes and bonds at
amortised cost would be classified as Level 2 and are valued using observable
market prices sourced from broker quotes, inter-dealer prices or other
reliable pricing sources.
Details of the cash outflows related to leases are in the Consolidated
statement of cash flows, interest expenses associated with lease liabilities
are in note 10, the Right of Use (‘ROU’) assets and the income from
subleasing ROU assets are in note 17 and the maturity analysis of the lease
liabilities are in note 21.
2026 2025 (restated) (1)
Interest rate % Maturity Current Non-current Current Non-current
Group £m £m £m £m
Liabilities held at amortised cost
– Private placement 3.04% - 5.35% 2026 - 2029 66.8 94.4 177.4 163.2
– Listed notes and bonds 1.63% - 2.50% 2027 - 2030 439.0 434.7 2.3 834.4
– Unsecured bank debt (2) SONIA +1.05% 2028 (0.2) (0.9) (0.4) (1.0)
Total Liabilities held at amortised cost 505.6 528.2 179.3 996.6
Lease liabilities 2.80% - 7.09% 2026 - 2034 10.6 54.1 9.8 62.1
Borrowings related to seed investments 1.72% - 6.20% 2026 - 2029 27.0 127.4 — 69.0
Liabilities held at FVTPL:
– Derivative financial liabilities 16.1 — 8.3 —
– Structured entities controlled by the Group (3) 0.65% - 9.58% 2030 - 2039 — 5,303.8 — 4,858.2
559.3 6,013.5 197.4 5,985.9
1. In the prior year, £77.4m of Current Private placement liabilities were
reported as non-current in error. The Current and Non-current amounts have
been restated.
2. Unsecured bank debt represents the upfront fees on an RCF facility,
amortised over its expected life.
3. The fair value of financial liabilities relating to Structured entities
controlled by the Group includes amounts expected to be settled within 12
months, see note 21 Liquidity risk.
7. Financial liabilities continued
Movement in financial liabilities arising from financing activities
The following table sets out the movements in total liabilities held at
amortised cost arising from financing activities undertaken during the year.
2026 2025
£m £m
At 1 April 1,247.8 1,525.6
Repayment of long term borrowings (172.4) (241.1)
Payment of principal portion of lease liabilities (12.5) (12.2)
Establishment of lease liability 3.5 4.6
Net interest movement 1.1 (0.1)
Foreign exchange movement 31.0 (29.0)
At 31 March 1,098.5 1,247.8
8. Other income
Accounting policy The Group earns interest on its unrestricted cash balances (see note 6). These amounts are recognised as income in the period in which it is earned.
2026 2025
£m £m
Interest income on cash deposits 29.9 19.5
29.9 19.5
9. Net gains on investments
Accounting policy The Group recognises net gains and losses on investments comprising realised and unrealised gains and losses from disposals and revaluations of financial assets and financial liabilities measured at fair value. Dividends or interest earned on the financial assets are also included in the net gains on investments.
2026 2025
£m £m
Financial assets
Change in fair value of financial instruments mandatorily at FVTPL 189.1 644.6
Financial liabilities
Change in fair value of financial instruments designated at FVTPL 20.4 (359.9)
Net gains arising on investments 209.5 284.7
10. Finance costs
Accounting policy Interest expense on the Group’s debt, excluding financial liabilities within structured entities controlled by the Group, is recognised using the effective interest rate method based on the expected future cash flows of the liabilities over their expected life. Financial liabilities within structured entities controlled by the Group are accounted for within Net gains and losses arising on investment (see note 9). Interest expense associated with lease obligations represents the unwinding
of the lease liability discount, are accounted for in accordance with IFRS 16 (see note 17).
Finance costs 2026 2025
£m £m
Interest expense recognised on financial liabilities held at amortised cost 33.9 36.5
Arrangement and commitment fees 3.5 4.7
Interest expense associated with lease obligations 2.2 2.5
39.6 43.7
11. Administrative expenses
Further detail in respect of material administrative expenses reported on the
income statement is set out below:
2026 2025
£m £m
Staff costs 305.9 297.4
Amortisation and depreciation 17.1 17.8
Operating lease expenses 2.6 3.7
Auditor's remuneration 2.8 2.7
Auditor’s remuneration includes fees for audit and non-audit services
payable to the Group’s auditor, Ernst and Young LLP, and are analysed as
below.
2026 2025
£m £m
ICG Group
Audit fees
Group audit of the annual accounts 1.8 1.8
Audit of subsidiaries' annual accounts 0.4 0.4
Audit of controlled CLOs 0.2 0.1
Total audit fees 2.4 2.3
Non-audit fees
Audit-related assurance services 0.2 0.2
Other assurance services 0.2 0.2
Total non-audit fees 0.4 0.4
Total auditor's remuneration incurred by the Group 2.8 2.7
12. Employees and Directors
Accounting policy The Deal Vintage Bonus (‘DVB’) scheme forms part of the Group’s Remuneration Policy for investment executives. DVB is reported within Wages and salaries. Payments of DVB are made in respect of plan years, which are aligned to the Group’s financial year. Payments of DVB are made only when the performance threshold for the plan year has been achieved on a cash basis and proceeds are received by the Group. An estimate of the DVB liability for a plan year is developed based on the following
inputs: valuation of underlying investments and allocations of DVB to qualifying investment professionals. The Group accrues the estimated DVB cost associated with that plan year evenly over five years, reflecting the average holding period for the underlying investments and therefore the period over which services are provided by the scheme participants.
2026 2025
£m £m
Directors’ emoluments 5.6 5.2
Employee costs during the year including Directors:
Wages and salaries 262.4 256.2
Social security costs 32.9 31.1
Pension costs 10.6 10.1
Total employee costs (note 11) 305.9 297.4
The monthly average number of employees (including Executive Directors) was:
Investment Executives 314 317
Marketing and support functions 395 375
Executive Directors 3 3
712 695
* The prior‑period headcount split has been re‑presented to align with
internal organisation structure.
ICG plc, the Company, does not have any employees but relies on the expertise
and knowledge of employees of subsidiary companies (see note 27).
Contributions to the Group’s defined contribution pension schemes are
charged to the consolidated income statement as incurred.
The performance-related element included in employee costs is £157.7m (2025:
£158.3m) which represents the annual bonus scheme, Omnibus Scheme, the Growth
Incentive Scheme and the DVB Scheme.
In addition, during the year, third-party funds have paid £150.1m (2025:
£40.4m) to former employees and £184.1m (2025: £115.7m) to current
employees, including Executive Directors, relating to carried interest
distributions from investments in funds made by these employees in prior
periods. Such amounts become due over time if, and when, specified performance
targets are ultimately realised in cash by the funds and paid by the funds
(see note 27). As these funds and CIPs are not consolidated, these amounts are
not included in the Group’s consolidated income statement.
13. Tax expense
Accounting policy The tax expense comprises current and deferred tax. Current tax assets and liabilities comprise those obligations to, or claims from, tax authorities relating to the current or prior reporting periods, that are unpaid at the reporting date. Deferred tax is provided in respect of temporary differences between the carrying amounts of assets and liabilities and their tax bases. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised
to the extent that it is probable that future taxable profits will be available against which the deferred tax assets can be utilised. Deferred tax is not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities in a transaction, other than a business combination, that affects neither the tax nor the accounting profit. Deferred tax assets and liabilities are calculated at the tax rates that are expected to be
applied to their respective period of realisation, provided they are enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset when there is a legally enforceable right of set off, when they relate to income taxes levied by the same tax authority and the Group intends to settle on a net basis. Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statement, except where they relate to items that are charged or
credited directly to equity, in which case the related deferred tax is also charged or credited directly to equity.
2026 2025
£m £m
Current tax:
Current year 83.0 108.0
Foreign tax suffered 0.5 —
Prior year adjustment 7.2 (12.7)
90.7 95.3
Deferred tax:
Current year 17.5 (21.6)
Prior year adjustment 1.3 5.6
18.8 (16.0)
Tax on profit on ordinary activities 109.5 79.3
The Group is an international business and operates across many different tax
jurisdictions. Income and expenses are allocated to these jurisdictions based
on transfer pricing methodologies set out both (i) in the laws of the
jurisdictions in which the Group operates, and (ii) under guidelines set out
by the Organisation for Economic Co-operation and Development (‘OECD’).
The effective tax rate reported by the Group for the period ended 31 March
2026 of 18.6% (2025: 14.9%) is lower than the statutory UK corporation tax
rate of 25% (2025: 25%).
The FMC activities are subject to tax at the relevant statutory rates ruling
in the jurisdictions in which the income is earned. The lower effective tax
rate compared to the statutory UK rate is largely driven by the IC activities.
The IC benefits from statutory UK tax exemptions on certain forms of income
arising from both foreign dividend receipts and gains from assets qualifying
for the substantial shareholdings exemption. The effect of these exemptions
means that the effective tax rate of the Group is highly sensitive to the
relative mix of IC income, and composition of such income, in any one period.
Due to the application of tax law requiring a degree of judgement, the
accounting thereon involves a level of estimation uncertainty which tax
authorities may ultimately dispute. Tax liabilities are recognised based on
the best estimates of probable outcomes and with regard to external advice
where appropriate. The principal factors which may influence the Group’s
future tax rate are changes in tax legislation in the territories in which the
Group operates, the relative mix of FMC and IC income, the mix of income and
expenses earned and incurred by jurisdiction and the timing of recognition of
available deferred tax assets and liabilities.
13. Tax expense continued
A reconciliation between the statutory UK corporation tax rate applied to the
Group’s profit before tax and the reported effective tax rate is provided
below.
2026 2025
£m £m
Profit on ordinary activities before tax 588.2 530.5
Tax at 25% (2025:25%) 147.1 132.6
Effects of
Prior year adjustment to current tax 7.2 (12.7)
Prior year adjustment to deferred tax 1.3 5.6
155.6 125.5
Non-taxable and non-deductible items 4.3 3.1
Non-taxable investment company income (54.0) (38.1)
Trading income generated by overseas subsidiaries subject to different tax rates 4.1 (11.1)
Effect of change in statutory tax rate (1.3) —
FX adjustment 0.8 (0.1)
Tax charge for the period 109.5 79.3
Deferred tax
Deferred tax (asset)/liability Investments Share-based payments and compensation deductible as paid Tax losses carried forward Other temporary differences Total
Group £m £m £m £m £m
As at 31 March 2024 47.2 (51.5) (7.3) (2.4) (14.0)
Prior year adjustment 2.1 — 1.7 1.9 5.7
Charge/(credit) to equity (1.1) 2.3 — — 1.3
Charge/(credit) to income (14.7) 2.0 (3.1) (5.7) (21.6)
Movement in foreign exchange on retranslation (0.8) — 0.2 0.3 (0.3)
As at 31 March 2025 32.7 (47.1) (8.5) (5.9) (28.9)
Prior year adjustment 2.6 — — (1.3) 1.3
Charge/(credit) to equity — 3.4 — — 3.4
Charge/(credit) to income 6.4 7.3 (3.0) 6.8 17.5
Movement in foreign exchange on retranslation (0.5) 0.1 0.1 0.1 (0.2)
As at 31 March 2026 41.2 (36.3) (11.4) (0.3) (6.9)
After offsetting deferred tax assets and liabilities where appropriate within
territories, the net deferred tax asset of £6.9m (FY25: £28.9m) comprises of
deferred tax assets totalling £33.1m (FY25: £35.6m) and deferred tax
liabilities totalling £26.2m (FY25: £6.7m).
As set out in the table above in column ‘Investments’: Deferred tax
liabilities at the start of the reporting period were solely due to
investments held by the Group, and during the period, the deferred tax
liability increased as a result of the increase in investment valuations. The
deferred tax assets held by the Group at the reporting date were
substantially due to employee remuneration schemes in the UK and US.
The Group has undertaken a review of the level of recognition of deferred tax
assets and is satisfied they are recoverable and therefore have been
recognised in full.
In 2021, the OECD issued model rules for a new global minimum tax framework
(Pillar Two), and this was followed by legislation from various Governments
around the world. These rules introduced a global minimum tax rate of 15%,
ensuring fair taxation for entities which are part of a multinational group
of enterprises.
From FY25 onwards, the Group has been subject to the global minimum top-up tax
rate under Pillar Two legislation. However, there is no material amount of
top-up tax recognised in respect of the Group’s operations for the period.
The Group has applied the mandatory IAS 12 temporary exemption from the
recognition and disclosure of deferred taxes arising from implementation of
the OECD’s Pillar Two model rules.
14. Dividends
Accounting policy Dividends are distributions of profit to holders of ICG plc’s share capital and as a result are recognised as a deduction in equity. Final dividends are announced with the Annual Report and Accounts and are recognised when they have been approved by shareholders. Interim dividends are announced with the Half Year Results and are recognised when they are paid.
2026 2025
Per share pence £m Per share pence £m
Ordinary dividends paid
Final 56.7 162.8 53.2 153.3
Interim 27.7 79.5 26.3 75.6
84.4 242.3 79.5 228.9
Proposed final dividend 59.3 169.1 56.7 162.8
Total dividend for the financial year ended 31 March 87.0 248.6 83.0 238.4
Of the £242.3m (2025: £228.9m) of ordinary dividends paid during the year,
£2.2m (2025: £1.5m) were reinvested under the dividend reinvestment plan
offered to shareholders.
15. Earnings per share
Year ended 31 March 2026 Year ended 31 March 2025
Earnings £m £m
Earnings for the purposes of basic and diluted earnings per share being net profit attributable to equity holders of the Parent 478.4 451.2
478.4 451.2
Number of shares
Weighted average number of ordinary shares for the purposes of basic earnings per share 286,779,584 287,221,959
Effect of dilutive potential ordinary share options 5,086,405 6,176,750
Weighted average number of ordinary shares for the purposes of diluted earnings per share 291,865,989 293,398,709
Earnings per share
Basic, profit attributable to equity holders of the parent (pence) 166.8p 157.1p
Diluted, profit attributable to equity holders of the parent (pence) 163.9p 153.8p
16. Intangible assets
Accounting policy Business combinations Business combinations are accounted for using the acquisition method. The acquisition method involves the recognition of all assets, liabilities and contingent liabilities of the acquired business at their fair value at the acquisition date. The excess of the fair value at the date of acquisition of the cost of investments in subsidiaries over the fair value of the net assets acquired which is not allocated to individual assets and liabilities is determined to be
goodwill. Goodwill is reviewed at least annually for impairment. Computer software Research costs associated with computer software are expensed as they are incurred. Other expenditure incurred in developing computer software is capitalised only if all of the following criteria are demonstrated: * An asset is created that can be separately identified;
* It is probable that the asset created will generate future economic benefits; and
* The development cost of the asset can be measured reliably.
Following the initial recognition of development expenditure, the cost is amortised over the estimated useful life of the asset created, which is determined as three years. Amortisation commences on the date that the asset is brought into use. Work-in-progress assets are not amortised until they are brought into use and transferred to the appropriate category of intangible assets. Amortisation of intangible assets is included in administrative expenses in the income statement and detailed in note 11.
Impairment of non-financial assets and goodwill
The Group assesses, at each reporting date, whether there is an indication
that an asset may be impaired. If any indication exists, or when annual
impairment testing for an asset is required, the Group estimates the asset’s
recoverable amount. An asset’s recoverable amount is the higher of an
asset’s fair value less costs of disposal and its value in use. The
recoverable amount is determined for an individual asset, unless the asset
does not generate cash inflows that are largely independent of those from
other assets or groups of assets. When the carrying amount of an asset exceeds
its recoverable amount, the asset is considered impaired and is written down
to its recoverable amount.
Computer software Goodwill (1) Investment management contracts Total
2026 2025 2026 2025 2026 2025 2026 2025
Group £m £m £m £m £m £m £m £m
Cost
At 1 April 23.2 17.9 4.3 4.3 1.1 1.1 28.6 23.3
Reclassified (2) — (0.6) — — — — — (0.6)
Additions 6.6 5.9 — — — — 6.6 5.9
At 31 March 29.8 23.2 4.3 4.3 1.1 1.1 35.2 28.6
Amortisation
At 1 April 11.9 7.3 — — 1.1 1.0 13.0 8.3
Charge for the year 4.5 4.6 — — — 0.1 4.5 4.7
At 31 March 16.4 11.9 — — 1.1 1.1 17.5 13.0
Net book value 13.4 11.3 4.3 4.3 — — 17.7 15.6
1. Goodwill was acquired in the ICG-Longbow Real Estate Capital LLP business
combination and represents a single cash generating unit. The recoverable
amount of the real estate cash generating unit is based on fair value less
costs to sell where the fair value equates to a multiple of adjusted net
income, in line with the original consideration methodology. The estimated
recoverable amount substantially exceeds the carrying value of the
cash‑generating unit, and the assessment is not sensitive to changes in any
single key assumption.
2. During the prior year assets previously classified as computer software
were determined to be related to furniture and equipment. These assets were
transferred at book value and there was no profit or loss arising on transfer.
During the financial year ended 31 March 2026, the Group recognised an expense
of £0.2m (2025: £0.4m) in respect of research and development expenditure.
17. Property, plant and equipment
Accounting policy The Group’s property, plant and equipment provide the infrastructure to enable the Group to operate. Assets are initially stated at cost, which includes expenditure associated with acquisition. The cost of the asset is recognised in the income statement as an amortisation charge on a straight-line basis over the estimated useful life, determined as three years for furniture and equipment and five years for short leasehold premises. Right of Use (‘ROU’) assets and associated leasehold
improvements are amortised over the full contractual lease term. Group as a lessee Included within the Group’s property, plant and equipment are its ROU assets. ROU assets are the present value of the Group’s global leases and comprise all future lease payments, and all expenditure associated with acquiring the lease. The Group’s leases are primarily made up of its global offices. The Group has elected to capitalise initial costs associated with acquiring a lease before commencement as a ROU asset. The
cost of the ROU asset is recognised in the income statement as an amortisation charge on a straight line basis over the life of the lease term. Short-term leases and leases of low value assets The Group applies the short-term lease recognition exemption to its short-term leases (those that have a lease term of 12 months or less from the commencement date which do not contain a purchase option). The Group also applies the recognition exemption to leases that are considered to be low value. Lease payments
on short-term leases and leases of low-value assets are recognised as administrative expenses on a straight-line basis over the lease term.
Furniture and equipment ROU asset Leasehold improvements Total
2026 2025 2026 2025 2026 2025 2026 2025
Group £m £m £m £m £m £m £m £m
Cost
At 1 April 6.8 5.9 92.7 89.1 16.9 16.8 116.4 111.8
Reclassified (1) — 0.6 — — — — — 0.6
Additions 0.7 0.4 3.5 4.6 — 0.3 4.2 5.3
Disposals — — (0.4) — — — (0.4) —
Exchange differences — (0.1) (0.2) (1.0) (0.1) (0.2) (0.3) (1.3)
At 31 March 7.5 6.8 95.6 92.7 16.8 16.9 119.9 116.4
Depreciation
At 1 April 5.0 2.8 35.0 25.7 5.7 4.1 45.7 32.6
Charge for the year 1.4 2.2 9.7 9.3 1.6 1.6 12.7 13.1
Disposals — — (0.2) — — — (0.2) —
Exchange differences — — 0.2 — — — 0.2 —
At 31 March 6.4 5.0 44.7 35.0 7.3 5.7 58.4 45.7
Net book value 1.1 1.8 50.9 57.7 9.5 11.2 61.5 70.7
1. During the prior year, assets previously classified as computer software
were determined to be related to furniture and equipment. These assets were
transferred at book value and there was no profit or loss arising on transfer.
Group as Lessor
Accounting policy Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease term and is included in other income in the consolidated income statement due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and amortised over the
lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned. The Group has entered into sub-lease agreements of certain office buildings (see note 17 above). These leases have terms of between two and five years. Rental income recognised by the Group during the year was £0.4m (2025: £0.4m).
Future minimum rentals receivable under non-cancellable operating leases
2026 2025
Group £m £m
Within one year — 0.4
After one year but not more than five years — —
At 31 March — 0.4
18. Investment property
Accounting policy Properties acquired as seed assets for funds are being held with a purpose to earn rental income and/or for capital appreciation and are not occupied by the Group. IAS 40 Investment Property requires that the property be measured initially at cost, including transaction costs, and subsequently measured at fair value. Gains or losses from changes in the fair values of investment properties are included in the profit or loss in the period in which they arise. The fair value of the
investment properties (Level 3) has been recorded based on independent valuations prepared by Jones Lang LaSalle (JLL), Kroll and Pacific Appraisal Co. Ltd., third-party real estate valuation specialists in line with the Royal Institution of Chartered Surveyors Valuation – Global Standards 2024. A market and income approach was performed to estimate the fair value of the Group’s investments. These valuation techniques can be subjective and include assumptions which are not supportable by observable data.
Details of the valuation techniques and the associated sensitivities are further disclosed in note 5.
2026 2025
Group £m £m
Investment property at fair value
At 1 April 122.3 82.7
Additions 27.7 59.9
Disposals (16.8) (33.1)
Fair value (loss) / gain (1.8) 12.8
At 31 March 131.4 122.3
The gain/(loss) arising from investment properties carried at fair value is
£(1.8)m (2025: £12.8m).
The Group has no restrictions on the realisability of its investment
properties and no contractual obligations to purchase, construct or develop
investment properties or for repairs, maintenance and enhancements.
19. Trade and other receivables
Accounting policy Trade and other receivables represent amounts the Group is due to receive in the normal course of business and are held at amortised cost. Trade and other receivables excluding those held in structured entities controlled by the Group include performance and management fees, which are considered contract assets under IFRS 15 and will only be received after realisation of the underlying assets, see note 3 and note 29. Trade and other receivables within structured entities controlled by the
Group relate principally to unsettled trades on the sale of financial assets. Amounts owed by Group companies are repayable on demand. To the extent that amounts are owed by Group companies engaged in investment activities the Company has assessed these receivables as non-current, reflecting the illiquidity of the underlying investments. Trade and other receivables from Group entities are considered related party transactions as stated in note 26. The carrying value of trade and other receivables reported
within current and non-current assets approximates fair value as these do not contain any significant financing components. The Group and the Company have adopted the simplified approach to measuring the loss allowance as lifetime Expected Credit Loss (‘ECL’), as permitted under IFRS 9. The ECL of trade and other receivables arising from transactions with Group entities or its affiliates are expected to be nil or close to nil. The assets do not contain any significant financing components, therefore the
simplified approach is deemed most appropriate.
2026 2025
£m £m
Trade and other receivables within structured entities controlled by the Group 93.3 181.8
Trade and other receivables excluding those held in structured entities controlled by the Group 243.7 250.4
Prepayments 10.3 10.6
Total current assets 347.3 442.8
Non-current assets
Trade and other receivables excluding those held in structured entities controlled by the Group 105.1 29.3
Total non-current assets 105.1 29.3
19. Trade and other receivables continued
For the Group, current trade and other receivables excluding those held in
structured entities controlled by the Group includes £172.3m of management
fees receivable (2025: £136.5m) and £39.6m of performance fees receivable
(2025: £79.1m).
Non-current trade and other receivables excluding those held in structured
entities controlled by the Group comprises performance-related fees (see note
3).
20. Trade and other payables
Accounting policy Trade and other payables within structured entities controlled by the Group relate principally to unsettled trades on the purchase of financial assets within structured entities controlled by the Group. Trade and other payables excluding those held in structured entities controlled by the Group are held at amortised cost and represent amounts the Group is due to pay in the normal course of business. Amounts owed to Group companies are repayable on demand. The carrying value of trade and
other payables approximates fair value as these are short term and do not contain any significant financing components. Trade and other payables from Group entities are considered related party transactions as stated in note 26. Key sources of estimation uncertainty on trade and other payables excluding those held in structured entities controlled by the Group. Payables related to the DVB scheme are subject to key estimation uncertainty, based on the inputs described in note 12. The sensitivity of the
DVB to a 10% increase in the fair value of the underlying investments is an increase of £12.0m (2025: £9.8m) and to a decrease of 10% is a decrease of £11.8m (2025: £9.7m).
2026 2025
£m £m
Trade and other payables within structured entities controlled by the Group 326.1 340.4
Trade and other payables excluding those held in structured entities controlled by the Group 189.9 218.9
Total current trade and other payables 516.0 559.3
Non-current liabilities
Trade and other payables excluding those held in structured entities controlled by the Group 50.7 50.3
Total non-current trade and other payables 50.7 50.3
For the Group, current trade and other payables excluding those held in
structured entities controlled by the Group includes £85.5m (2025: £88.7m)
in respect of cash bonus and £41.5m (2025: £71.3m) in respect of DVB, (see
note 12) and non-current Trade and other payables excluding those held in
structured entities controlled by the Group is entirely comprised of amounts
payable in respect of DVB (2025: all DVB).
21. Financial risk management
The Group has identified financial risk, comprising market and liquidity risk,
as a principal risk. Further details are set out on page 22. The Group has
exposure to market risk (including exposure to interest rates and foreign
currency), and liquidity risk arising from financial instruments.
Interest rate risk
The Group’s net assets have a mix of fixed and floating rate exposure.
The Group’s operations are financed with a combination of its
shareholders’ funds, bank borrowings, private placement notes and public
bonds. The Group monitors its exposure to market interest rate movements and
may manage it’s exposure to market interest rate movements by matching, to
the extent possible, the interest rate profiles of assets and liabilities and
by using derivative financial instruments.
21. Financial risk management continued
The sensitivity of floating rate financial assets to a 100 basis points
interest rate increase is £65.3m (2025: £58.7m) and to a decrease is
£(65.3)m (2025: £(58.7)m). The sensitivity of financial liabilities to a 100
basis point interest rate increase is £(52.8)m (2025: £(46.5)m) and to a
decrease is £52.8m (2025: £46.5m). These amounts would be reported within
Net gains on investments.
Exposure to interest rate risk
2026 2025
Floating Fixed Total Floating (1,2 ) (restated) Fixed (1,2 ) (restated) Total (1,2 ) (restated)
Group £m £m £m £m £m £m
Assets
Interest-bearing financial assets (excluding investments in loans held in consolidated structured entities) (3) 172.3 1,045.7 1,218.1 205.4 1,274.9 1,480.3
Cash and Cash equivalents (excluding cash and cash equivalents held in consolidated structured entities) 781.7 199.7 981.4 539.3 65.5 604.8
Derivatives (3) — — — — 3.9 3.9
Collateral assets held in consolidated structured entities (3) 5,086.0 243.6 5,329.6 4,730.5 222.9 4,953.4
Cash and Cash equivalents held within consolidated structured entities 434.0 — 434.0 255.4 — 255.4
Trade and other receivables within structured entities controlled by the Group (4) 60.3 — 60.3 140.3 — 140.3
Liabilities
Financial liabilities (excluding borrowings and loans held in consolidated structured entities) — (1,033.8) (1,033.8) — (1,175.9) (1,175.9)
Lease liabilities — (64.7) (64.7) — (71.9) (71.9)
Borrowings related to seed investments (34.3) (39.5) (73.8) (17.0) (40.3) (57.3)
Derivatives (3) — — — — (6.1) (6.1)
Liabilities of consolidated CLOs (3) (5,053.3) (125.3) (5,178.6) (4,529.4) (113.8) (4,643.2)
Trade and other payables within structured entities controlled by the Group (5) (189.0) — (189.0) (115.9) — (115.9)
1,257.7 225.7 1,483.4 1,208.6 159.2 1,367.8
1. Disaggregation: The following line items were previously included within
Financial assets (excluding investments in loans held in consolidated
entities) and have been disaggregated in order to improve the usefulness of
the table: Cash and Cash equivalents, Derivatives, and Trade and other
receivables within structured entities controlled by the Group. The following
line items were previously included within Financial liabilities (excluding
borrowings and loans held in consolidated entities) and have been
disaggregated in order to improve the usefulness of the table: Lease
liabilities, Borrowings related to seed investments, Derivatives and Trade
and other payables within structured entities controlled by the Group.
2. Restatement: The following balances have been restated as a result of an
error in the prior year due to the inclusion of non-interest bearing assets
and liabilities: Financial assets (excluding investments in loans held in
consolidated entities) was originally reported at £4,157.7m of which
Floating: £1,065.7m and Fixed: £3,092.0m. The remaining balance of
£3,153.3m after disaggregation has been re-titled as Interest-bearing
financial assets (excluding investments in loans held in consolidated
structured entities) and restated at £1,480.3m (of which floating £205.4m
and Fixed £1,274.9m ). The floating/fixed split of Cash and Cash equivalents
has been restated (previously wholly included within Floating) and Trade and
other receivables within structured entities controlled by the Group has been
restated (previously wholly included within Fixed). Investments in loans held
in consolidated entities has been retitled as Collateral assets held in
consolidated structured entities and restated at £4,953.4m of which Floating
£4,529.4m and Fixed £222.9m (was £4,976.4m of which Floating £4,730.6m and
Fixed £245.8m). Financial liabilities (excl. borrowings and loans held in
consolidated entities) was originally reported at £1,786.4m of which Fixed:
£1,786.4m. The remaining balance after disaggregation of £1,523.5 has been
restated at £1,175.9m of which Fixed £1,175.9m. The floating/fixed split of
Borrowings related to seed investments has been restated (previously wholly
included within Fixed). Borrowings and loans held in consolidated entities has
been retitled as Liabilities of consolidated CLOs and restated at £4,643.2m
of which Floating £4,529.4m and Fixed £113.8m (was £5,065.5 of which
Floating £4,928.9m and Fixed £136.6m).On disaggregation the floating/fixed
split of Trade and other payables within structured entities controlled by the
Group has been restated as Floating (previously Fixed).
3. Financial assets and liabilities at fair value (Note 5) includes
non-interest bearing assets of £1,241.5m (2025: £1,283.9m) and non-interest
bearing liabilities of £141.3m (2025: £217.2m)
4. Trade and other receivables within structured entities controlled by the
Group (note 19) include non-interest bearing assets of £33.0m (2025: £41.5m)
5. Trade and other payables within structured entities controlled by the Group
(note 20) include non-interest bearing liabilities of £137.1m (2025:
£224.5m)
Liquidity risk
The Group makes commitments to its managed funds in advance of that capital
being invested. These commitments are typically drawn over a five-year
investment period (see note 25 for outstanding commitments). Funds typically
have a 12-year contractual life. The Group manages its liquidity risk by
maintaining a sufficient liquidity buffer as well as headroom on its financing
facility.
The table below shows the liquidity profile of the Group’s financial
liabilities, based on contractual repayment dates of principal and interest
payments on an undiscounted basis. Future interest and principal cash flows
have been calculated based on exchange rates and floating rate interest rates
as at 31 March 2026. It is assumed that Group borrowings under its senior debt
facilities remain at the same level as at 31 March 2026 until contractual
maturity. All financial liabilities, excluding debt issued by structured
entities controlled by the Group, are held by the Company.
21. Financial risk management continued
Liquidity profile
Contractual maturity analysis
Less than one year One to two years Two to five years More than five years Total
As at 31 March 2026 £m £m £m £m £m
Financial liabilities
Private placements 73.8 5.1 99.5 — 178.4
Listed notes and bonds 454.7 10.9 458.6 — 924.2
Derivative financial instruments 11.2 — — — 11.2
Lease liabilities 10.6 10.2 27.8 14.3 62.9
Other financial liabilities 27.7 13.7 34.4 — 75.8
Contractual liabilities of consolidated CLOs including trade payables (see note 20). (1) 604.5 239.5 891.0 6,830.0 8,565.0
1,182.5 279.4 1,511.3 6,844.3 9,817.5
1. Assumes that consolidated CLOs remain in reinvestment phase until legal
maturity.
As at 31 March 2026 the Group has liquidity of £1,531.4m (2025: £1,154.8m)
which consists of undrawn debt facility of £550m (2025: £550m) and £981.4m
(2025: £604.8m) of unencumbered cash. Unencumbered cash excludes £434.0m
(2025: £255.4m) of restricted cash held principally by structured entities
controlled by the Group.
Contractual maturity analysis
Less than one year One to two years Two to five years More than five years Total
As at 31 March 2025 £m £m £m £m £m
Financial liabilities
Private placements 190.2 73.8 107.1 — 371.1
Listed notes and bonds 17.3 435.9 450.0 — 903.2
Derivative financial instruments 19.6 — — — 19.6
Lease liabilities 9.8 9.7 27.6 24.8 71.9
Other financial liabilities 2.7 28.9 28.8 — 60.4
Contractual liabilities of consolidated CLOs including trade payables (see note 20). (1) 604.5 610.0 1,003.9 4,864.3 7,082.7
844.1 1,158.3 1,617.4 4,889.1 8,508.9
1. Assumes that consolidated CLOs remain in reinvestment phase until legal
maturity.
The Group’s policy is to maintain continuity of funding. Due to the
long-term nature of the Group’s assets, the Group seeks to ensure that the
maturity of its debt instruments is matched to the expected maturity of its
assets.
Credit risk
Credit risk is the risk of financial loss to the Group as a result of a
counterparty failing to meet its contractual obligations. This risk is
principally in connection with the Group’s investments.
This risk is mitigated by the disciplined credit procedures that the relevant
Fund Investment Committees have in place prior to making an investment and the
ongoing monitoring of investments throughout the ownership period. In
addition, the risk of significant credit loss is further mitigated by the
Group’s diversified investment portfolio in terms of geography and industry
sector. The Group is exposed to credit risk through its financial assets (see
note 5) and investment in associates and joint ventures reported at fair
value.
The Group manages its operational cash balance by the regular forecasting of
cash flow requirements, debt management and cash pooling arrangements. Credit
risk exposure on cash, cash-equivalents and derivative instruments is managed
in accordance with the Group’s treasury policy which provides limits on
exposures with any single financial institution. The majority of the Group’s
surplus cash is held in AAA-rated Money Market funds and investment grade bank
deposits. Other credit exposures arise from outstanding derivatives with
financial institutions rated from A to A+.
The Group is exposed to credit risk as a result of lease and financing
guarantees provided. The maximum exposure to guarantees is £29.6m (2025:
£36.9m). No liability has been recognised in respect of these guarantees.
The Directors consider the Group’s credit risk exposure to cash balances and
trade and other receivables to be immaterial and as such no further analysis
has been presented.
21. Financial risk management continued
Foreign exchange risk
The Group is exposed to currency risk in relation to non-sterling currency
transactions and the translation of non-sterling net assets. The Group’s
most significant exposures are to the euro and the US dollar. Exposure to
currency risk is managed by matching assets with liabilities to the extent
possible and through the use of derivative instruments.
The Group regards its interest in overseas subsidiaries as long-term
investments. Consequently, it does not hedge the translation effect of
exchange rate movements on the net assets of these businesses.
The Group is also exposed to currency risk arising on the translation of fund
management fee income receipts, which are primarily denominated in euro and US
dollar.
The effect of fluctuations in other currencies is considered by the Directors
to be insignificant in the current and prior year. The net
assets/(liabilities) by currency and the sensitivity of the balances to a
strengthening of foreign currencies against sterling are shown below:
Market risk - Foreign exchange risk 2026
Net statement of financial Position exposure Forward exchange contracts Net exposure Sensitivity to strengthening Increase in net assets
£m £m £m % £m
Sterling 757.5 1,501.7 2,259.2 — —
Euro 830.9 (551.5) 279.4 15% 41.9
US dollar 854.0 (687.0) 167.0 20% 33.4
Other currencies 269.8 (274.4) (4.6) 10-25% —
2,712.2 (11.2) 2,701.0 75.3
Market risk - Foreign exchange risk 2025
Net statement of financial position exposure Forward exchange contracts Net exposure Sensitivity to strengthening Increase in net assets
£m £m £m % £m
Sterling 482.2 1,503.3 1,985.5 — —
Euro 918.1 (688.5) 229.6 15% 34.4
US dollar 820.5 (484.3) 336.2 20% 67.2
Other currencies 258.1 (312.6) (54.5) 10-25% —
2,478.9 17.9 2,496.8 101.6
The weakening of the above currencies would have resulted in an equal but
opposite impact, being a decrease in net assets.
Capital management
Managing capital is the ongoing process of determining and maintaining the
quantity and quality of capital appropriate for the Group and ensuring capital
is deployed in a manner consistent with the expectations of our stakeholders.
The primary objectives of the Group’s capital management are (i) align the
Group’s interests with its clients, (ii) grow third-party fee income in the
FMC and (iii) maintain robust capitalisation, including ensuring that the
Group complies with externally imposed capital requirements by the Financial
Conduct Authority (the ‘FCA’). The Group’s strategy has remained
unchanged from the year ended 31 March 2025.
(i) Regulatory capital requirements
The Group is required to hold capital resources to cover its regulatory
capital requirements and has complied with these requirements throughout the
year. The Group’s capital for regulatory purposes comprises the capital and
reserves of the Company, comprising called up share capital, reserves and
retained earnings as disclosed in the Statement of Changes in Equity (see page
33). The IFPR Public Disclosure statement is available on the Group’s
website at www.icgam.com/disclosures.
(ii) Capital and risk management policies
The formal procedures for identifying and assessing risks that could affect
the capital position of the Group are described in the Strategic Report. The
capital structure of the Group under UK-adopted IAS consists of cash and cash
equivalents, £1,415.4m (2025: £860.2m) (see note 6); debt, which includes
borrowings, £1,033.7m, (2025: £1,175.9m) (see note 7) and the capital and
reserves of the Company, comprising called up share capital, reserves and
retained earnings as disclosed in the Statement of Changes in Equity,
£1,624.0m (2025: £1,589.7m). Details of the Reportable segment capital
structure are set out in note 4.
22. Called up share capital and share premium
Share capital represents the number of issued ordinary shares in ICG plc
multiplied by their nominal value of 26¼p each.
Under the Company’s Articles of Association, any share in the Company may be
issued with such rights or restrictions, whether in regard to dividend,
voting, transfer, return of capital or otherwise as the Company may from time
to time by ordinary resolution determine or, in the absence of any such
determination, as the Board may determine. The shares currently in issue are
ordinary shares of 26¼ pence each carrying equal rights and ordinary
non-voting shares, which rank equally with the ordinary shares as regards
participation in dividends and returns of capital, but do not have voting
rights. The Articles of Association of the Company cannot be amended without
shareholder approval.
The Directors may refuse to register any transfer of any share which is not a
fully paid share, although such discretion may not be exercised in a way which
the Financial Conduct Authority regards as preventing dealings in the shares
of the relevant class or classes from taking place on an open and proper
basis. The Directors may likewise refuse to register any transfer of a share
in favour of more than four persons jointly.
The Company is not aware of any other restrictions on the transfer of shares
in the Company other than:
* An ordinary non-voting share shall be redesignated as an ordinary share upon
a valid transfer (being a transfer to a transferee that is not an affiliate
of Amundi Asset Management S.A.S.) to the Company, in a widespread public
distribution, in which no transferee would acquire 2% or more of any class of
voting securities of the Company, or involving a transfer in which the
transferee would control more than 50% of any class of voting securities of
the Company without regard to the transfer from the person, in accordance with
applicable law.
* Certain restrictions that may from time to time be imposed by laws and
regulations (for example, insider trading laws or the UK Takeover Code).
* Pursuant to the Listing Rules of the Financial Conduct Authority whereby
certain employees of the Company require approval of the Company to deal in
the Company’s shares.
The Company has the authority limited by shareholder resolution to issue, buy
back, or cancel ordinary shares in issue (including those held in trust,
described below). New shares are issued when share options are exercised by
employees. The Company has 296,054,558 authorised shares (2025: 294,370,225).
Number of ordinary shares of 26¼p allotted, called up and fully paid Share Capital £m Share Premium £m
1 April 2025 294,370,225 77.3 181.3
Shares issued 1,684,333 0.4 26.7
31 March 2026 296,054,558 77.7 208.0
Number of ordinary shares of 26¼p allotted, called up and fully paid Share Capital £m Share Premium £m
1 April 2024 294,365,326 77.3 181.3
Shares issued 4,899 0.0 —
31 March 2025 294,370,225 77.3 181.3
23. Own shares reserve
Accounting policy Own shares are recorded by the Group when ordinary shares are purchased in the market by ICG plc or through the ICG Employee Benefit Trust 2015 (‘EBT’). The EBT is a special purpose vehicle, with the purpose of purchasing and holding shares of the Company to hedge future share awards arising from the employee share-based compensation schemes (see note 24), mitigating the dilutive impact of these awards on existing shareholders. Own shares are held at cost and their purchase reduces the
Group’s net assets by the amount spent. When shares vest or shares held in treasury are cancelled, they are transferred from own shares to the retained earnings reserve at their weighted average cost. No gain or loss is recognised on the purchase, sale, issue or cancellation of the Company’s own shares.
23. Own shares reserve continued
The movement in the year is as follows:
2026 2025 2026 2025
£m £m Number Number
1 April 103.9 79.2 7,985,888 7,666,863
Purchased - share scheme (ordinary shares of 26¼p) 34.0 42.4 2,000,000 2,000,000
Purchased - share buyback (ordinary shares of 26¼p) 44.0 — 2,785,365 —
Options/awards exercised (35.8) (17.7) (1,943,901) (1,680,975)
As at 31 March 146.1 103.9 10,827,352 7,985,888
Of the total own shares held by the Group at 31 March 2026, 6,518,698 Treasury
own shares were held by the Company (2025: 3,733,333), of which 2,785,365
(£44.0m) were purchased in relation to the Amundi Strategic Partnership.
The number of shares held by the Group at the balance sheet date represented
3.7% (2025: 2.7%) of the Parent Company’s allotted, called up and fully paid
share capital.
24. Share-based payments
Accounting policy The Group issues compensation to its employees under both equity-settled and cash-settled share-based payment plans. Equity-settled share-based payments are measured at the fair value of the awards at grant date. The fair value includes the effect of non-market-based vesting conditions. The fair value determined at the date of grant is expensed on a straight-line basis over the vesting period. At each reporting date, the Group revises its estimate of the number of equity instruments
expected to vest as a result of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the income statement with a corresponding adjustment to equity.
The total charge to the income statement for the year was £45.0m (2025:
£45.6m) and this was credited to the share-based payments reserve. Details of
the different types of awards are as follows:
ICG plc Omnibus Plan
The Omnibus Plan provides for three different award types: Deferred Share
Awards and PLC Equity Awards.
Deferred Share Awards
Awards are made after the end of the financial year (and in a small number of
cases during the year) to reward employees for delivering cash profits,
managing the cost base, and employing sound risk and business management.
These share awards typically vest one-third at the end of the first, second
and third years following the year of grant, unless the individual leaves for
cause or to join a competitor. Dividend equivalents accrue to participants
during the vesting period and are paid at the vesting date. Awards are based
on performance against the individual’s objectives. There are no further
performance conditions.
PLC Equity Awards
Awards are made after the end of the financial year to reward employees,
including Executive Directors, for increasing long-term shareholder value.
These share awards typically vest one-third at the end of the third, fourth
and fifth years following the year of grant, unless the individual leaves for
cause or to join a competitor. Dividend equivalents accrue to participants
during the vesting period and are paid at the vesting date. Awards are based
on performance against the individual’s objectives. There are no further
performance conditions.
Share awards outstanding under the Omnibus Plan were as follows:
24. Share-based payments continued
Deferred share awards Number Weighted average fair value
2026 2025 2026 £ 2025 £
Outstanding at 1 April 3,244,442 3,804,026 16.95 14.35
Granted 1,189,006 1,141,054 20.45 23.11
Vested (1,763,397) (1,700,638) 15.76 15.33
Outstanding as at 31 March 2,670,051 3,244,442 19.19 16.95
Number Weighted average fair value
PLC Equity awards 2026 2025 2026 £ 2025 £
Outstanding at 1 April 2,992,342 2,614,058 17.00 14.70
Granted 1,202,938 839,597 20.45 23.10
Vested (630,104) (461,313) 15.29 14.90
Outstanding as at 31 March 3,565,176 2,992,342 18.43 17.00
The fair values of awards granted under the ICG plc Omnibus Plan are
determined by the average share price for the five business days prior
to grant.
ICG plc Buy Out Awards
Buy Out Awards are shares awarded to new employees in lieu of prior awards
forfeited. These share awards shall vest or be forfeited according to the
schedule and terms of the forfeited awards, and any performance conditions
detailed in the individual’s employment contract. Buy Out Awards consist of
equity-settled and cash-settled awards. Buy Out Awards outstanding were as
follows:
Number Weighted average fair value
Buy Out Awards 2026 2025 2026 £ 2025 £
Outstanding as at 1 April 445,446 809,303 13.74 13.41
Granted 71,731 110,225 20.57 21.52
Vesting (267,566) (474,082) 14.26 15.02
Outstanding as at 31 March 249,611 445,446 15.14 13.74
The fair values of the Buy Out Awards granted are determined by the average
share price for the five business days prior to grant.
Save As You Earn
The Group offers a Sharesave Scheme (‘SAYE’) to its UK employees. Options
are granted at a 20% discount to the prevailing market price at the date of
issue. Options to this equity-settled scheme are exercisable at the end of a
three-year savings contract. Participants are not entitled to dividends prior
to the exercise of the options. The maximum amount that can be saved by a
participant in this way is £6,000 in any tax year.
Fair value is measured using the Black–Scholes valuation model, which
considers the current share price of the Group, the risk-free interest rate
and the expected volatility of the share price over the life of the award. The
expected volatility was calculated by analysing three years of historic share
price data of the Group.
The total amount to be expensed over the vesting period is determined by
reference to the fair value of the share awards and options at grant date,
which is remeasured at each reporting date. The total amount to be expensed
during the year is £340,535 (2025: £258,610).
Save As You Earn Number Weighted average exercise value
2026 2025 2026 £ 2025 £
Outstanding as at 1 April 180,082 222,121 10.91 11.57
Granted 74,342 — 17.26 —
Exercised (2,514) (19,990) 11.31 16.77
Forfeited (28,457) (22,049) 12.42 12.26
Outstanding as at 31 March 223,453 180,082 12.83 10.91
Exercisable at end 1,719 — 10.79 16.99
The weighted average remaining contractual life is 1.7 years (2025: 1.1
years).
Growth Incentive Award
The Growth Incentive Award ('GIA’) is a market-value share option. Grants of
options are made following the end of the financial year to reward employees
for performance and to enhance alignment of interests. The GIA is a right to
acquire shares during the exercise period (seven years following the vesting
date) for a price equal to the market value of those shares on the grant date.
These options vest at the end of the third year following the year of grant,
unless the individual leaves for cause or to join a competitor. Awards are
based on performance against the individual’s objectives.
Growth Incentive Award Number Weighted average exercise value
2026 2025 2026 £ 2025 £
Outstanding as at 1 April 389,000 411,000 14.27 14.27
Granted 499,000 — 20.45 —
Exercised (147,000) — 14.27 —
Forfeited (12,000) (22,000) 14.27 14.27
Outstanding as at 31 March 729,000 389,000 18.50 14.27
Exercisable at end 230,000 — 14.27 —
The weighted average remaining contractual life is 8.2 years (2025: 6.2
years).
25. Financial commitments
As described in the Strategic Report, the Group co-invests with the funds it
manages to grow the business and create long-term shareholder value. Capital
committed to a fund is drawn down as it invests (typically over three to five
years). Outstanding undrawn commitments may increase where distributions are
recallable. Commitments are irrevocable. At the balance sheet date the Group
had undrawn commitments, which can be called on over the commitment period, as
follows:
2026 2025
£m £m
ICG Europe Fund V 25.0 24.0
ICG Europe Fund VI 79.0 78.0
ICG Europe Fund VII 104.0 100.0
ICG Europe Fund VIII 56.0 45.0
ICG Europe Fund IX 313.0 148.0
ICG Mid-Market Fund 13.0 13.0
ICG Mid-Market Fund II 40.0 40.0
Intermediate Capital Asia Pacific Fund III 58.0 59.0
ICG Asia Pacific Fund IV 50.0 36.0
ICG Strategic Secondaries Fund II 34.0 34.0
ICG Strategic Equity Fund III 81.0 81.0
ICG Strategic Equity Fund IV 36.0 38.0
ICG Strategic Equity Fund V 49.0 62.0
ICG Recovery Fund II 14.0 21.0
LP Secondaries 25.0 30.0
LP Secondaries II 38.0 —
Europe CPE Parallel 19.0 —
ICG Senior Debt Partners 2 4.0 4.0
ICG Senior Debt Partners 3 5.0 5.0
ICG Senior Debt Partners 4 5.0 5.0
Senior Debt Partners 5 23.0 27.0
Senior Debt Partners NYCERS 3.0 4.0
ICG North American Private Debt Fund 23.0 26.0
ICG North American Private Debt Fund II 20.0 21.0
ICG North American Credit Partners III 55.0 69.0
ICG-Longbow UK Real Estate Debt Investments VI 3.0 6.0
ICG Real Estate Debt VII 15.0 —
ICG-Longbow Development Fund — 14.0
ICG Infrastructure Equity Fund I 40.0 52.0
ICG Infrastructure Equity Fund II 112.0 102.0
ICG Infrastructure APAC 13.0 —
ICG Living 20.0 21.0
ICG Private Markets Pooling - Sale & Leaseback 17.0 17.0
ICG Sale & Leaseback II 23.0 17.0
ICG Metropolitan II 50.0 28.0
Multistrat SMAs 1.0 2.0
1,466.0 1,229.0
26. Related party transactions
Subsidiaries
The Group is not deemed to be controlled or jointly controlled by any party
directly or through intermediaries. The Group consists of the Parent Company,
ICG plc, incorporated in the UK, and its subsidiaries listed in note 27. All
entities meeting the definition of a controlled entity as set out in IFRS 10
are consolidated within the results of the Group. All transactions between the
Parent Company and its subsidiary undertakings are classified as related party
transactions for the Parent Company financial statements and are eliminated on
consolidation. Significant transactions with subsidiary undertakings relate to
dividends received, the aggregate amount received during the year is £408.3m
(2025: £909.4m) and recharge of costs to a subsidiary of £29.9m (2025:
£97.9m).
Associates and joint ventures
An associate is an entity over which the Group has significant influence, but
not control, over the financial and operating policy decisions of the entity.
As the investments in associates are held for venture capital purposes they
are designated at fair value through profit or loss. A joint venture is an
arrangement whereby the parties have joint control over the arrangements, see
note 28. Where the investment is held for venture capital purposes they are
designated as fair value through profit or loss. These entities are related
parties and the significant transactions with associates and joint ventures
are as follows:
2026 2025
£m £m
Income statement
Net gains/(losses) on investments (21.7) (18.4)
(21.7) (18.4)
2026 2025
£m £m
Statement of financial position
Trade and other receivables 16.0 47.5
Trade and other payables — (11.7)
16.0 35.8
Unconsolidated structured entities
The Group has determined that, where the Group holds an investment, loan, fee
receivable, guarantee or commitment with an investment fund, carried interest
partnership or CLO, this represents an interest in a structured entity in
accordance with IFRS 12 Disclosure of Interest in Other Entities (see note
29). The Group provides investment management services and receives management
fees (including performance-related fees) and dividend income from these
structured entities, which are related parties. Amounts receivable
and payable from these structured entities arising in the normal course of
business remain outstanding. At 31 March 2026, the Group’s interest in and
exposure to unconsolidated structured entities are as follows:
2026 2025
£m £m
Income statement
Management fees 664.7 580.6
Performance-related management fees 133.5 87.4
Other income 5.9 8.0
804.1 676.0
2026 2025
£m £m
Statement of financial position
Performance fees receivable 144.7 108.4
Trade and other receivables 208.1 406.3
Trade and other payables (267.2) (491.8)
85.6 22.9
26. Related party transactions continued
Key management personnel
Key management personnel are defined as the Executive Directors. The Executive
Directors of the Group are Benoît Durteste, David Bicarregui and Antje
Hensel-Roth.
The compensation of key management personnel during the year was as follows:
2026 2025
£m £m
Short-term employee benefits 4.4 3.9
Post-employment benefits 0.2 0.3
Other long-term benefits — —
Share-based payment benefits 7.4 6.8
12.0 11.0
Fees paid to Non-Executive Directors were as follows:
2026 2025
£000 £000
William Rucker 425.0 400.0
Andrew Sykes 154.5 139.8
Rosemary Leith 144.0 134.5
Matthew Lester 127.0 120.5
Virginia Holmes 127.0 120.5
Stephen Welton 97.0 90.5
Amy Schioldager — 37.0
Sonia Baxendale 114.0 26.1
Robin Lawther 40.4 —
The remuneration of Directors and key executives and Non-Executive Directors
is determined by the Remuneration Committee having regard to the performance
of individuals and market rates.
27. Subsidiaries
Accounting policy Investment in subsidiaries The Group consists of the Parent Company, ICG plc, and its subsidiaries, described collectively herein as ‘ICG’ or the ‘Group’. Investments in subsidiaries in the Parent Company statement of financial position are recorded at cost less provision for impairments or at fair value through profit or loss. Key accounting judgement A key judgement for the Group is whether the Group controls an investee or fund and is required to consolidate the investee or fund
into the results of the Group. Control is determined by the Directors’ assessment of decision making authority, rights held by other parties, remuneration and exposure to returns. When assessing whether the Group controls any fund it manages (or any entity associated with a fund) it is necessary to determine whether the Group acts in the capacity of principal or agent for the third-party investor. An agent is a party primarily engaged to act on behalf and for the benefit of another party or parties,
whereas a principal is primarily engaged to act for its own benefit. A key judgement when determining that the Group acts in the capacity of principal or agent is the kick-out rights of the third-party fund investors. We have reviewed these kick-out rights, across each of the entities where the Group has an interest. Where fund investors have substantive rights to remove the Group as the investment manager it has been concluded that the Group is an agent to the fund and thus the fund does not require
consolidation into the Group. We consider if the Group has significant influence over these entities and, where we conclude it does, we recognise them as associates. Where the conclusion is that the Group acts in the capacity of principal the fund has been consolidated into the Group’s results. Where the Group has Trust entities in investment deals or fund structures, a key judgement is whether the Trust is acting on behalf of the Group or another third party. Where the Trust is considered to act as an
agent of the Group, the related subsidiaries of the Trust have been consolidated into the Group. As a fund manager the Group participates in carried interest arrangements, the participants of which are the Group, certain of the Group’s employees and others connected to the underlying fund. In the majority of the Group’s funds, the Group holds its carried interest directly in the fund. In a minority of funds, carried interest arrangements are facilitated through carried interest partnerships (CIPs) where
the Group is a participant. These vehicles have two purposes: 1) to facilitate payments of carried interest from the fund to carried interest participants, and 2) to facilitate individual co-investment into the funds. The Directors have undertaken a control assessment of the CIPs and other entities as set out above, and have also considered whether the individual carried interest participants were providing a service for the benefit of the Group. The Directors have assessed that two CIPs are controlled,
and they are included within the list of controlled structured entities.
The Group consists of a Parent Company, ICG plc, incorporated in the UK, and a
number of subsidiaries held directly or indirectly by ICG plc, which operate
and are incorporated around the world. The subsidiary undertakings of the
Group are shown below. All are wholly owned, and the Group’s holding is in
the ordinary share class, except where stated. The Companies Act 2006 requires
disclosure of certain information about the Group’s related undertakings.
Related undertakings are subsidiaries, joint ventures and associates.
The registered office of all related undertakings at 31 March 2026 was
Procession House, 55 Ludgate Hill, New Bridge Street, London EC4M 7JW, unless
otherwise stated.
The financial year end of all related undertakings is 31 March, unless
otherwise stated.
All subsidiaries are consolidated as at 31 March.
27. Subsidiaries continued
Directly held subsidiaries
Name Ref (1) Country of incorporation Principal activity Share class % Voting rights held
ICG Asset Management Limited (formerly ICG LTD) United Kingdom Holding company Ordinary shares 100%
ICG FMC Limited England & Wales Holding company Ordinary shares 100%
Intermediate Capital Investments Limited England & Wales Investment company Ordinary shares 100%
ICG Global Investment UK Limited England & Wales Holding company Ordinary shares 100%
ICG Carbon Funding Limited England & Wales Investment company Ordinary shares 100%
ICG Longbow Richmond Limited England & Wales Holding company Ordinary shares 100%
ICG-Longbow BTR Limited England & Wales Holding company Ordinary shares 100%
ICG Longbow Development (Brighton) Limited England & Wales Holding company Ordinary shares 100%
LREC Partners Investments No. 2 Limited England & Wales Investment company Ordinary shares 55%
ICG Longbow Senior Debt I GP Limited England & Wales General partner Ordinary shares 100%
ICG Debt Advisors (Cayman) Ltd 4 Cayman Islands Advisory company Ordinary shares 100%
ICG Re Holding (Germany) GmbH 10 Germany Special purpose vehicle Ordinary shares 100%
ICG Watch Jersey GP Limited 19 Jersey General partner Ordinary shares 100%
Intermediate Capital Group Espana SL 37 Spain Advisory company Ordinary shares 100%
ICG Co-Investment 2024 Plus Limited England & Wales Investment company Ordinary shares 100%
Registered addresses are disclosed on page 79.
27. Subsidiaries continued
Indirectly held subsidiaries
Name Ref (1) Country of incorporation Principal activity Share class % Voting rights held
Australia Re Funding Co PTE. Ltd 31 Singapore General Partner Ordinary shares 100%
Bronte GP I S.à r.l. 21 Luxembourg General Partner Ordinary shares 100%
Bronte GP LP SCSp 21 Luxembourg Limited Partner N/A —%
ICG - Longbow Fund V GP S.à r.l. 21 Luxembourg General Partner Ordinary shares 100%
ICG (DIFC) Limited 40 United Arab Emirates Service company Ordinary shares 100%
ICG Alternative Credit (Cayman) GP Limited 5 Cayman Islands General Partner Ordinary shares 100%
ICG Alternative Credit (Jersey) GP Limited 19 Jersey General Partner Ordinary shares 100%
ICG Alternative Credit (Luxembourg) GP S.A. 24 Luxembourg General Partner Ordinary shares 100%
ICG Alternative Credit LLC 44 United States of America Advisory company Ordinary shares 100%
ICG Alternative Investment (Netherlands) B.V. 28 Netherlands Advisory company Ordinary shares 100%
ICG Alternative Investment Limited England & Wales Advisory company Ordinary shares 100%
ICG Asia Pacific Fund III GP Limited 19 Jersey General Partner Ordinary shares 100%
ICG Asia Pacific Fund III GP Limited Partnership 19 Jersey Limited Partner N/A —%
ICG Asia Pacific Fund IV GP LP SCSp 25 Luxembourg Limited Partner N/A —%
ICG Asia Pacific Fund IV GP S.à r.l. 25 Luxembourg General Partner Ordinary shares 100%
ICG Asia Pacific Limited (formerly Intermediate Capital Asia Pacific Limited) 13 Hong Kong Advisory company Ordinary shares 100%
ICG Assetmark Preferred Aggregator GP LLC 44 United States of America General Partner Ordinary shares 100%
ICG Augusta Associates LLC 43 United States of America General Partner Ordinary shares 100%
ICG Augusta GP LP 5 Cayman Islands Limited Partner N/A —%
ICG Australian Senior Debt GP Limited 5 Cayman Islands General Partner Ordinary shares 100%
ICG Centre Street Partnership GP Limited 18 Jersey General Partner Ordinary shares 100%
ICG Core Private Equity GP LLC 43 United States of America General Partner Ordinary shares 100%
ICG Core Private Equity GP LP SCSp 21 Luxembourg Limited Partner N/A —%
ICG Core Private Equity GP S.à r.l. 21 Luxembourg General Partner Ordinary shares 100%
ICG CPE Europe GP LLC 43 United States of America General Partner Ordinary shares 100%
ICG CPE Europe GP S.a.r.l. 21 Luxembourg General Partner Ordinary shares 100%
ICG Debt Administration LLC 44 United States of America Service company Ordinary shares 100%
ICG Debt Advisors LLC – Holdings Series 44 United States of America Investment company Ordinary shares 100%
ICG Debt Advisors LLC - Manager Series 44 United States of America Advisory company Ordinary shares 100%
ICG EFV MLP GP LIMITED England & Wales General Partner Ordinary shares 100%
ICG EFV MLP Limited 18 Jersey General Partner Ordinary shares 100%
ICG Employee Benefit Trust 2015 12 Guernsey N/A Ordinary shares 100%
ICG Enterprise Carry GP Limited 19 Jersey General Partner Ordinary shares 100%
ICG Enterprise Co-Investment GP Limited England & Wales General Partner Ordinary shares 100%
ICG Europe Amsterdam, Branch of ICG Europe S.à r.l. 28 Netherlands Branch Ordinary shares 100%
ICG Europe Copenhagen, filial af ICG Europe S.à r.l. 6 Denmark Branch N/A 100%
ICG Europe Fund IX GP LP SCSp 26 Luxembourg General Partner N/A —%
ICG Europe Fund IX GP S.à r.l. 26 Luxembourg General Partner Ordinary shares 100%
ICG Europe Fund V GP Limited 18 Jersey General Partner Ordinary shares 100%
ICG Europe Fund V GP Limited Partnership 18 Jersey Limited Partner N/A —%
ICG Europe Fund VI GP Limited 18 Jersey General Partner Ordinary shares 100%
ICG Europe Fund VI GP Limited Partnership 18 Jersey Limited Partner N/A —%
ICG Europe Fund VI Lux GP S.à r.l. 20 Luxembourg General Partner Ordinary shares 100%
ICG Europe Fund VII GP LP SCSp 26 Luxembourg Limited Partner N/A —%
ICG Europe Fund VII GP S.à r.l. 26 Luxembourg General Partner Ordinary shares 100%
ICG Europe Fund VIII GP LP SCSp 27 Luxembourg Limited Partner N/A —%
ICG Europe Fund VIII GP S.à r.l. 27 Luxembourg General Partner Ordinary shares 100%
ICG Europe Mid-Market Fund GP LP SCSp 26 Luxembourg Limited Partner N/A —%
ICG Europe Mid-Market Fund GP S.à r.l. 26 Luxembourg General Partner Ordinary shares 100%
ICG Europe Mid-Market Fund II GP S.à r.l. 27 Luxembourg General Partner Ordinary shares 100%
ICG Europe S.a r.l. 22 Luxembourg Advisory company Ordinary shares 100%
ICG Europe SARL - Frankfurt Branch 11 Germany Branch N/A 100%
ICG Europe SARL - Milan Branch 14 Italy Branch N/A 100%
ICG Europe SARL - Paris Branch 9 France Branch N/A 100%
ICG European Credit Mandate GP LP SCSp 26 Luxembourg Limited Partner N/A —%
ICG European Credit Mandate GP S.à r.l. 26 Luxembourg General Partner Ordinary shares 100%
ICG European Fund 2006 B GP Limited 19 Jersey General Partner Ordinary shares 100%
ICG EXCELSIOR GP LP SCSp 27 Luxembourg Limited Partner N/A —%
ICG Excelsior GP S.à r.l. 27 Luxembourg General Partner Ordinary shares 100%
ICG Fund Advisors LLC 44 United States of America Advisory company Ordinary shares 100%
ICG Global Investment Jersey Limited 17 Jersey Investment company Ordinary shares 100%
ICG Global Nominee Jersey Limited 17 Jersey Special purpose vehicle Ordinary shares 100%
ICG Infrastructure APAC I GP LP SCSp 21 Luxembourg Limited Partner N/A —%
ICG Infrastructure APAC I GP S.à r.l. 21 Luxembourg General Partner Ordinary shares 100%
ICG Infrastructure Equity Fund I GP LP SCSp 27 Luxembourg Limited Partner N/A —%
ICG Infrastructure Equity Fund I GP S.a.r.l 27 Luxembourg General Partner Ordinary shares 100%
ICG Infrastructure Fund II GP S.à r.l 27 Luxembourg General Partner Ordinary shares 100%
ICG International Holdco Inc. 41 United States of America Advisory company Ordinary shares 100%
ICG Investments Inc. (formerly Intermediate Capital Group Inc.) 44 United States of America Advisory company Ordinary shares 100%
ICG Investments Singapore Pte. Limited (formerly Intermediate Capital Group (Singapore) Pte. Limited) 30 Singapore Advisory company Ordinary shares 100%
ICG Japan KK 16 Japan Advisory company Ordinary shares 100%
ICG Life Sciences GP LP SCSp 25 Luxembourg Limited Partner N/A —%
ICG Life Sciences GP S.à r.l. 25 Luxembourg General Partner Ordinary shares 100%
ICG Life Sciences SCSp 25 Luxembourg Limited Partner N/A —%
ICG Living GP S.a r.l. 21 Luxembourg General Partner Ordinary shares 100%
ICG Longbow Development Debt Limited England & Wales Investment company Ordinary shares 100%
ICG LP Secondaries Associates I LLC 43 United States of America General Partner Ordinary shares 100%
ICG LP Secondaries Associates II GP LP 43 United States of America Limited Partner N/A —%
ICG LP Secondaries Associates II LLC 43 United States of America General Partner Ordinary shares 100%
ICG LP Secondaries Fund Associates I S.a. r.l. 27 Luxembourg General Partner Ordinary shares 100%
ICG LP Secondaries Fund Associates II S.à r.l. 27 Luxembourg General Partner Ordinary shares 100%
ICG LP Secondaries Fund II GP LP SCSp 27 Luxembourg Limited Partner N/A —%
ICG LP Secondaries I GP LP SCSp 27 Luxembourg Limited Partner N/A —%
ICG Manager Limited (formerly Intermediate Capital Managers Limited) England & Wales Advisory company Ordinary shares 100%
ICG Metropolitan GP S.à r.l. 21 Luxembourg General Partner Ordinary shares 100%
ICG Nordic AB 38 Sweden Advisory company Ordinary shares 100%
ICG North America Associates II LLC 44 United States of America General Partner Ordinary shares 100%
ICG North America Associates III - Preferred Equity GP LP 44 United States of America Limited Partner N/A —%
ICG North America Associates III - Preferred Equity LLC 44 United States of America General Partner Ordinary shares 100%
ICG North America Associates III LLC 44 United States of America General Partner Ordinary shares 100%
ICG North America Associates III S.à r.l. 25 Luxembourg General Partner Ordinary shares 100%
ICG North America Associates LLC 44 United States of America General Partner Ordinary shares 100%
ICG North American Private Debt (Offshore) GP Limited Partnership 5 Cayman Islands Limited Partner N/A —%
ICG North American Private Debt GP LP 44 United States of America Limited Partner N/A —%
ICG North American Private Debt II (Offshore) GP LP 5 Cayman Islands Limited Partner N/A —%
ICG North American Private Debt II GP LP 44 United States of America Limited Partner N/A —%
ICG Private Credit GP S.à r.l. 26 Luxembourg General Partner Ordinary shares 100%
ICG Private Markets General Partner SCSp 25 Luxembourg General Partner N/A —%
ICG Private Markets GP S.à r.l. 25 Luxembourg General Partner Ordinary shares 100%
ICG RE Australia Group PTY LTD 3 Australia Service company Ordinary shares 100%
ICG RE Capital Partners Australia PTY LTD 3 Australia Advisory company Ordinary shares 100%
ICG RE Corporate Australia PTY LTD 3 Australia Service company Ordinary shares 100%
ICG RE Funds Management Australia PTY LTD 3 Australia Service company Ordinary shares 100%
ICG Real Estate Debt VI GP LP SCSp 25 Luxembourg Limited Partner N/A —%
ICG Real Estate Debt VI GP S.à r.l. 25 Luxembourg General Partner Ordinary shares 100%
ICG Real Estate Debt VII GP LP SCSp 21 Luxembourg Limited Partner N/A —%
ICG Real Estate Debt VII GP Sarl 21 Luxembourg General Partner Ordinary shares 100%
ICG Real Estate Multi-Strategy GP I S.à r.l 21 Luxembourg General Partner Ordinary shares 100%
ICG Real Estate Opportunities APAC GP S.à r.l. 21 Luxembourg General Partner Ordinary shares 100%
ICG Real Estate Senior Debt V GP S.à r.l. 25 Luxembourg General Partner Ordinary shares 100%
ICG Recovery Fund 2008 B GP Limited 19 Jersey General Partner Ordinary shares 100%
ICG Recovery Fund II GP LP SCSp 27 Luxembourg Limited Partner N/A —%
ICG Recovery Fund II GP S.à r.l. 27 Luxembourg General Partner Ordinary shares 100%
ICG RED Dart GP Sarl 21 Luxembourg General Partner Ordinary shares 100%
ICG RED Dart GPLP SCSp 21 Luxembourg Limited Partner N/A —%
ICG SEMM General Partner S.a r.l. 27 Luxembourg General Partner Ordinary shares 100%
ICG SEMM GP LLC 43 United States of America General Partner Ordinary shares 100%
ICG SEMM GP LP 43 United States of America Limited Partner N/A —%
ICG SEMM GP SCSp 27 Luxembourg General Partner N/A —%
ICG Senior Debt Partners 26 Luxembourg General Partner Ordinary shares 100%
ICG Senior Debt Partners Co Invest X GP LP SCSp 26 Luxembourg Limited Partner N/A —%
ICG Senior Debt Partners Co Invest X GP S.à r.l. 26 Luxembourg General Partner Ordinary shares 100%
ICG Senior Debt Partners GP S.à r.l. 25 Luxembourg General Partner Ordinary shares 100%
ICG Senior Debt Partners UK GP Limited England & Wales General Partner Ordinary shares 100%
ICG SRE GP II S.à r.l. 21 Luxembourg General Partner Ordinary shares 100%
ICG SRE GP III S.à r.l. 21 Luxembourg General Partner Ordinary shares 100%
ICG Strategic Equity Advisors LLC 44 United States of America Advisory company Ordinary shares 100%
ICG Strategic Equity Associates II LLC 43 United States of America General Partner Ordinary shares 100%
ICG Strategic Equity Associates III LLC 43 United States of America General Partner Ordinary shares 100%
ICG Strategic Equity Associates IV LLC 43 United States of America General Partner Ordinary shares 100%
ICG Strategic Equity Associates IV S.à r.l 27 Luxembourg General Partner Ordinary shares 100%
ICG Strategic Equity GP V LLC 43 United States of America General Partner Ordinary shares 100%
ICG Strategic Equity GP V S.à r.l. 27 Luxembourg General Partner Ordinary shares 100%
ICG Strategic Equity III (Offshore) GP LP 5 Cayman Islands Limited Partner N/A —%
ICG Strategic Equity III GP LP 43 United States of America Limited Partner N/A —%
ICG Strategic Equity IV GP LP 43 United States of America Limited Partner N/A —%
ICG Strategic Equity IV GP LP SCSp 27 Luxembourg Limited Partner N/A —%
ICG Strategic Equity Side Car (Onshore) GP LP 43 United States of America Limited Partner N/A —%
ICG Strategic Equity Side Car GP LP 5 Cayman Islands Limited Partner N/A —%
ICG Strategic Equity Side Car II (Onshore) GP LP 43 United States of America Limited Partner N/A —%
ICG Strategic Equity Side Car II GP LP 5 Cayman Islands Limited Partner N/A —%
ICG Strategic Secondaries Carbon (Offshore) GP LP 5 Cayman Islands Limited Partner N/A —%
ICG Strategic Secondaries Carbon Associates LLC 44 United States of America General Partner Ordinary shares 100%
ICG Strategic Secondaries II (Offshore) GP LP 5 Cayman Islands Limited Partner N/A —%
ICG Strategic Secondaries II GP LP 43 United States of America Limited Partner N/A —%
ICG Structured Special Opportunities GP Limited 5 Cayman Islands General Partner Ordinary shares 100%
ICG Switzerland GMBH 39 Switzerland General Partner Ordinary shares 100%
ICG Total Credit (Global) GP, S.à r.l. 23 Luxembourg General Partner Ordinary shares 100%
ICG US Mid-Market Fund I LLC 42 United States of America General Partner Ordinary shares 100%
ICG Velocity Co-Investor (Offshore) GP LP 5 Cayman Islands Limited Partner N/A —%
ICG Velocity Co-Investor Associates LLC 43 United States of America General Partner Ordinary shares 100%
ICG Velocity Co-Investor GP LP 43 United States of America Limited Partner N/A —%
ICG Velocity GP LP 43 United States of America Limited Partner N/A —%
ICG-Longbow B Investments L.P. England & Wales Investment company N/A —%
ICG-Longbow Development GP LLP England & Wales General Partner N/A —%
ICG-Longbow IV GP S.à r.l. 20 Luxembourg General Partner Ordinary shares 100%
Intermediate Capital Asia Pacific 2008 GP Limited 19 Jersey General Partner Ordinary shares 100%
Intermediate Capital Asia Pacific Mezzanine 2005 GP Limited 19 Jersey General Partner Ordinary shares 100%
Intermediate Capital Asia Pacific Mezzanine Opportunity 2005 GP Limited 19 Jersey General Partner Ordinary shares 100%
Intermediate Capital Australia PTY Limited 1 Australia Advisory company Ordinary shares 100%
Intermediate Capital GP 2003 Limited 19 Jersey General Partner Ordinary shares 100%
Intermediate Capital GP 2003 No.1 Limited 19 Jersey General Partner Ordinary shares 100%
Intermediate Capital Group (Italy) S.R.L. 14 Italy Advisory company Ordinary shares 100%
Intermediate Capital Group Benelux B.V. 28 Netherlands Advisory company Ordinary shares 100%
Intermediate Capital Group Beratungsgesellschaft mbH 10 Germany Advisory company Ordinary shares 100%
Intermediate Capital Group Dienstleistungsgesellschaft mbH 10 Germany Service company Ordinary shares 100%
Intermediate Capital Group Polska Sp. z.o.o 29 Poland Service company Ordinary shares 100%
Intermediate Capital Group SAS 9 France Advisory company Ordinary shares 100%
Intermediate Capital Managers (Australia) PTY Limited 2 Australia Advisory company Ordinary shares 100%
Intermediate Capital Managers (Australia) Pty Ltd Korea Branch 36 South Korea Branch Ordinary shares 100%
Longbow Real Estate Capital LLP 8 England & Wales Advisory company N/A —%
Wise Living Amber Langley Mill Limited 7 England & Wales Special purpose vehicle Ordinary shares 83%
Wise Living Homes Limited 7 England & Wales Special purpose vehicle Ordinary shares 83%
Capstone Living and Stay General Private Investment Company No. 1 32 South Korea Special purpose vehicle Ordinary shares 100%
Capstone Living and Stay General Private Investment Company No. 2 35 South Korea Special purpose vehicle Ordinary shares 100%
Godo Kaisha Co-living One 15 Japan Special purpose vehicle Ordinary shares 100%
Godo Kaisha Converse 15 Japan Special purpose vehicle Ordinary shares 100%
ICG Core Private Equity Fund LP 43 United States of America Special purpose vehicle N/A —%
ICG Core Private Equity Master LP 43 United States of America Special purpose vehicle N/A —%
ICG Funding Lux S.à r.l. 21 Luxembourg Special purpose vehicle Ordinary shares 100%
ICG Life Sciences Debt Limited 19 Jersey Special purpose vehicle Ordinary shares 100%
ICG Life Sciences Feeder SCSp 25 Luxembourg Special purpose vehicle N/A —%
ICG North American Private Equity Debt (Jersey) Limited 19 Jersey Special purpose vehicle Ordinary shares 100%
ICG Real Estate Opportunities APAC Fund SCSp 21 Luxembourg Special purpose vehicle N/A —%
ICG Seed Asset Founder LP Limited 19 Jersey Special purpose vehicle Ordinary shares 100%
ICG-Longbow Investment 3 LLP England & Wales Special purpose vehicle N/A —%
IGISX General Real Estate Private Investment Company No.12 34 South Korea Special purpose vehicle Ordinary shares 100%
Montero Cruise JP 1 Pte. Ltd 31 Singapore Special purpose vehicle Ordinary shares 100%
Montero Cruise JP 2 Pte. Ltd 31 Singapore Special purpose vehicle Ordinary shares 100%
Montero Japan Master Pte. Ltd 31 Singapore Special purpose vehicle Ordinary shares 100%
Montero Pte. Ltd. 31 Singapore Special purpose vehicle Ordinary shares 100%
Rifa Private Real Estate Trust No. 24 33 South Korea Special purpose vehicle Ordinary shares 100%
Tokutei Mokutei Co-living One 15 Japan Special purpose vehicle Ordinary shares 100%
Tokutei Mokutei Converse 15 Japan Special purpose vehicle Ordinary shares 100%
Yangju Investment PTE. Limited 31 Singapore Special purpose vehicle Ordinary shares 100%
Registered addresses are disclosed on page 79.
27. Subsidiaries continued
Registered offices
1 Level 18, 88 Phillip Street, Sydney, NSW 2000, Australia
2 Level 31, 88 Phillip Street, Sydney, NSW 2000, Australia
3 Level 9, 88 Phillip Street, Sydney, NSW 2000, Australia
4 75 Fort Street, Clifton House, c/o Estera Trust (Cayman) Limited, PO Box 1350, Grand Cayman, KY1-1108, Cayman Islands
5 PO Box 309, Ugland House, C/o Maples Corporate Services Limited, Grand Cayman, KY1-1104, Cayman Islands
6 Female Founders House Bredgade 45B, 3., kontor, Copenhagen, 607 1260, Denmark
7 17 Regan Way, Chetwynd Business Park, Chilwell, Nottingham, NG9 6RZ, England & Wales
8 25 Farringdon Street, London, EC4A 4AB
9 1 rue de la Paix, Paris, 75002, France
10 12th Floor, An der Welle 5, Frankfurt, 60322, Germany
11 12th Floor, Stockwerk, An der Welle 5, Frankfurt, 60322, Germany
12 c/o Zedra Trust Company (Guernsey) Limited, 3rd Floor, Cambridge House, Le Truchot, St Peter Port, GY1 1WD, Guernsey
13 Suites 1301-02, 13/F, AIA Central, 1 Connaught Road Central, Hong Kong
14 Corso Giacomo Matteotti 3, CAP 20121 Milano, Italy
15 1-1-7-807 Motoakasaka, Minato-ku, Tokyo, Japan,
16 Level 23, Otemachi Nomura Building, 2-1-1 Otemachi, Chiyoda-ku, Tokyo, 100-0004, Japan
17 6 Esplanade, St. Helier, JE1 1BX, Jersey
18 IFC 1, The Esplanade, St. Helier, JE1 4BP, Jersey
19 Ogier House,44 The Esplanade, St. Helier, JE4 9WG, Jersey
20 12E, rue Guillaume Kroll, L - 1882 Luxembourg
21 3, rue Gabriel Lippmann, L - 5365 Munsbach, Luxembourg
22 32-36, boulevard d'Avranches L - 1160 Luxembourg, 1160, Luxembourg
23 49 Avenue John F. Kennedy, Luxembourg, L-1855, Luxembourg
24 5 Allée Scheffer, Luxembourg, L-2520, Luxembourg
25 6, rue Eugene Ruppert, Luxembourg, L-2453, Luxembourg
26 60, Avenue J.F. Kennedy, Luxembourg, L-1855, Luxembourg
27 6H Route de Trèves, Senningerberg, L-2633, Luxembourg
28 Paulus Potterstraat 20, 2hg., Amsterdam, 1071 DA, Netherlands
29 Spark B, Aleja Solidarności 171, Warsaw, 00-877, Poland
30 8 Marina View, #32-06. Asia Square Tower 1, 018960, Singapore
31 9 Temasek Boulevard, #12-01/02. Suntec Tower Two, 038989, Singapore
32 116, Ingye-ro, Paldal-gu, Suwon-si, Gyeonggi-do, Republic of Korea
33 12F, 136, Sejong-daero, Jung-gu, Seoul, Republic of Korea
34 136, Sejong-daero, Jung-gu, Seoul, Republic of Korea
35 182, Beotkkot-ro, Geumcheon-gu, Seoul, Republic of Korea
36 29F, Parnas Tower, 521 Teheran-ro, Gangnam-gu, Seoul, Republic of Korea
37 Serrano 30-3º, 28001 Madrid, Spain
38 David Bagares Gata 3, 111 38 Stockholm
39 Bleicherweg 10, 8002 Zürich, Switzerland
40 Index Tower, Floor 4, Unit 404, Dubai International Financial Centre, Dubai, United Arab Emirates
41 c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, DE, 19801, United States of America
42 c/o Intertrust Corporate Services Delaware LTD, Suite 210, 200 Bellevue Parkway, Wilmington, DE, United States of America
43 c/o Maples Fiduciary Services (Delaware) Inc., Suite 302, 4001 Kennett Pike, Wilmington, DE, 19807, United States of America
44 c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, DE, 19801, United States of America
27. Subsidiaries continued
The table below shows details of structured entities that the Group is deemed
to control:
Name of subsidiary Country of incorporation % of ownership interests and voting rights
ICG US CLO 2014-1, Ltd. Cayman Islands 50%
ICG US CLO 2014-2, Ltd. Cayman Islands 72%
ICG US CLO 2014-3, Ltd. Cayman Islands 51%
ICG US CLO 2015-1, Ltd. Cayman Islands 50%
ICG US CLO 2015-2R, Ltd. Cayman Islands 83%
ICG US CLO 2016-1, Ltd. Cayman Islands 63%
ICG US CLO 2017-1, Ltd. Cayman Islands 60%
ICG US CLO 2020-1, Ltd. Cayman Islands 52%
ICG EURO CLO 2021-1 DAC Ireland 67%
ICG EURO CLO 2023-2 DAC Ireland 100%
St. Paul's CLO II DAC Ireland 85%
St. Paul's CLO III-R DAC Ireland 62%
St. Paul's CLO VI DAC Ireland 53%
St. Paul's CLO VIII DAC Ireland 53%
St. Paul's CLO XI DAC Ireland 57%
ICG Euro CLO 2023-1 DAC Ireland 100%
ICG Enterprise Carry (1) LP Jersey 100%
ICG Enterprise Carry (2) LP Jersey 50%
ICG Total Credit (Global) SCA Luxembourg 100%
ICG EURO CLO 2024-1 DAC Ireland 100%
ICG US CLO 2024-1, Ltd. Cayman Islands 100%
ICG US CLO 2024-R1, Ltd. Cayman Islands 100%
ICG US CLO 2021-1, Ltd. Cayman Islands 56%
ICG US CLO 2025-1, Ltd. Cayman Islands 100%
ICG EURO CLO 2025-1 DAC Ireland 85%
ICG US CLO 2025-2, Ltd. Cayman Islands 100%
The structured entities controlled by the Group include £5,407.5m (2025:
£5,408.0m) of assets and £5,407.4m (2025: £5,408.0m) of liabilities within
26 funds listed above (2025: 23). These assets are restricted in their use to
being the sole means by which the related fund liabilities can be settled. All
other assets can be accessed or used to settle the other liabilities of the
Group without significant restrictions.
The Group has not provided contractual or non-contractual financial or other
support to a consolidated structured entity during the period. It is not the
current intention to provide such support, including the intention to assist
the structured entity in obtaining financial support.
27. Subsidiaries continued
Subsidiary audit exemption
For the period ended 31 March 2026, the following companies were entitled to
exemption from audit under section 479A of the Companies Act 2006 relating to
subsidiary companies. The member(s)(1) of the following companies have not
required them to obtain an audit of their financial statements for the period
ended 31 March 2026.
Company Registered number Member(s)
ICG FMC Limited 7266173 ICG plc
ICG Global Investment UK Limited 7647419 ICG plc
ICG Longbow Development (Brighton) Limited 8802752 ICG plc
ICG Longbow Richmond Limited 11210259 ICG plc
ICG Longbow BTR Limited 11177993 ICG plc
ICG Longbow Senior Debt I GP Limited 2276839 ICG plc
Intermediate Capital Investments Limited 2327070 ICG plc
LREC Partners Investments No. 2 Limited 7428335 ICG plc
ICG Asset Management Limited (formerly ICG Ltd) 14542130 ICG plc
ICG-Longbow Development GP LLP OC396833 ICG plc, ICG FMC Limited
ICG-Longbow Investment 3 LLP OC395389 ICG FMC Limited, ICG Manager Limited
ICG Enterprise Co-Investment GP Limited 9961033 ICG plc, ICG FMC Limited
ICG EFV MLP GP Limited 7758327 ICG EFV MLP Ltd
ICG Senior Debt Partners UK GP Limited 8562977 ICG plc, ICG FMC Limited
ICG Co-Investment 2024 Plus Limited 16107851 ICG plc
1Shareholders or Partners, as appropriate.
28. Associates and joint ventures
Accounting policy Investment in associates An associate is an entity over which the Group has significant influence, but no control, over the financial and operating policy decisions of the entity. As the investments in associates are held for venture capital purposes they are designated at fair value through profit or loss. Investment in joint ventures A joint venture is a joint arrangement whereby the parties that have joint control over the arrangement have rights to the net assets of the
arrangements. The results and assets and liabilities of joint ventures are incorporated in these financial statements using the equity method of accounting from the date on which the investee becomes a joint venture, except when the investment is held for venture capital purposes in which case they are designated as fair value through profit and loss. Under the equity method, an investment in a joint venture is initially recognised in the consolidated statement of financial position at cost, and adjusted
thereafter to recognise the Group’s share of the joint venture’s profit or loss. The nature of some of the activities of the Group associates and joint ventures are investment related which are seen as complementing the Group’s operations and contributing to achieving the Group’s overall strategy. The remaining associates and joint ventures are portfolio companies not involved in investment activities.
28. Associates and joint ventures continued
Details of associates and joint ventures
Details of each of the Group’s associates at the end of the reporting period
are as follows:
Name of associate Principal activity Country of incorporation Proportion of ownership interest/voting rights held by the Group Income distributions received from associate Proportion of ownership interest/voting rights held by the Group Income distributions received from associate
2026 2026 £m 2025 2025 £m
ICG Europe Fund V Jersey Limited (1) Investment company Jersey 20% 14.1 20% —
ICG Europe Fund VI Jersey Limited (1) Investment company Jersey 17% 39.6 17% 56.8
ICG North American Private Debt Fund (2) Investment company United States of America 20% 1.6 20% 1.8
ICG Asia Pacific Fund III Singapore Pte. Limited (3) Investment company Singapore 20% 23.3 20% 1.3
KIK Equity Co-invest LLC (2) Investment company United States of America 25% — 25% —
Seaway Topco, LP (2) Investment company United States of America 49% — 49% —
1. The registered address for this entity is IFC 1 – The Esplanade, St
Helier, Jersey JE1 4BP.
2. The registered address for this entity is c/o The Corporation Trust
Company, 1209 Orange Street, Wilmington, DE, 19801, United States.
3. The registered address for this entity is 9 Raffles Place. #26-01. Republic
Plaza, 048619, Singapore.
The Group has a shareholding in each of ICG Europe Fund V Jersey Limited, ICG
Europe Fund VI Jersey Limited, ICG North American Private Debt Fund, ICG Asia
Pacific Fund III Singapore Pte. Limited and KIK Equity Co-invest LLC arising
from its co-investment with a fund. The Group appoints the General Partner
(GP) to each of these funds. The investors have substantive rights to remove
the GP without cause. The Funds also each have an Advisory Council, nominated
by the investors, whose function is to ensure that the GP is acting in the
interest of investors. As the Group has a 17%–25% holding, and therefore
significant influence in each entity, they have been considered as associates.
Seaway Topco, LP is assessed as an associate as a result of the Group’s
interest in the issued share capital.
Details of each of the Group’s joint ventures at the end of the reporting
period are as follows:
Name of joint venture Accounting method Principal activity Country of incorporation Proportion of ownership interest held by the Group 2026 Proportion of voting rights held by the Group 2026
Brighton Marina Group Limited Fair value Investment company United Kingdom 70% 50%
Brighton Marina Group Limited is accounted for at fair value in accordance
with IAS28 and IFRS9 and the Group’s accounting policy in note 5 to the
financial statements.
The Group holds 70% of the ordinary shares of Brighton Marina Group Limited
and the management of this entity is jointly controlled with a third party who
the Group does not control and therefore the Group is unable to execute
decisions without the consent of the third party.
Significant restriction
There are no significant restrictions on the ability of associates and joint
ventures to transfer funds to the Group other than having sufficient
distributable reserves.
Summarised financial information for associates and joint ventures material to
the reporting entity
The Group’s only material associate or joint venture is ICG Europe Fund VI
Jersey Limited which is an associate measured at fair value through profit and
loss. The information below is derived from the IFRS financial statements of
the entities. Materiality has been determined by the carrying value of the
associate as a percentage of total Group assets.
The entity allows the Group to co-invest with ICG Europe Fund VI, aligning
interests with other investors. In addition to the returns on its
co-investment the Group receives performance-related fee income from the funds
(see note 3). This is industry standard and is in line with other funds in the
industry.
28. Associates and joint ventures continued
ICG Fund VI Jersey Limited
2026 2025
£m £m
Current assets 0.7 358.1
Non-current assets 210.8 952.6
Current liabilities — (357.7)
211.5 953.0
Revenue (71.3) 343.1
Expenses (0.2) (0.2)
Total comprehensive income (71.5) 342.9
29. Unconsolidated structured entities
A structured entity is an entity that has been designed so that voting or
similar rights are not the dominant factor in deciding who controls the
entity, such as when any voting rights relate to administrative tasks only and
the relevant activities are directed by means of contractual arrangements. The
Group has determined that it has an interest in a structured entity where the
Group holds an investment, loan, fee receivable or commitment with
an investment fund or CLO. Where the Group does not hold an investment in the
structured entity, management has determined that the characteristics of
control, in accordance with IFRS 10, are not met.
The Group, as fund manager, acts in accordance with the pre-defined parameters
set out in various agreements. The decision-making authority of the Group and
the rights of third parties are documented. These agreements include
management fees that are commensurate with the services provided and
performance fee arrangements that are industry standard. As such, the Group is
acting as agent on behalf of these investors and therefore these entities are
not consolidated into the Group’s results. Consolidated structured entities
are detailed in note 27.
At 31 March 2026, the Group’s interest in and exposure to unconsolidated
structured entities including outstanding management and performance fees are
detailed in the table below, and recognised within financial assets at FVTPL
and trade and other receivables in the statement of financial position:
2026
Funds Investment in Fund Management fees receivable Management fee rates Performance fees receivable Performance fee rates Maximum exposure to loss
£m £m % £m % £m
Structured Capital and Secondaries 1,601.5 92.5 0.25% to 1.38% 112.5 20%–25% of total performance fee of 10%–20% of profit over the threshold 1,806.5
Real Assets 356.8 37.2 0.03% to 1.23% 8.2 20% of total performance fee of 15%–20% of profit over the threshold 402.2
Debt 433.8 40.5 0.33% to 1.50% 24.1 20% of returns in excess of 0% for Alternative Credit Fund only and IRR of 12% for CLOs 498.4
Total 2,392.1 170.2 144.8 2,707.1
2025
Funds Investment in Fund Management fees receivable Management fee rates Performance fees receivable Performance fee rates Maximum exposure to loss
£m £m % £m % £m
Structured Capital and Secondaries 1,823.8 86.4 0.25% to 1.38% 102.6 20%–25% of total performance fee of 10%–20% of profit over the threshold 2,012.8
Real Assets 442.7 21.8 0.03% to 1.23% — 20% of total performance fee of 15%–20% of profit over the threshold 464.5
Debt 384.8 28.3 0.29% to 1.50% 5.8 10%–20% of total performance fee of 8%–20% of profit over the threshold 418.9
Total 2,651.3 136.5 108.4 2,896.2
The Group’s maximum exposure to loss is equal to the value of any
investments held and unpaid management fees and performance fees.
The Group has not provided non-contractual financial or other support to the
unconsolidated structured entities during the year. It is not the current
intention to provide such support, including the intention to assist the
structured entity in obtaining financial support.
30. Cash flow information
Accounting policy Cash flows arising from the acquisition and disposal of financial assets, including within consolidated CLOs, are classified as operating as these investment activities are part of the Group’s day-to-day operations. This includes cashflows to seed new investment strategies as this activity is undertaken to establish new sources of fund management fee income, growing the operating activities of the Group.
Cash flows as a result of a change in control as presented in Investing
activities in the Consolidated statement of cash flows (page 32) consists of
aggregate cashflows of £167.6m, arising from obtaining control of ICG EURO
CLO 2025-1, ICG US CLO 2021-1, ICG US CLO 2025-1 and ICG US CLO 2025-2. Total
cash consideration paid amounted to £79.7m. At the point control was obtained
in respect of these CLOs, the net asset value of these interests comprised of
financial assets of £1,068.4m, cash of £247.3m and financial liabilities of
£1,315.7m.
31. Contingent liabilities
The Parent Company and its subsidiaries may be party to legal claims arising
in the course of business. The Directors do not anticipate that the outcome of
any such potential proceedings and claims will have a material adverse effect
on the Group’s financial position and at present there are no such claims
where their financial impact can be reasonably estimated. The Parent Company
and its subsidiaries may be able to recover any monies paid out in settlement
of claims from third parties.
There are no other material contingent liabilities.
32. Post balance sheet events
In the period 1 April 2026 to 19 May 2026, 4,060,926 shares were purchased by
the Company further to the Amundi Strategic Partnership.
On 20 April 2026, 2,270,525 non-voting 26.25p shares were issued at 1,589.24p.
There have been no other material events since the balance sheet date.
Other information
Outstanding debt facilities
Currency Drawn £m Undrawn £m Total £m Interest rate Maturity
Revolving Credit Facility (RCF) Multi — 550.0 550.0 Benchmark + 1.05% October-28
Eurobond 2020 EUR 431.9 — 431.9 1.63% February-27
ESG Linked Bond EUR 431.9 — 431.9 2.50% January-30
Total bonds 863.8 — 863.8
PP 2016 – Class C USD 40.4 — 40.4 4.96% September-26
PP 2016 – Class F EUR 25.9 — 25.9 3.04% January-27
Private Placement 2016 66.3 — 66.3
PP 2019 – Class C USD 93.5 — 93.5 5.35% March-29
Private Placement 2019 93.5 — 93.5
Total Private Placements 159.8 — 159.8
Total 1,023.6 550.0 1,573.6
Group Financial Performance reconciliation to Group Reportable segments
Presentational adjustments
Year ended 31 March 2026 Group Financial Performance £m Performance fees £m Other operating income £m Compensation costs £m Other operating expenses £m Balance sheet investment and financing £m Reportable segments £m FMC £m IC £m
Management fees 684.8 127.0 811.8 811.8 — External fee income
— 23.3 (23.3) Inter-segmental fee
3.6 3.6 2.9 0.7 Other operating income
815.4 838.0 (22.6) Fund management fee income
FRE operating expenses (335.3) 244.5 88.5 2.3
Fee-related earnings (FRE) 349.5
Performance fee income 127.0 (127.0)
Stock-based compensation (50.0) 50.0
Asset management earnings 426.5
Net balance sheet return 148.8 11.4 (62.0) 98.2 — 98.2 Net investment returns
62.0 62.0 62.0 — Dividend income
20.4 20.4 — 20.4 Finance gain/(loss)
Other income and expenses 24.1 (3.6) (20.5)
Depreciation and amortisation (7.6) 7.6
Net interest (5.6) 5.6
996.0 900.0 96.0 Total revenue
27.6 27.6 0.1 27.5 Interest income
(35.4) (35.4) (2.3) (33.1) Interest expense
(148.2) (148.2) (117.5) (30.7) Staff costs
(157.7) (157.7) (129.4) (28.3) Incentive scheme costs
(96.1) (96.1) (64.1) (32.0) Other administrative expenses
Group profit before tax 586.2 — — — — — 586.2 586.8 (0.6) Profit before tax
Group Financial Performance reconciliation to Group Reportable segments
continued
Presentational adjustments
Year ended 31 March 2025 Group Financial Performance £m Performance fees £m Other operating income £m Compensation costs £m Other operating expenses £m Balance sheet investment and financing £m Reportable segments £m FMC £m IC £m
Management fees 603.8 86.2 690.0 690.0 External fee income
— — 24.6 (24.6) Inter-segmental fee
— 4.5 4.5 2.8 1.7 Other operating income
694.5 717.4 (22.9) Fund management fee income
FRE operating expenses (320.2) 234.9 82.8 2.5
Fee-related earnings (FRE) 283.6
Performance fee income 86.2 (86.2)
Stock-based compensation (53.2) 53.2
Asset management earnings 316.6
Net balance sheet return 231.4 9.4 (48.3) 192.5 192.5 Net investment returns
48.3 48.3 48.3 Dividend income
8.3 8.3 8.3 Finance gain/(loss)
Other income and expenses 13.1 (4.5) (8.6)
Depreciation and amortisation (8.5) 8.5
Net interest (20.4) 20.4
943.6 765.7 177.9 Total revenue
19.5 19.5 0.3 19.2 Interest income
(42.1) (42.1) (2.5) (39.6) Interest expense
(139.2) (139.2) (109.2) (30.0) Staff costs
(158.3) (158.3) (128.8) (29.5) Incentive scheme costs
(91.3) (91.3) (64.1) (27.2) Other administrative expenses
Group profit before tax 532.2 — — — — — 532.2 461.4 70.8 Profit before tax
Glossary
Non-IFRS alternative performance measures (APM) are defined below:
Term Short Form Definition
APM cash Total cash excluding balances within consolidated structured entities.
APM earnings per share EPS APM profit after tax (annualised when reporting a six-month period’s results) divided by the weighted average number of ordinary shares as detailed on page 14.
APM Group profit before tax Group profit before tax adjusted for the impact of the consolidated structured entities (see note 4). As at 31 March, this is calculated as follows:
2026 2025
Profit before tax £588.2m £530.5m
(Less) /Plus consolidated structured entities £(2.0)m £1.7m
APM Group profit before tax £586.2m £532.2m
Asset management earnings Pre-tax profits generated by the Group for managing client assets, comprised of FRE and performance fees less stock-based compensation.
Assets under management AUM Measure of all funds and assets managed by the Group. AUM is calculated by adding fee-earning AUM, AUM not yet earning fees, fee-exempt AUM and the value of the total balance sheet portfolio.
2026 2025
Third-party AUM $122.1bn $108.4bn
Total balance sheet portfolio $3.5bn $3.9bn
Total AUM $125.6bn $112.3bn
Available cash Total available cash comprises APM cash less regulatory liquidity requirement.
2026 2025
APM cash £981.4m £604.8m
Regulatory liquidity requirement £(70.0)m £57.0m
Available cash £911.4m £547.8m
Balance sheet portfolio The sum of the Group’s co-investment portfolio and seed portfolio less the DVB liability. This metric is an APM and incorporates Reportable segments only, it excludes Consolidated entities (see Note 4).
2026 2025
Total non-current and current financial assets Note 4 £2,668.5m £3,054.9m
Derivative (assets) £(4.9)m £(26.9)m
Total balance sheet portfolio £2,663.5m £3,028.0m
Less: DVB Liability £(95.7)m £(127.3)m
Balance sheet portfolio £2,567.8m £2,900.7m
Balance sheet portfolio per share Balance sheet portfolio per share divided by the closing number of ordinary voting and ordinary non-voting shares in issue. (See page 14 for further information on share count). As at 31 March, this is calculated as follows:
2026 2025
Balance sheet portfolio £2,568m £2,901m
Number of shares used for purposes of per share calculations 290,640,291 290,636,892
Balance sheet portfolio per share 883p 998p
Cash profit PICP Cash profit (Pre-Incentive Cash Profit) is defined as internally reported profit before tax and incentive schemes, adjusted for non-cash items.
2026 2025
Fee-related earnings £349.5m £283.6m
Adjustments £586.6m £566.1m
Cash profit £936.1m £849.7m
Co-investment portfolio The Group’s investments in or alongside funds managed by the Group
Earnings per share EPS Profit after tax (annualised when reporting a six-month period’s results) divided by the weighted average number of ordinary shares as detailed in Note 15.
EBITDA Earnings before interest, tax, depreciation and amortisation.
Effective management fee rate The average fee rate computed by weighting fee rates relative to FEAUM.
Fee-earning AUM FEAUM AUM for which the Group is eligible to be paid a management fee or performance fee.
Fee-related earnings FRE The profit generated from management fees less Group cash operating expenses.
FMC profit before tax margin FMC PBT Margin Fund Management Company profit before tax divided by Fund Management Company total revenue. As at 31 March this is calculated as follows:
2026 2025
Fund Management Company profit before tax £586.8m £461.4m
Fund Management Company total revenue £900.0m £766.0m
FMC PBT Margin 65.2% 60.2%
FRE operating expenses Operating expenses attributable to the Fee-related Earnings (FRE) activity, excluding items that are non-cash or directly linked to the Balance Sheet Portfolio.
2026 2025
Salaries £148.2m £139.2m
Cash incentives £96.3m £95.7m
Administrative costs £90.8m £85.3m
FRE operating expenses £335.3m £320.2m
FRE Margin Fee-related earnings (FRE) divided by Management fees. As at 31 March this is calculated as follows:
2026 2025
FRE £349.5m £283.6m
Management fees £684.8m £603.8m
FRE Margin 51.0% 47.0%
FRE Margin excluding catch-up fees FRE ex. catch-up fees Fee-related earnings (FRE) divided by Management fees excluding the impact of catch-up fees. As at 31 March this is calculated as follows:
2026 2025
FRE (excluding catch-up fees) £298.1m £221.8m
Management fees (excluding catch-up fees) £633.4m £542.0m
FRE Margin (excluding catch-up fees) 47.1% 40.9%
FRE per share Fee-related earnings (FRE) divided by the weighted average number of ordinary voting and ordinary non-voting shares in issue. (See page 14 for further information on share count). As at 31 March, this is calculated as follows:
2026 2025
FRE £349.5m £283.6m
Weighted average number of shares for purposes of per share calculations 290,638,658 290,633,332
FRE per share 120p 98p
Group operating cashflows Group operating cashflows are net cash flows from operating activities adjusted for interest paid
2026 2025
Group operating cashflows £873.6m £537.4m
Interest paid £(34.3)m £(41.2)m
Net cash flows from operating activities Note 4 £839.3m £496.2m
Group financing cashflows Group financing cashflows are net cash flows used in financing activities adjusted for interest paid and the payment of principal portion of lease liabilities
2026 2025
Group financing cashflows £(456.3)m £(495.6)m
Interest paid £34.3m £41.2m
Payment of principal portion of lease liabilities £(12.5)m £(12.2)m
Net cash flows used in financing activities Note 4 £(478.1)m £(524.6)m
Interest expense Interest expense excludes the cost of financing associated with the consolidated structured entities. See Note 10 for a full reconciliation.
Net balance sheet returns Net investment returns aggregated with CLO dividends net of Deal Vintage Bonus expense. The table below shows these presented for the period ended 31 March:
2026 2025
NIR £98.2m £192.5m
CLO Dividends £62.0m £48.3m
Total balance Sheet returns £160.2m £240.8m
Less: DVB expense £(11.4)m £(9.4)m
Net balance sheet returns £148.8m £231.4m
Net cash flows from investing activities Other operating cash flows is net cash flows from investing activities adjusted for the payment of principal portion of lease liabilities
2026 2025
Net cash flows from investing activities £13.3m £15.8m
Payment of principal portion of lease liabilities £(12.5)m £(12.2)m
Other operating cash flows £0.8m £3.6m
Net financial debt Net debt Net financial debt is gross financial debt less available cash. As at 31 March, this is calculated as follows:
2026 2025
Total liabilities held at unamortised cost £1,033.7m £1,175.9m
Impact of upfront fees/unamortised discount £(9.7)m £1.1m
Gross drawn debt (see page 82) £1,024.0m £1,177.0m
Less available cash £(911.4)m £(548.0)m
Net debt £112.6m £629.0m
Net debt per share Net debt per share divided by the closing number of ordinary voting and ordinary non-voting shares in issue. (See page 14 for further information on share count). As at 31 March, this is calculated as follows:
2026 2025
Net debt £112.6m £629.0m
Number of shares used for purposes of per share calculations 290,640,291 290,636,892
Net debt per share 39p 216p
Net Investment Returns NIR Net Investment Returns is the income generated by the balance sheet portfolio and interest income less asset impairments and CLO equity dividends.
Operating cash flow Operating cash flow represents the cash generated from operating activities from the statement of cash flows, adjusted for the impact of the consolidated structured entities. See Note 4 for a full reconciliation.
Performance fee income per share Performance fee income divided by the weighted average number of ordinary voting and ordinary non-voting shares in issue. (See page 14 for further information on share count). As at 31 March, this is calculated as follows:
2026 2025
Performance fee income £127.0m £86.2m
Weighted average number of shares for purposes of per share calculations 290,638,658 290,633,332
Performance fee income per share 44p 30p
Total available liquidity Total available liquidity comprises available cash and undrawn debt facilities.
Total balance sheet returns Net investment returns aggregated with CLO dividends.
Total fund size Total fund size is the sum of third-party AUM and ICG plc’s commitment to that fund.
Other definitions which have not been identified as non-IFRS GAAP alternative
performance measures are as follows:
Term Short Form Definition
AIFMD The EU Alternative Investment Fund Managers Directive.
Alternative performance measure APM These are non-IFRS financial measures.
CAGR Compound Annual Growth Rate.
Catch-up fees On funds that charge fees on committed capital, fees are charged from the date of the first close, irrespective of when the commitment is made. The first fee payment clients make can therefore include fees that relate to prior fiscal years. Those fees are booked in the year they are received and are referred to as ‘catch-up fees'.
Client base Client base includes all direct investment fund and liquid credit fund investors.
Closed-end fund A fund where investor’s commitments are fixed for the duration of the fund and the fund has a defined investment period.
Co-investment Co-invest A direct investment made alongside or in a fund taking a pro-rata share of all instruments.
Collateralised Loan Obligation CLO CLO is a type of investment grade security backed by a pool of loans.
Close A stage in fundraising whereby a fund is able to release or draw down the capital contractually committed at that date.
Deal Vintage Bonus DVB DVB awards are a long-term employee incentive, enabling certain investment teams, excluding Executive Directors, to share in the future realised profits from certain investments within the Group's balance sheet portfolio.
Direct investment funds Funds which invest in self-originated transactions for which there is a low volume, illiquid secondary market.
DPI Distribution to Paid-In Capital
Employee Benefit Trust EBT Special purpose vehicle used to purchase ICG plc shares which are used to satisfy share options and awards granted under the Group’s employee share schemes.
Environmental, Social and Governance ESG ESG criteria are a set of standards for a company’s operations that socially-conscious investors use to screen potential investments.
Financial Conduct Authority FCA Regulates conduct by both retail and wholesale financial service companies in provision of services to consumers.
Financial Reporting Council FRC The UK’s independent regulator responsible for promoting high quality corporate governance and reporting.
Fund A pool of third-party capital allocated to a specific investment strategy or strategies, managed by ICG plc or its affiliates.
Fund Management Company FMC The Group’s fund management business, which sources and manages investments on behalf of the IC and third-party funds.
Fund level leverage Debt facilities utilised by funds to finance assets.
Gross money on invested capital Gross MOIC Total realised and unrealised value of investments (before deduction of any fees), divided by the total invested cost.
HMRC HM Revenue & Customs, the UK tax authority.
IAS International Accounting Standards.
IFRS International Financial Reporting Standards as adopted by the United Kingdom.
Illiquid assets Asset classes which are not actively traded.
Internal Rate of Return IRR The annualised return received by an investor in a fund. It is calculated from cash drawn from and returned to the investor together with the residual value of the asset.
Investment Company IC The Investment Company invests the Group’s balance sheet to seed and accelerate emerging strategies, and invests alongside the Group's more established funds to align interests between the Group's client, employees and shareholders. It also supports a number of costs including for certain central functions, a part of the Executive Directors' compensation and the portion of the investment teams' compensation linked to the returns of
the balance sheet investment portfolio.
Key Person Certain funds have a designated Key Person. The departure of a Key Person without adequate replacement triggers a contractual right for investors to cancel their commitments or kick-out of the Group as fund manager.
Key performance indicator KPI A business metric used to evaluate factors that are crucial to the success of an organisation.
Key risk indicator KRI A measure used to indicate how risky an activity is. It is an indicator of the possibility of future adverse impact.
Liquid assets Asset classes with an active, established market in which assets may be readily bought and sold.
Market movements Market movements of AUM comprises revaluation of non-USD denominated funds and changes in net asset value for funds where the measurement of AUM is based on the fund net asset value.
Money multiple MOIC or MM Cumulative returns divided by original capital invested.
Net currency assets Net assets excluding certain items including; trade and other receivables, trade and other payables, property plant and equipment, cash balances held by the Group’s fund management entities and current and deferred tax assets and liabilities.
Open-ended fund A fund which remains open to new commitments and where an investor’s commitment may be redeemed with appropriate notice.
Other additions (of AUM) Within AUM: New commitments of capital by clients including recycled AUM. Within third-party fee-earning AUM: the aggregate of new commitments of capital by clients that pay fees on committed capital, and deployment of capital that charges fees on invested capital.
Performance fee income Carried interest or Carry Share of profits that the fund manager is due once it has returned the cost of investment and agreed preferred return to investors.
Principles for Responsible Investment UN PRI The Principles for Responsible Investment is an independent association promoting responsible investment to its network in order to enhance returns and better manage risks of investments.
Realisation The return of invested capital in the form of principal, rolled-up interest and/or capital gain.
Realisations (of AUM) Reductions in AUM due to capital being returned to investors and/or no longer able to be called by the fund, and the reduction in AUM due to step-downs.
Recycle (of AUM) Where the fund is able to re-invest capital that has previously been invested and then realised. This is typically only within a defined period during the fund's investment period and is generally subject to certain requirements.
Relevant investments Relevant investments include all direct investments within ICG’s Structured and Private Equity asset class and Infrastructure Equity strategy, where ICG has sufficient influence. Sufficient influence is defined by SBTi as follows: at least 25% of fully diluted shares and at least a board seat.
RCF Revolving credit facility.
Seed investment portfolio The Group’s investments in assets (directly or indirectly) that are held in anticipation of launching a third-party fund
Step-down A reduction in AUM resulting from the end of the investment period in an existing fund or when a subsequent fund starts to invest. Funds that charge fees on committed capital during the investment period will normally shift to charging fees on net invested capital post step-down. There is generally the ability to continue to call further capital from funds that have had a step-down in certain circumstances.
Separately Managed Account SMA Third-party capital committed by a single investor allocated to a specific investment strategy or strategies, managed by ICG plc or its affiliates.
Science-based target SBT A decarbonisation target independently validated by the Science Based Targets initiative (SBTi) which defines and promotes best practice in science-based target setting in line with the latest climate science.
Structured entities Entities which are classified as investment funds, credit funds or CLOs and are deemed to be controlled by the Group, through its interests in either an investment, loan, fee receivable, guarantee or commitment.
Task Force on Climate-related Financial Disclosures TCFD The TCFD was created by the Financial Stability Board to develop recommendations on the types of information that companies should disclose to support investors, lenders, and insurance underwriters in appropriately assessing and pricing a specific set of risks related to climate change.
UK Corporate Governance Code The Code Sets out standards of good practice in relation to board leadership and effectiveness, remuneration, accountability and relations with shareholdersRecent news on ICG
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