REG-Interim Results for the six months ended 30 September 2025
18/11/2025 06:00
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18 November 2025
Strong client demand underpinned by investment excellence
Highlights * AUM of $124bn, fee-earning AUM of $84bn, up 6% (1)in the half-year and five-year annualised growth of 14% (1)
* Fundraising of $9bn, driven by European IX ($2.8bn) and European Infrastructure II ($1.9bn)
* Management fees of £334m, +16% (2)compared to H1 FY25
* Performance fee income of £98m, including £72m one-off transition impact due to the change in approach announced in October 2025, realised performance fees of £62m
* Total Balance Sheet Return of £112m (3), positive in all asset classes, NAV per share of 900p
* Group operating expenses of £198m, +1% compared to H1 FY25
* Group PBT of £352m (H1 FY25: £198m), Group EPS of 102.8p (H1 FY25: 57.6p)
* Group operating cashflow of £450m, up by £265m from H1 FY25 (£185m)
* Interim dividend of 27.7p per share, in line with policy (H1 FY25: 26.3p per share)
* Entered into a long-term strategic partnership with Amundi to accelerate the development and distribution of private markets products targeted at wealth investors; announced separately today
Note: unless otherwise stated the financial results discussed herein are on the basis of Alternative Performance Measures (APM) - see page 6 . Group metrics, where applicable, reflect the change in approach for performance fees - see Note 2 on page 25. (1 )On a constant currency basis. (2 )+14% excluding catch-up fees. (3 )Sum of NIR and CLO dividend received.
Benoît Durteste
CIO and CEO
"Our performance this period underlines ICG’s continued success in meeting our institutional clients’
demands for attractive investment returns across a range of differentiated strategies. In recent
years we have deliberately focused on scaling higher-return strategies. This approach continues to
have a positive impact on our client franchise, our market positioning, and the fee income we generate
for our shareholders: in the last five years our management fee revenue has grown at an annualised
rate of 19% (1). Our focus on long-term investment performance and cash return to clients is
particularly relevant today. It has been a key driver behind our having had five final fund closes at
or above the hard cap in the last 15 months, and fundraises currently in the market are showing strong
momentum. The partnership we have separately announced today with Amundi is a meaningful step
forward in the development of our strategy to access the wealth channel in a way that is clearly
additive and complementary to our strong existing institutional offering, and which builds on our
reputation for focusing on investment performance. Looking ahead, transaction pipelines appear to be
encouraging for many of our investment teams, and discipline remains crucial in the face of a very
uncertain environment. It is clear to me that a long-term focus balancing investment performance with
growing AUM is key to generating sustainable value as we navigate this fast-moving environment."
(1)LTM 30 September 2020 to LTM 30 September 2025.
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. See
page 6 for further information.
AUM and fee-earning AUM
Six months to 30 September 2024 Six months to 30 September 2025 Year-on-year growth (1) Twelve months to 30 September 2025 Last five years CAGR (1,2)
AUM $106.3bn $124.3bn 14% 18%
Fee-earning AUM $72.6bn $83.8bn 12% 14%
(1 )AUM on constant currency basis; (2) CAGR from 30 September 2020 to 30
September 2025
Financial performance
Six months to 30 September 2024 Six months to 30 September 2025 Year-on-year growth Twelve months to 30 September 2025 Last five years CAGR (2)
Management fee income £286.6m £333.6m 16% £650.8m 19%
Performance fee income (5) £31.8m £97.6m n/m £152.0m 45%
Total Balance Sheet Return (1,3) £70.8m £111.8m £281.8m 11%
Fund Management Company profit before tax (5) £196.4m £324.6m 65% £589.5m 26%
Group operating expenses £196.6m £198.1m 1% £392.8m 11%
Group profit before tax (5) £198.4m £351.6m 77% £685.4m 35%
Group earnings per share 57.6p 102.8p 78% 202.7p 10%
NAV per share 788p 900p 14% 14%
Dividend per share (4) 26.3p 27.7p 5% 10%
(1 )Sum of NIR and CLO dividend received, see page 10; (2) Per Share CAGR from
30 September 2020 to 30 September 2025, all other metrics LTM 30 September
2020 to LTM 30 September 2025; (3) Five year average for Total Balance Sheet
Return; (4) Dividend per share includes H1 FY26 declared dividend; (5 )H1 FY26
includes one-time transition accrual in performance fees (£71.6m) due to the
change in approach announced in October 2025.
Business activity
Period ended 30 September 2025 Fundraising Deployment (1) Realisations (1,2)
Structured Capital and Secondaries $4.0bn $1.7bn $0.7bn
Real Assets $3.3bn $1.3bn $1.2bn
Debt (3) $1.7bn $3.1bn $2.0bn
Total $9.0bn $6.1bn $3.9bn
(1 )Direct investment funds; (2 )Realisations of fee-earning AUM; (3 )Includes
Deployment and Realisations for Private Debt only.
Medium-term financial guidance Our medium-term financial guidance for FMC operating margin and performance fees has increased following the announcement on 2 October 2025. Our medium term guidance is set out below:
Fundraising FMC Operating margin Investment performance
* Fundraising of at least $55bn in aggregate between 1 April 2024 and 31 March 2028 * In excess of 54% * Performance fees to represent c. 10-20% of total fee income * Balance sheet investment portfolio to generate low double digit % returns
COMPANY PRESENTATION
A presentation for shareholders, debtholders and analysts will be held at
09:00 GMT today: join via the link on our website
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Alternatively, you can dial in using the following numbers and ask to be
connected to the ICG meeting:
* All callers: +44 121 281 8004
* United Kingdom (Toll-Free): 0 800 015 6371
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 4 December 2025
Record date 5 December 2025
Last date to elect for dividend reinvestment 16 December 2025
Payment of ordinary dividend 9 January 2026
Q3 trading statement 21 January 2026
Seminar (topic to be confirmed closer to the time) March 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 $124bn* 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 30 September 2025.
FINANCIAL REVIEW
AUM and H1 FY26 fundraising
Refer to the Datapack
(https://www.globenewswire.com/Tracker?data=AHQ-x5Z6l0UzIl4FFilnQaD3O5Lkb20g16AxjAi9Y27MXh9JBQ9mW3uAe1Q0a0WVkwtLrkqLjt1pVh36OFLvftnobX2ihG0eq_eByf7ouqNXxJtFXRPwKYLhJpEbC1ucd0FnYygWUGc3XKersGTP7A==)
issued with this announcement for further detail on AUM.
At 30 September 2025, AUM stood at $124bn and fee-earning AUM at $84bn. The
bridge between AUM and fee-earning AUM is as follows:
$m Structured Capital and Secondaries Real Assets Debt Seed investments Total
Fee-earning AUM 40,285 9,491 34,013 — 83,789
AUM not yet earning fees 3,572 1,716 13,691 18,979
Fee-exempt AUM 11,211 5,978 1,270 18,459
Balance sheet investment portfolio (1) 2,308 520 (73) 292 3,047
AUM 57,376 17,705 48,901 292 124,274
(1)Includes elimination of $719m (£535m) within Credit due to how the balance sheet investment portfolio accounts for and invests into CLOs managed by ICG and its affiliates.
At 30 September 2025 we had $35bn of AUM available to deploy in new
investments ("dry powder"), of which $19bn was not yet earning fees (FY25:
$32bn and $20bn respectively).
Fee-earning AUM
Fee-earning AUM ($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 2,828 2,056 — 4,884
Deployment of funds: fees on invested capital 362 681 4,465 5,508
Total additions 3,190 2,737 4,465 10,392
Realisations (729) (1,206) (3,282) (5,217)
Net additions/ (realisations) 2,461 1,531 1,183 5,175
Stepdowns — — — —
FX and other 1,738 249 1,500 3,487
At 30 September 2025 40,285 9,491 34,013 83,789
Change $m 4,199 1,780 2,683 8,662
Change % 12% 23% 9% 12%
Change % (constant exchange rate) 7% 16% 3% 6%
See page 16 for FX exposure of fee-earning AUM, fee income, FMC expenses and
Balance sheet investment portfolio.
AUM
AUM ($m) Structured Capital and Secondaries Real Assets Debt Seed investments Total
At 1 April 2025 51,499 12,922 47,557 379 112,357
Fundraising 4,025 3,265 1,744 9,034
Other additions 293 2,326 102 2,721
Realisations (964) (1,395) (2,418) (4,777)
Market and other movements 2,673 569 1,844 5,086
Balance sheet movement (150) 18 72 (87) (147)
At 30 September 2025 57,376 17,705 48,901 292 124,274
Change $m 5,877 4,783 1,344 (87) 11,917
Change % 11% 37% 3% (23)% 11%
Change % (constant exchange rate) 6% 26% (2)% 5%
FY26 fundraising
At 30 September 2025, closed-end funds and associated SMAs that were actively
fundraising included Europe IX; Infrastructure Asia I; and various other
strategies. The timings of launches and closes depend on a number of factors,
including the prevailing market conditions.
Group financial performance
The Board and management monitor the financial performance of the Group on the
basis of Alternative Performance Measures (APM), which are non-UK-adopted IAS
measures. The APM form the basis of the financial results discussed in this
review, which the Board believes assist shareholders in assessing their
investment and the delivery of the Group’s strategy through its financial
performance.
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, the assets of 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 above prior
period at £354.1m (H1 FY25: £182.8m). On the APM basis it was above the
prior period at £351.6m (H1 FY25: £198.4m).
Detail of these adjustments can be found in note 3 to the UK-adopted IAS
condensed consolidated financial statements on pages 27 to 28.
£m unless stated 30 September 2024 (Unaudited) 30 September 2025 (Unaudited) Change % Twelve months to 30 September 2025 (Unaudited)
Management fees 286.6 333.6 16% 650.8
o/w catch-up fees 27.2 37.7 39% 72.1
Performance fees 31.8 97.6 n/m 152.0
Third-party fee income 318.4 431.2 35% 802.8
Other Fund Management Company income 36.6 52.7 44% 92.1
Fund Management Company revenue 355.0 483.9 36% 894.9
Fund Management Company operating expenses (158.6) (159.3) — (305.3)
Fund Management Company profit before tax 196.4 324.6 65% 589.6
Fund Management Company operating margin 55.3% 67.1% 11.8% 65.9%
Net investment return 47.8 71.7 50% 216.4
Other Investment Company Income 2.4 (0.9) n/m (17.9)
Investment Company operating expenses (38.0) (38.8) 2% (87.5)
Interest income 10.3 11.8 15% 20.7
Interest expense (20.5) (16.8) (18)% (36.0)
Investment Company profit before tax 2.0 27.0 n/m 95.8
Group operating expenses (196.6) (198.1) 1% (392.8)
Group profit before tax 198.4 351.6 77% 685.4
Tax (32.8) (56.7) 73% (103.8)
Group profit after tax 165.6 294.9 78% 581.6
Earnings per share 57.6p 102.8p 78% 202.7p
Dividend per share 26.3p 27.7p 5% 84.4p
Group operating cash flow 185 450 n/m
Total available liquidity £0.9bn £1.3bn
Balance sheet investment portfolio £3.0bn £2.8bn
Net financial debt £799m £401m
Net gearing 0.35x 0.15x
Net asset value per share (1) 788p 900p
(1 ) The number of shares used to calculate NAV per share has been adjusted to
include shares held in the EBT, to reflect how the Group uses the EBT to
neutralise the impact of share-based payments (a different basis to Group
earnings per share). See page 13 for details.
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
Six months to 30 September 2024 Six months to 30 September 2025 Year-on-year growth (1) Twelve months to 30 September 2025 Last five years CAGR (1,2,5)
AUM $43.5bn $57.4bn 29% 30%
Structured Capital $23.4bn $33.4bn 36% 24%
Private Equity Secondaries $20.1bn $24.0bn 19% 44%
Fee-earning AUM $31.2bn $40.3bn 26% 25%
Structured Capital $17.1bn $23.6bn 31% 19%
Private Equity Secondaries $14.1bn $16.7bn 19% 36%
AUM not yet earning fees $2.9bn $3.6bn 20%
Structured Capital $1.2bn $2.0bn 58%
Private Equity Secondaries $1.7bn $1.6bn (8)%
Fundraising $3.0bn $4.0bn 36% $14.3bn
Deployment $5.7bn $1.7bn (70)% $7.6bn
Realisations (3) $0.7bn $0.7bn — $2.3bn
Effective management fee rate 1.25% 1.26% +1bps
Management fees £169m £186m 10% £383m 23%
Performance fees £31m £69m n/m £123m 38%
Balance sheet investment portfolio £1.8bn £1.7bn
Total Balance Sheet Return (4) £59m £84m £177m 13%
(1)AUM on constant currency basis; (2) AUM and per share CAGR based on 30
September 2020 to 30 September 2025, all other metrics LTM 30 September 2020
to LTM 30 September 202; (3) Realisations of Fee-earning AUM; (4) NIR,
including CLO dividends for Debt; (5) Five year average for Total Balance
Sheet Return.
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=AHQ-x5Z6l0UzIl4FFilnQUaZCsmswrjemGlrw2pjhxo3_ZfBGr00f2TW3qAe_Y-qyCER9K0H5bJI7AAB3Qac3CVZtvLnu5ew--qRNM-dTiz9U-TcGUWFysFIW2_feAp3zO_JGSc40UZ0VsZpXZfBsw==)
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 2.1x 18% 115%
Europe VIII 2021 €8.1bn Realising 1.4x 16% 9%
Europe IX Fundraising
Europe Mid-Market I 2019 €1.0bn Realising 1.8x 24% 75%
Europe Mid-Market II 2023 €2.6bn Investing 42% 1.2x 21% —
Asia Pacific III 2014 $0.7bn Realising 2.2x 17% 102%
Asia Pacific IV 2020 $1.1bn Investing 76% 1.3x 13% 10%
Private Equity Secondaries
Strategic Secondaries II 2016 $1.1bn Realising 3.0x 46% 200%
Strategic Equity III 2018 $1.8bn Realising 2.7x 31% 113%
Strategic Equity IV 2021 $4.3bn Realising 1.6x 21% 3%
Strategic Equity V 2023 $7.7bn Investing 46% 1.8x >100% —
LP Secondaries I 2022 $0.8bn Investing 100% 1.8x 55% 25%
(1) Refers to commingled fund size.
Note: fund performance is based on the latest practically available
information, and may not relate to the same period as the financial statements
within this report.
Key drivers
Business activity Fundraising : European Corporate ($2.8bn) Deployment : European Corporate ($1.1bn), LP Secondaries ($0.2bn), Europe Mid-Market ($0.2bn), Strategic Equity ($0.1bn) Realisations : European Corporate ($0.6bn)
Fee income Management fees : Increase driven by fundraising in European Corporate IX Performance fees : Largely driven by initial recognition for Mid-Market I, Europe VIII and Strategic Equity IV due to the change in approach announced in October 2025
Balance sheet investment portfolio Positive in all strategies, mainly driven by European Corporate and Strategic Equity
Fund performance Generally flat to growing MOICs in Structured Capital compared to March 25; Secondaries in realisation mode generally flat MOICs compared to March 25, those in deployment impacted by deployment and financing timing
Real Assets
Overview
Seeding strategies Scaling strategies Flagship strategies
European Infrastructure Real Estate Equity Real Estate Debt Asia Infrastructure
Six months to 30 September 2024 Six months to 30 September 2025 Year-on-year growth (1) Twelve months to 30 September 2025 Last five years CAGR (1,2,5)
AUM $12.3bn $17.7bn 40% 24%
Fee-earning AUM $7.7bn $9.5bn 19% 15%
AUM not yet earning fees $1.0bn $1.7bn 74%
Fundraising $0.9bn $3.3bn n/m $4.7bn
Deployment $0.4bn $1.3bn n/m $3.0bn
Realisations (3) $0.6bn $1.2bn n/m $2.1bn
Effective management fee rate 0.96% 1.00% +4bps
Management fees £36m £70m 94% £111m 29%
Performance fees — £7m n/m £7m n/m
Balance sheet investment portfolio £0.4bn £0.4bn
Total Balance Sheet Return (4) £14m £10m £26m 8%
(1) AUM on constant currency basis; (2) AUM and per share CAGR based on 30
September 2020 to 30 September 2025, all other metrics LTM 30 September 2020
to LTM 30 September 2025; (3) Realisations of Fee-earning AUM;( 4) NIR,
including CLO dividends for Debt; (5) Five year average for Total Balance
Sheet Return.
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=AHQ-x5Z6l0UzIl4FFilnQb_0Nn46umadVzl2PgLa6HNUWmv9iKe6t4pukj0TqDAlY2yirdeF7P1DsJVViaQuGiBOmFJaNrtM_B-XsjfspMJxbk5FdRg2Z35OOjjCD8i0hunmaK2YU-eYvVHHYeTkzw==)
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 1.1x 4% 98%
Real Estate Partnership Capital V 2018 £0.9bn Realising 1.3x 7% 64%
Real Estate Partnership Capital VI 2021 £0.6bn Investing 87% 1.2x 10% 11%
Real Estate Partnership Fund VII Fundraising
European Infra I 2020 €1.5bn Realising 1.5x 20% 57%
European Infra II 2023 €3.1bn Investing 19% 1.3x 25% —
Infrastructure Asia Fundraising
Metropolitan II Fundraising
Strategic Real Estate I 2019 €1.2bn Realising 1.3x 8% 11%
Strategic Real Estate II 2022 €0.7bn Investing 75% 1.2x 10% 3%
(1 )Refers to commingled fund size.
Note: fund performance is based on the latest practically available
information, and may not relate to the same period as the financial statements
within this report.
Key drivers
Business activity Fundraising : European Infrastructure ($2.1bn) and Real Estate equity and debt strategies ($1.2bn) Deployment : European Infrastructure ($0.7bn) and Real Estate equity and debt strategies ($0.6bn) Realisations : Real Estate debt strategies ($1.0bn), European Infrastructure ($0.2bn)
Fee income Management fees : Increase largely driven by strong fundraising in European Infrastructure II, including catch up fees of £32m Performance fees : Mainly due to initial recognition for European Infrastructure I, due to the change in approach announced in October 2025
Balance sheet investment portfolio Positive across all strategies, driven by equity strategies (Infrastructure and Real Estate Equity)
Fund performance Generally flat MOICs across strategies compared to March 25
Debt
Overview
Seeding strategies Scaling strategies Flagship strategies
North American Credit Partners ("NACP") Australian Loans Liquid Credit Senior Debt Partners ("SDP") CLOs
Six months to 30 September 2024 Six months to 30 September 2025 Year-on-year growth (1) Twelve months to 30 September 2025 Last five years CAGR (1,2,6)
AUM $50.0bn $48.9bn (4)% 8%
Private Debt $31.9bn $29.7bn (9)% 14%
Credit $18.1bn $19.2bn 5% 2%
Fee-earning AUM $33.6bn $34.0bn (2)% 6%
Private Debt $15.7bn $14.9bn (7)% 10%
Credit $17.9bn $19.1bn 3% 3%
AUM not yet earning fees $15.4bn $13.7bn (13)%
Private Debt $15.0bn $13.4bn (13)%
Credit $0.4bn $0.3bn (17)%
Fundraising $6.2bn $1.7bn (72)% $3.7bn
Deployment (3) $1.8bn $3.1bn 72% $4.8bn
Realisations (4) $3.7bn $3.3bn (12)% $8.1bn
Effective management fee rate 0.64% 0.64% —
Management fees £82m £78m (5)% £157m 9%
Performance fees £1m £21m n/m £22m 87%
Balance sheet investment portfolio £0.4bn £0.5bn
Total Balance Sheet Return (5) £(9)m £20m £57m 6%
(1 )AUM on constant currency basis; (2) AUM and per share CAGR based on 30
September 2020 to 30 September 2025, all other metrics LTM 30 September 2020
to LTM 30 September 2025;( 3) Deployment excluding Credit;( 4) Realisations of
Fee-earning AUM;( 5) NIR, including CLO dividends for Debt; (6 )Five year
average for Total Balance Sheet Return.
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=AHQ-x5Z6l0UzIl4FFilnQU6yAaqpuozffWmwQL_gbfjKlxu3HCY7rRoDwq4TQRNWHS4WdNkP_FF35knOvRKUVamwn2sDqgqvii_1xr_pd7FGW_uSvdJV8lD41VAbkr6DE8kPxbdqtT86g7JFE3Ts9w==)
issued with this announcement for further detail on fund performance
Vintage Total fund size (1) Status % deployed Gross MOIC Gross IRR DPI
Senior Debt Partners II 2015 €1.5bn Realising 1.3x 7% 111%
Senior Debt Partners III 2017 €2.5bn Realising 1.2x 6% 75%
Senior Debt Partners IV 2020 €4.9bn Realising 1.3x 11% 56%
Senior Debt Partners V 2022 €7.3bn Investing 60% 1.2x 15% 10%
North American Private Debt I 2014 $0.8bn Realising 1.4x 16% 136%
North American Private Debt II 2019 $1.4bn Realising 1.4x 12% 83%
North American Credit Partners III 2023 $1.9bn Investing 39% 1.2x 17% —
(1) Refers to commingled fund size.
Note: fund performance is based on the latest practically available
information, and may not relate to the same period as the financial statements
within this report. Fund size relates to co-mingled funds.
Key drivers
Business activity Fundraising : CLOs ($1.2bn) Deployment : Senior Debt Partners ($2.5bn) and North American Credit Partners ($0.1bn) Realisations : Senior Debt Partners ($1.4bn) and North American Credit Partners ($0.1bn)
Fee income Management fees : In line with lower fee-earning AUM driven by Private Debt Performance fees : Largely driven by SDP due to the change in approach announced in October 2025
Balance sheet investment portfolio Broadly flat returns from Private Debt over the period; strong dividend receipts from CLO equity contributed to positive Total Balance Sheet Return. De minimus impact from First Brands on fair value of CLO equity (below £5m); minimal changes to underlying valuation parameters of the CLO equity held on balance sheet compared to March 25 (see note 4)
Fund performance MOICs generally flat to slightly positive compared to March 25
Fund Management Company
The Fund Management Company (FMC) is the Group’s principal driver of
long-term profit growth. Its principal role is to manage our third-party AUM,
which it invests on behalf of the Group’s clients.
Management fees
Management fees for the period totalled £333.6m (H1 FY25: £286.6m), a
year-on-year increase of 16% (14% excluding the impact of catch-up fees of
£37.7m in H1 FY26 (H1 FY25: £27.2m)). On a constant currency basis
management fees increased 18% year-on-year.
The effective management fee rate on our fee-earning AUM at the period end was
0.98% (FY25: 0.97%).
Performance fees
Performance fees of £97.6m were recognised during the period (H1 FY25:
£31.8m). The year-on-year increase was largely due to the change in approach
for performance fee revenue measurement announced on 2 October 2025, which
generated a one-time transition accrual of £71.6m. The change was made to
remove certain elements of management judgment and was driven by growing
higher-return strategies, which have the potential to generate higher levels
of performance fees.
During the period the Group received realised performance fees of £61.5m (H1
FY25: £40.0) and at 30 September 2025 had an asset of £148.9m of accrued
performance fees on its balance sheet (31 March 2025: £108.4m):
£m
Accrued performance fees at 31 March 2025 108.4
Accrual in the period including one-time transition impact 97.6
Cash received during period (61.5)
FX and other movements 4.4
Accrued performance fees at 30 September 2025 148.9
Other income
Other income comprises dividend receipts of £39.8m (H1 FY25: £23.0m) from
investments in CLO equity; an intercompany fee of £11.8m for managing the IC
balance sheet investment portfolio (H1 FY25: £12.5m); and other income of
£1.1m (H1 FY25: £1.2m).
Operating expenses and margin
FMC operating expenses totalled £159.3m, in line with H1 FY25 (£158.6m).
Compared to H1 FY25, the increase in salaries and incentive scheme costs
reflects annualisation of prior-year hires, including a number of senior
hires. Other administrative costs are lower due to timing of expenses and
non-repeat of one-off costs in the prior year as we continue to invest across
our operating platform.
£m Six months ended 30 September 2024 Six months ended 30 September 2025 Change Twelve months ended 30 September 2025
Salaries 55.5 58.0 5% 111.7
Incentive scheme costs 66.0 71.0 8% 133.8
Administrative costs 32.9 26.5 (20)% 52.1
Depreciation and amortisation 4.2 3.8 (10)% 7.7
FMC operating expenses 158.6 159.3 — 305.3
FMC operating margin 55.3% 67.1% 12% 65.9%
The FMC recorded a profit before tax of £324.6m (H1 FY25: £196.4m), a
year-on-year increase of 65% on a reported basis and an increase of 66% on a
constant currency basis.
Investment Company
The Investment Company (IC) invests the Group’s balance sheet to seed new
strategies, and invests alongside the Group’s scaling and established
strategies to align interests between our shareholders, clients and employees.
It also supports a number of costs, including teams that have not yet had a
first close on a first third-party fund, 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 (Deal Vintage Bonus, or DVB).
Balance sheet investment portfolio
The balance sheet investment portfolio was valued at £2.8bn at 30 September
2025 (31 March 2025: £3.0bn). During the period, it generated net
realisations and cash interest receipts of £329m (H1 FY25: £66m).
We made seed investments totalling £98m, including on behalf of CLOs,
Infrastructure Asia and Life Sciences.
£m As at 31 March 2025 New investments Realisations Gains/ (losses) in valuation FX & other As at 30 September 2025
Structured Capital and Secondaries 1,906 41 (333) 84 21 1,719
Real Assets 387 43 (67) 10 11 384
Debt (1) 443 64 (28) (19) 6 466
Seed Investments 292 98 (147) (3) (8) 232
Total Balance Sheet Investment Portfolio 3,028 246 (575) 72 30 2,801
(1) Of which £246m (31 March 2025: £228m) is in CLO equity.
Net Investment Returns
For the five years to 30 September 2025, Net Investment Returns (NIR) have
averaged 9%. For the six months to 30 September 2025, NIR were £72m (H1 FY25:
£48m), equating to an annualised rate of 5% (H1 FY25: 3%).
NIR of £72.0m were comprised of interest of £61.7m from interest-bearing
investments (H1 FY25: £67.1m) and capital gains of £10.3m. NIR were split
between asset classes as follows:
Six months ended 30 September 2024 Six months ended 30 September 2025 Twelve months ended 30 September 2025
£m NIR (£m) Annualised NIR (%) NIR (£m) Annualised NIR (%) NIR (£m) NIR (%)
Structured Capital and Secondaries 60 7% 84 9% 177 10%
Real Assets 14 7% 10 5% 26 7%
Debt (32) (14)% (19) (9)% (8) (2)%
Seed Investments 6 3% (3) (3)% 22 7%
Total Net Investment Returns 48 3% 72 5% 217 8%
The Total Balance Sheet Return for the period (NIR + CLO dividends, which are
recognised in the FMC) was £112m (8% annualised) (H1 FY25: £71m, 5%
annualised). For the five years to 30 September 2025, Total Balance Sheet
Returns have averaged 11%.
For further discussion on balance sheet investment performance by asset class,
refer to pages 7 - 8 of this announcement.
In addition to the NIR, the other adjustments to IC revenue were as follows:
£m Six months ended 30 September 2024 Six months ended 30 September 2025 Change Twelve months ended 30 September 2025
Changes in fair value of derivatives (1) 14.4 10.9 (24)% 4.8
Inter-segmental fee (12.5) (11.8) (6)% (23.9)
Other 0.5 — (92)% 1.2
Other IC revenue 2.4 (0.9) n/m (17.9)
(1 )See page 16 for FX exposure of fee-earning AUM, fee income, FMC expenses
and Balance sheet investment portfolio.
As a result, the IC recorded total revenues of £70.8m (H1 FY25: £50.2m).
Investment Company expenses
Operating expenses in the IC of £38.8m increased by 2% compared to H1 FY25
(£38.0m).
Compared to H1 FY25, salaries have reduced due to lower attributable costs
within IC for teams that have not had a first close of a third-party fund. The
directly-attributable costs within the IC for teams that have not had a first
close of a third-party fund during the period were £3.0m (H1 FY25: £6.9m).
Compared to prior year, one team transferred to the FMC on 1 April 2025
following a first close of their inaugural third-party fund in March 2025.
Incentive scheme costs increased due to the DVB accrual of £1.4m (H1 FY25:
£0.2m), reflecting changes in underlying assumptions on the timing and value
of DVB payouts.
£m Six months ended 30 September 2024 Six months ended 30 September 2025 Change Twelve months ended 30 September 2025
Salaries 15.2 14.2 (7)% 29.0
Incentive scheme costs 10.7 11.4 7% 30.2
Administrative costs 12.0 13.1 10% 28.0
Depreciation and amortisation 0.1 0.1 n/m 0.4
IC operating expenses 38.0 38.8 2% 87.6
Interest expense was £16.8m (H1 FY25: £20.5m) and interest earned on cash
balances was £11.8m (H1 FY25: £10.3m).
The IC recorded a profit before tax of £27.0m (H1 FY25: £2.0m).
Group
Operating expenses
The Group's operating expenses in aggregate were £198.1m, a 1% increase
compared to H1 FY25 (£196.6m). For more detailed commentary on the changes in
the operating expenses, see pages 10 and 12 of this announcement.
£m Six months ended 30 September 2024 Six months ended 30 September 2025 Change Twelve months ended 30 September 2025
Salaries 70.7 72.2 2% 140.7
Incentive scheme costs 76.7 82.4 7% 164.0
Administrative costs 44.9 39.6 (12)% 80.0
Depreciation and amortisation 4.3 3.9 (9)% 8.0
Group operating expenses 196.6 198.1 1% 392.8
Incentive scheme costs include £27.1m relating to stock-based compensation
(H1 FY25: £27.0m).
Tax
The Group recognised a tax charge of £56.7m (H1 FY25: tax charge of £32.8m),
resulting in an effective tax rate for the period of 16.2% (H1 FY25: 16.5%).
As detailed in note 7, the Group has a structurally lower effective tax rate
than the statutory UK rate. This is largely driven by the Investment Company,
where certain forms of income benefit from tax exemptions. The effective tax
rate will vary depending on the income mix.
Dividend and share count
ICG has a progressive dividend policy, and 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. In line with our policy of paying an
interim dividend equal to one third of the prior year's total dividend, the
Board is declaring an interim dividend of 27.7p per share (H1 FY25: 26.3p). We
continue to make the dividend reinvestment plan available.
At 30 September 2025, the Group had 290,637,988 shares outstanding (31 March
2025: 290,636,892), including shares held by an Employee Benefit Trust
('EBT'). The Group has a policy of neutralising the dilutive impact of
stock-based compensation through the purchase of shares by the EBT.
Balance sheet and cash flow
We use our balance sheet’s asset base to grow our fee-earning AUM,
principally through two routes:
* investing alongside clients in our existing strategies to align interests;
and
* making investments to seed new strategies.
During the period we made investments of £148m alongside clients in existing
strategies and £98m in seed investments.
At 30 September 2025 our balance sheet investment portfolio was valued at
£2,801m (see page 11 for more information on the performance of our balance
sheet investment portfolio during the period). To support this asset base, we
maintain a robust capitalisation and a strong liquidity position.
£m (unless stated) 31 March 2025 30 September 2025
Balance sheet investment portfolio 3,028 2,801
Cash and cash equivalents 605 779
Other assets 447 457
Total assets 4,080 4,037
Financial debt (1,177) (1,106)
Other liabilities 407 (315)
Total liabilities (1,584) (1,421)
Net asset value 2,496 2,616
Net asset value per share (1) 859p 900p
(1 )The number of shares used to calculate NAV per share include shares held
in the EBT, to reflect how the Group uses the EBT to neutralise the impact of
share-based payments (a different basis to Group earnings per share).
Liquidity and net debt
At 30 September 2025, the Group had total available liquidity of £1,255m (31
March 2025: £1,098m), net financial debt of £401m (31 March 2025: £629m)
and net gearing of 0.15x (31 March 2025: 0.25x).
During the period, available cash increased by £157m from £548m to £705m,
including the repayment of £97m of borrowings that matured.
The table below sets out movements in cash:
£m FY25 H1 FY26
Opening cash 627 605
Operating activities
Fee and other operating income 656 400
Expenses and working capital (323) (275)
Subtotal - Fees and expenses 333 125
Net cash flows from investment activities and investment income (1) 253 383
Tax paid (68) (58)
Group cash flows from operating activities - APM (2,3) 518 450
Financing activities
Interest paid (41) (9)
Interest received on cash balances 20 12
Purchase of shares by EBT (43) (17)
Dividends paid (229) (163)
Net repayment of borrowings (241) (97)
Group cash flows from financing activities - APM (2) (534) (274)
Other cash flow (4) 4 2
FX and other movement (10) (4)
Closing cash 605 779
Regulatory liquidity requirement (57) (74)
Available cash 548 705
Available undrawn ESG-linked RCF 550 550
Cash and undrawn debt facilities (total available liquidity) 1,098 1,255
(1)The aggregate cash (used)/received from balance sheet investment portfolio
(additions), realisations, and cash proceeds received from assets within the
balance sheet investment portfolio.
(2) Interest paid, which is classified as an Operating cash flow under
UK-adopted IAS, is reported within Group cash flows from financing activities
- APM.
(3) Per note 9 of the Financial Statements, Operating cash flows under
UK-adopted IAS of £582.7m (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.
(4 )Cash flows in respect of purchase of intangible assets, purchase of
property, plant and equipment and net cash flow from derivative financial
instruments.
At 30 September 2025, the Group had drawn debt of £1,106m (31 March 2025:
£1,177m). The change is due to the repayment of certain facilities as they
matured, along with changes in FX rates impacting the translation value:
£m
Drawn debt at 31 March 2025 1,177
Debt (repayment) / issuance (97)
Impact of foreign exchange rates 26
Drawn debt at 30 September 2025 1,106
Net financial debt therefore decreased by £228m to £401m (31 March 2025:
£629m):
£m 31 March 2025 30 September 2025
Drawn debt 1,177 1,106
Available cash 548 705
Net financial debt 629 401
During the period, Fitch upgraded ICG plc to BBB+. At 30 September 2025, the
Group had credit ratings of BBB+ (stable outlook) and BBB+ (stable outlook)
from Fitch and S&P, respectively.
The Group’s debt is provided through a range of facilities. All facilities
except the RCF are fixed-rate instruments. The weighted-average pre-tax cost
of drawn debt at 30 September 2025 was 2.76% (31 March 2025: 2.84%). The
weighted-average life of drawn debt at 30 September 2025 was 2.6 years (31
March 2025: 2.9 years). The maturity profile of our term debt is set out
below:
£m H2 FY26 FY27 FY28 FY29 FY30 FY31
Term debt maturing 74 503 — 93 436 —
The Groups ESG-linked RCF remains undrawn at 30 September 2025 and matures in
October 2028.
For further details of our debt facilities see Other Information (page 39).
Net gearing
The movements in the Group’s balance sheet investment portfolio, cash
balance, debt facilities and shareholder equity resulted in net gearing
decreasing to 0.15x at 30 September 2025 (31 March 2025: 0.25x).
£m 31 March 2025 30 September 2025 Change %
Net financial debt (A) 629 401 (36)%
Net asset value (B) 2,496 2,616 5%
Net gearing (A/B) 0.25x 0.15x (0.10)x
Foreign exchange rates
The following foreign exchange rates have been used throughout this review:
Six months ended 30 September 2024 Average Six months ended 30 September 2025 Average Twelve months ended 31 March 2025 Average 30 September 2024 Period End 30 September 2025 Period End 31 March 2025 Year End
GBP:EUR 1.1597 1.1643 1.1609 1.1541 1.1459 1.1697
GBP:USD 1.2570 1.3446 1.2572 1.2200 1.3446 1.2623
EUR:USD 1.0839 1.1550 1.0829 1.0571 1.1734 1.0792
The table below sets out the currency exposure for certain reported items:
USD EUR GBP Other
Fee-earning AUM (as at 30 September 2025) 32% 59% 7% 2%
Fee income (6 months to 30 September 2025) 33% 60% 6% 1%
FMC expenses (6 months to 30 September 2025) 23% 18% 47% 12%
Balance sheet investment portfolio (as at 30 September 2025) 29% 48% 12% 11%
The table below sets out the indicative impact on our reported management
fees, FMC PBT and NAV per share had sterling been 5% weaker or stronger
against the euro and the dollar in the period (excluding the impact of any
legacy hedges):
H1 FY26 H1 FY26 30 September 2025
Impact on fees (1) Impact on FMC PBT (1) NAV per share (2)
Sterling 5% weaker against euro and dollar +£16.3m +£19.8m +14p
Sterling 5% stronger against euro and dollar -£(14.8)m -£(17.9)m -(13)p
(1 )Impact assessed by sensitising the average H1 FY26 FX rates.
(2 )NAV per share reflects the total indicative impact as a result of a change
in FMC PBT and net currency assets.
Where noted, this review presents changes in AUM, third-party fee income and
FMC PBT on a constant 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 H1 FY26 period
end exchange rates. This has then been compared to the H1 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 broadly insulating the NAV from FX
movements. Changes in the fair value of the balance sheet hedges are reported
within the IC.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties to which the Group is exposed for the
remainder of the year have been subject to robust assessment by the Directors
and remain consistent with those outlined in our annual report for the year
ended 31 March 2025.
Careful attention continues to be paid to the elevated levels of geopolitical
and economic uncertainty and the resulting impact on our principal risks and
the overall risk profile of the Group. There have been no material changes and
we will continue to monitor the situation and potential exposures as matters
evolve.
RESPONSIBILITY STATEMENT
We confirm to the best of our knowledge:
* The condensed set of financial statements have been prepared in accordance
with UK-adopted IAS 34 ‘Interim Financial Reporting’ and the Disclosure
Guidance and Transparency Rules of the Financial Conduct Authority;
* The interim 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 Group and the undertakings included in the
consolidation taken as a whole, together with a description of the principal
risks and uncertainties that they face;
and
* There have been no material related-party transactions that have an effect
on the financial position or performance of the Group in the first six months
of the current financial year since that reported in the 31 March 2025 Annual
Report.
This responsibility statement was approved by the Board of Directors on 17
November 2025 and is signed on its behalf by:
Benoît Durteste David Bicarregui
CEO CFO
INDEPENDENT REVIEW REPORT TO ICG PLC
Conclusion
We have been engaged by ICG plc (‘the Group’) to review the condensed
consolidated financial statements in the Interim results statement for the six
months ended 30 September 2025 which comprises the condensed consolidated
income statement, condensed consolidated statement of comprehensive income,
condensed consolidated statement of financial position, condensed consolidated
statement of cash flows, condensed consolidated statement of changes in equity
and the related explanatory notes 1 to 10 (together the ‘condensed
consolidated financial statements’). We have read the other information
contained in the Interim results statement and considered whether it contains
any apparent misstatements or material inconsistencies with the information in
the condensed consolidated financial statements.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed consolidated financial statements in the Interim
results statement for the six months ended 30 September 2025 is not prepared,
in all material respects, in accordance with UK-adopted International
Accounting Standard 34, ‘Interim Financial Reporting’, and the Disclosure
Guidance and Transparency Rules of the United Kingdom’s Financial Conduct
Authority.
Basis for Conclusion
We conducted our review in accordance with the International Standard for
Review Engagements (UK) 2410 (‘ISRE (UK) 2410’) issued by the Financial
Reporting Council. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in note 1, the annual financial statements of the Group are
prepared in accordance with UK-adopted international accounting standards. The
condensed consolidated financial statements included in the Interim results
statement have been prepared in accordance with UK-adopted International
Accounting Standard 34, ‘Interim Financial Reporting’.
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410, however future events or conditions may cause the entity to
cease to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the Interim results statement in
accordance with the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
In preparing the Interim results statement, the directors are responsible for
assessing the Group’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis
of accounting unless the directors either intend to liquidate the Group or to
cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the Interim results statement, we are responsible for expressing
to the Group a conclusion on the condensed consolidated financial statements
in the Interim results statement. Our conclusion, including our ‘Conclusions
Relating to Going Concern’, are based on procedures that are less extensive
than audit procedures, as described in the ‘Basis for Conclusion’
paragraph of this report.
Use of our report
This report is made solely to the Group in accordance with guidance contained
in ISRE (UK) 2410 issued by the Financial Reporting Council. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone
other than the Group, for our work, for this report, or for the conclusions we
have formed.
Ernst & Young LLP
London
17 November 2025
CONDENSED CONSOLIDATED INCOME STATEMENT
For the period ended six months ended 30 September 2025
Six months ended 30 September 2025 (Unaudited) Six months ended 30 September 2024 (Unaudited)
Notes £m £m
Fee and other operating income 2 426.6 309.8
Finance gain 11.2 16.4
Net gains on investments 136.7 79.1
Total Revenue 574.5 405.3
Other income 13.0 10.5
Finance costs (18.8) (25.3)
Administrative expenses (214.6) (207.7)
Profit before tax from continuing operations 354.1 182.8
Tax charge 7 (56.7) (30.3)
Profit for the period 297.4 152.5
Attributable to:
Equity holders of the parent 297.3 152.5
Non-controlling interests 0.1 —
297.4 152.5
Earnings per share attributable to ordinary equity holders of the parent
Basic (pence) 5 103.7p 53.1p
Diluted (pence) 5 101.9p 52.1p
The accompanying notes are an integral part of these condensed financial
statements.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the period ended six months ended 30 September 2025
Six months ended 30 September 2025 (Unaudited) Six months ended 30 September 2024 (Unaudited)
Group £m £m
Profit after tax 297.4 152.5
Items that may be subsequently reclassified to profit or loss if specific conditions are met
Exchange differences on translation of foreign operations (2.2) (29.4)
Deferred tax on equity investments translation 0.6 2.8
Total comprehensive income for the year 295.8 125.9
Attributable to:
Equity holders of the parent 295.7 125.9
Non-controlling interests 0.1 —
295.8 125.9
The accompanying notes are an integral part of these condensed financial
statements.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 September 2025
30 September 2025 (Unaudited) 31 March 2025 (Audited)
Notes £m £m
Non-current assets
Intangible assets 16.9 15.6
Property, plant and equipment 65.1 70.7
Investment property 128.7 122.3
Trade and other receivables 94.0 29.3
Financial assets at fair value 4 7,945.2 7,679.9
Deferred tax asset 27.4 35.6
8,277.3 7,953.4
Current assets
Trade and other receivables 394.6 442.8
Current tax debtor 9.9 10.1
Financial assets at fair value 4 13.8 49.8
Derivative financial assets 4 11.0 26.3
Cash and cash equivalents 1,246.6 860.2
1,675.9 1,389.2
Total assets 9,953.2 9,342.6
Non-current liabilities
Trade and other payables 49.0 50.3
Financial liabilities at fair value 4,8 5,448.6 4,858.2
Financial liabilities at amortised cost 8 1,028.3 1,074.0
Other financial liabilities 8 196.9 131.1
Deferred tax liabilities 30.0 6.7
6,752.8 6,120.3
Current liabilities
Trade and other payables 473.2 559.3
Current tax creditor 13.7 52.1
Financial liabilities at amortised cost 8 85.5 101.9
Other financial liabilities 8 10.1 9.8
Derivative financial liabilities 4,8 3.4 8.3
585.9 731.4
Total liabilities 7,338.7 6,851.7
Equity and reserves
Called up share capital 77.3 77.3
Share premium account 181.3 181.3
Other reserves 32.6 29.4
Retained earnings 2,323.3 2,203.0
Equity attributable to owners of the Company 2,614.5 2,491.0
Non-controlling interest 0.0 (0.1)
Total equity 2,614.5 2,490.9
Total equity and liabilities 9,953.2 9,342.6
The accompanying notes are an integral part of these condensed financial
statements.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the period ended six months ended 30 September 2025
Notes Six months ended 30 September 2025 (Unaudited) Six months ended 30 September 2024 (Unaudited)
£m £m
Cash flows generated from operations 641.0 174.7
Taxes paid (58.3) (46.5)
Net cash flows from operating activities 9 582.7 128.2
Investing activities
Purchase of intangible assets (3.5) (1.8)
Purchase of property, plant and equipment (0.3) (0.6)
Net cash flow from derivative financial instruments 11.5 21.3
Cash flow as a result of change in control of subsidiary (1) 81.2 50.9
Net cash flows from investing activities 88.9 69.8
Financing activities
Purchase of own shares (17.0) —
Payment of principal portion of lease liabilities (6.2) (5.9)
Repayment of long-term borrowings (97.3) (223.0)
Dividends paid to equity holders of the parent (162.8) (153.3)
Net cash flows used in financing activities (283.3) (382.2)
Net increase/(decrease) in cash and cash equivalents 388.3 (184.2)
Effects of exchange rate differences on cash and cash equivalents (1.9) (25.3)
Cash and cash equivalents at 1 April 860.2 990.0
Cash and cash equivalents at 30 September 1,246.6 780.5
1. During the period three CLO funds (structured entities) were assessed as
controlled on issuance of £52.7m of subordinated notes to the Group that were
fully settled in cash. On consolidation the Group recognised £133.9m of cash
within these entities, resulting in a net cash inflow of £81.2m. As a result
of obtaining control of the three CLO funds (structured entities) the group
also recognised assets of £817.6m and liabilities of £951.5m other than cash
and cash equivalents.
The Group’s cash and cash equivalents include £467.7m (30 September 2024:
£345.4m) of restricted cash held principally by structured entities
controlled by the Group.
The accompanying notes are an integral part of these condensed financial
statements.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period ended six months ended 30 September 2025
Share capital Share premium Capital redemption reserve (1) Share based payments reserve Own shares (2) Foreign currency translation reserve (1) Retained earnings Total Non-controlling interest 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 — — — — — — 297.3 297.3 0.1 297.4
Exchange differences on translation of foreign operations — — — — — (2.2) — (2.2) — (2.2)
Deferred tax on equity investments translation — — — — — 0.6 — 0.6 — 0.6
Total comprehensive income/(expense) for the period — — — — — (1.6) 297.3 295.7 0.1 295.8
Issue of share capital 0.0 — — — — — — — — —
Own shared acquired in the year — — — — (17.0) — — (17.0) — (17.0)
Options/awards exercised (2) — 0.0 — (37.9) 32.2 — (14.2) (19.9) — (19.9)
Tax on options/awards exercised — — — 3.9 — — — 3.9 — 3.9
Credit for equity settled share schemes — — — 23.6 — — — 23.6 — 23.6
Dividends paid — — — — — — (162.8) (162.8) — (162.8)
Balance at 30 September 2025 77.3 181.3 5.0 88.7 (88.7) 27.6 2,323.3 2,614.5 (0.0) 2,614.5
Share capital Share premium Capital redemption reserve (1) Share based payments reserve Own shares (2) Foreign currency translation reserve (1) Retained earnings Total Non-controlling interest 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 — — — — — — 152.5 152.5 — 152.5
Exchange differences on translation of foreign operations — — — — — (29.4) — (29.4) — (29.4)
Deferred tax on equity investments translation — — — — — 2.8 — 2.8 — 2.8
Total comprehensive income/(expense) for the period — — — — — (26.6) 152.5 125.9 — 125.9
Adjustment of non-controlling interest on disposal of subsidiary — — — — — — — — — —
Issue of share capital 0.0 — — — — — — 0.0 — 0.0
Options/awards exercised (2) — 0.0 — (33.0) 13.9 — (3.2) (22.3) — (22.3)
Tax on options/awards exercised — — — 3.8 — — — 3.8 — 3.8
Credit for equity settled share schemes — — — 23.5 — — — 23.5 — 23.5
Dividends paid — — — — — — (153.3) (153.3) — (153.3)
Balance at 30 September 2024 77.3 181.3 5.0 85.0 (65.3) 12.7 1,983.5 2,279.5 (2.2) 2,277.3
1. 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.
2. 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.
The accompanying notes are an integral part of these condensed financial
statements.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the period ended six months ended 30 September 2025
1. General information and basis of preparation
Basis of preparation
The interim condensed consolidated financial statements have been prepared in
accordance with UK-adopted IAS 34 Interim Financial Reporting (IAS 34), the
Disclosure Guidance and Transparency Rules of the Financial Conduct Authority,
and on the basis of the accounting policies set out in the consolidated
financial statements of the Group for the year ended 31 March 2025.
The interim financial statements are unaudited and do not constitute statutory
accounts within the meaning of section 434 of the Companies Act 2006. Within
the notes to the interim financial statements, all current and comparative
data covering period to (or as at) 30 September 2025 is unaudited. Data given
in respect of 31 March 2025 is audited. The statutory accounts for the year to
31 March 2025 have been reported on by Ernst & Young LLP and delivered to the
Registrar of Companies. The report of the auditors was (i) unqualified, (ii)
did not include a reference to any matters which the auditors drew attention
by way of emphasis without qualifying their report, and (iii) did not contain
a statement under section 498 (2) or (3) of the Companies Act 2006.
The consolidated financial statements of the Group as at and for the year
ended 31 March 2025, which were prepared in accordance with UK-adopted
International Accounting Standards (UK-adopted IAS), are available on the
Group’s website, www.icgam.com.
Going concern
The interim condensed consolidated 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 12 months from
approval of the interim condensed consolidated 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
incorporates reverse stress testing.
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 2026, a 12 month period from the date of approval of
the interim condensed consolidated financial statements.
Related party transactions
There have been no material changes to the nature or size of related-party
transactions since 31 March 2025.
Changes in significant accounting policies
The accounting policies adopted in the preparation of the interim condensed
consolidated financial statements are consistent with those followed in the
preparation of the Group’s annual consolidated financial statements for the
year ended 31 March 2025. The Group has not early adopted any standard,
interpretation or amendment that has been issued but is not yet effective.
Critical judgements in the application of accounting policies and key sources
of estimation uncertainty
The critical judgements made by the Directors in the application of the
Group's accounting policies, and the key sources of estimation uncertainty at
the reporting date, are the same as those disclosed in the Group's annual
consolidated financial statements for the year ended 31 March 2025, except for
performance fees (see note 2).
Changes in the composition of the Group
The Group acquired interests in eight subsidiaries, a branch and three
controlled structured entities that are consolidated within the Group with no
material impact on net assets.
The Group ceased to control five subsidiaries on liquidation that were
previously reported as consolidated entities with no material impact on net
assets.
2. 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:
Six months ended 30 September 2025 (Unaudited) Six months ended 30 September 2024 (Unaudited)
Type of contract/service £m £m
Management fees 321.6 274.8
Performance-related management fees 101.4 32.8
Other income 3.6 2.2
Fee and other operating income 426.6 309.8
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 net asset value, 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 period of £321.6m (H1 FY25:
£274.8m) are charged in arrears 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 judgements in respect of the timing and measurement of such amounts.
Performance fees of £101.4m (H1 FY25: £32.8m) have been recognised in the
period. Performance fees will only be crystallised and received in cash when
the relevant fund performance hurdle is met. For certain funds, cash may be
received before the fund performance hurdle is met. These amounts are
recognised within Revenue when the conditions set out below are met.
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 within the same strategy.
The value of performance fees is determined by the proceeds received by the
fund in respect 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 (H1FY25: 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 period, 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 is
forecast 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 £101.4m 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.
There are no other individually significant components of revenue from
contracts with customers.
3. 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 investment portfolio by the FMC and this is shown below as the
Inter-segmental fee. It also recognises the fair value movement on any
associated 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.
Six months ended 30 September 2025 (Unaudited) Six months ended 30 September 2024 (Unaudited)
FMC IC Reportable segments Total FMC IC Reportable segments Total
£m £m £m £m £m £m
External fee income 431.2 — 431.2 318.4 — 318.4
Inter-segmental fee 11.8 (11.8) — 12.5 (12.5) —
Other operating income 1.0 — 1.0 1.1 0.5 1.6
Fund management fee income 444.0 (11.8) 432.2 332.0 (12.0) 320.0
Net investment returns — 71.7 71.7 — 47.8 47.8
Dividend income 39.8 — 39.8 23.0 — 23.0
Finance gain — 10.9 10.9 — 14.4 14.4
Total revenue 483.8 70.8 554.6 355.0 50.2 405.2
Interest income 0.1 11.8 11.9 0.1 10.3 10.4
Interest expense (1.2) (16.8) (18.0) (1.4) (20.5) (21.9)
Staff costs (58.0) (14.2) (72.2) (55.5) (15.2) (70.7)
Incentive scheme costs (71.0) (11.4) (82.4) (66.0) (10.7) (76.7)
Other administrative expenses (29.1) (13.2) (42.3) (35.8) (12.1) (47.9)
Profit before tax 324.6 27.0 351.6 196.4 2.0 198.4
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 investment 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.
* 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 other current 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.
3. Segmental reporting continued
Consolidated income statement
Reportable segments Consolidated entities Financial statements
Six months ended 30 September 2025 (Unaudited) £m £m £m
Fund management fee income 431.2 (8.2) 423.0
Other operating income 1.0 2.6 3.6
Fee and other income 432.2 (5.6) 426.6
Dividend income 39.8 (39.8) —
Finance gain 10.9 0.3 11.2
Finance income/(loss) 50.7 (39.5) 11.2
Net investment returns/gains on investments 71.7 65.0 136.7
Total revenue 554.6 19.9 574.5
Other income 11.9 1.1 13.0
Finance costs (18.0) (0.8) (18.8)
Staff costs (72.2) — (72.2)
Incentive scheme costs (82.4) — (82.4)
Other administrative expenses (42.3) (17.7) (60.0)
Administrative expenses (196.9) (17.7) (214.6)
Profit before tax 351.6 2.5 354.1
Tax charge (56.7) — (56.7)
Profit for the period 294.9 2.5 297.4
Reportable segments Consolidated entities Financial statements
Six months ended 30 September 2024 (Unaudited) £m £m £m
Fund management fee income 318.4 (10.8) 307.6
Other operating income 1.6 0.6 2.2
Fee and other income 320.0 (10.2) 309.8
Dividend income 23.0 (23.0) —
Finance gain 14.4 2.0 16.4
Finance loss 37.4 (21.0) 16.4
Net investment returns/gains on investments 47.8 31.3 79.1
Total revenue 405.2 0.1 405.3
Other income 10.4 0.1 10.5
Finance costs (21.9) (3.4) (25.3)
Staff costs (70.7) — (70.7)
Incentive scheme costs (76.7) — (76.7)
Other administrative expenses (47.9) (12.4) (60.3)
Administrative expenses (195.3) (12.4) (207.7)
Profit before tax 198.4 (15.6) 182.8
Tax charge (32.8) 2.5 (30.3)
Profit after tax 165.6 (13.1) 152.5
4. 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 2022, 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 IFRS 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 34. 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. The unobservable inputs relative to these investments are further detailed below.
4. Financial assets and liabilities continued
Fair value measurements recognised in the statement of financial position
The information set out below provides information about how the Group
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)
The following table summarises the valuation of the Group’s financial assets
and liabilities by fair value hierarchy:
As at 30 September 2025 (Unaudited) As at 31 March 2025 (Audited)
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 0.5 2,244.5 2,248.7 3.7 2.3 2,417.4 2,423.4
Consolidated CLOs and credit funds — 5,107.3 330.3 5,437.6 — 4,533.1 443.2 4,976.3
Derivative assets — 11.0 — 11.0 — 26.3 — 26.3
Investment in private companies (2) — — 159.5 159.5 — — 210.8 210.8
Investment in public companies 4.7 — — 4.7 4.3 — — 4.3
Non-consolidated CLOs and credit funds — 87.6 20.9 108.5 — 86.1 28.8 114.9
Total financial assets (3) 8.4 5,206.4 2,755.2 7,970.0 8.0 4,647.8 3,100.2 7,756.0
Financial liabilities
Liabilities of consolidated CLOs and credit funds — (5,410.7) (37.9) (5,448.6) — (4,560.3) (297.9) (4,858.2)
Derivative liabilities — (3.4) — (3.4) — (8.3) — (8.3)
Total financial liabilities — (5,414.1) (37.9) (5,452.0) — (4,568.6) (297.9) (4,866.5)
1. Level 3 investments in or alongside managed funds includes £1,094.0m
Corporate Investments (2025: £1,325.5m), £620.1m Strategic Equity, LP
Secondaries, Recovery Fund, Life Sciences and CPE (2025: £508.0m), £42.7m
Senior Debt Partners (2025: £42.3m), £54.0m North America Credit Partners
(2025: £64.4m), £401.6m real asset funds (2025: £384.8m), £nil Seed (2025:
£60.8m) and £32.1m credit funds (2025: £31.4m).
2. Level 3 Investment in private companies includes £159.5m Structured
Capital and Secondaries (2025: £172m) and £nil of real asset 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. Financial assets and liabilities continued
Valuations
Valuation process
The Group Valuation Committee ('GVC') is responsible for reviewing and
concluding on the fair value of the Group's balance sheet investment positions
in accordance with the Group Valuation Policy. This includes consideration of
the valuations received from the underlying funds. The GVC reviews its 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.
The Investment Committees are responsible for the review, challenge, and
approval of the underlying funds’ valuations of their assets. Sources of the
valuation reviewed by the Investment Committees include the ICG investment
team, third-party valuation services and third-party fund administrators, as
appropriate. The Investment Committee provides those valuations to the Group,
as an investor in the fund assets. The Investment Committee is also
responsible for escalating significant events regarding the valuation to the
Group (as an investor in the fund assets), for example change in valuation
methodologies, potential impairment events or material judgements.
The table in page 35 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.
4. Financial assets and liabilities continued
Investment in loans held in consolidated structured entities
The loan asset portfolios of the consolidated structured entities are valued
using observable inputs 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 35.
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. Observable inputs are used in
determining the fair value of these instruments, including the valuation of
the CLO loan asset portfolio. As a result these liabilities are classified as
Level 2.
Unrated/subordinated debt liabilities of consolidated CLOs are valued directly
in line with the fair value of the CLO loan asset portfolio. 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
classified these liabilities as 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,
see page 30) 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 properties are included in Level 3.
4. Financial assets and liabilities continued
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 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 gain/(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 closing 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 Senior and subordinated notes of CLO vehicles 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 return² 104.0 3.9 (10.8) (0.9) 96.2
- Foreign exchange 40.2 (9.9) (5.9) 0.1 24.6
Purchases 128.2 150.2 3.8 13.3 295.5
Exit proceeds (445.3) (140.1) (38.4) (20.4) (644.2)
Transfers in (1) — 61.2 — — 61.2
Transfers out (1) — (178.3) — — (178.3)
At 30 September 2025 2,244.5 330.3 159.5 20.9 2,755.2
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 transfers in or transfers out in the year.
(2.) Included within net investment returns are £69.1m of unrealised gains
(which includes accrued interest).
Investment in or alongside managed funds Investment in loans held in consolidated entities Investment in private companies Senior and 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 return² 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 37.2 896.3
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 transfers in or transfers out in the year.
(2.) Included within net investment returns are £183.6m of unrealised gains
(which includes accrued interest).
(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 measurement of financial liabilities
The following table 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 costs. 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 period ended 30 September 2025, changes in the fair value of the
assets of subordinated notes of CLO vehicles resulted in an increase in the
fair value of the financial liabilities of those consolidated credit funds,
reported as a ‘fair value loss’ in the table below.
4. Financial assets and liabilities continued
30 September 2025(Unaudited) 31 March 2025(Audited)
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 loss/(gain) (176.8) 10.6
– Foreign exchange (gain)/loss 2.6 (3.9)
Purchases 54.2 68.9
Transfer between groups (140.0) 35.6
As at period end 37.9 297.9
4. 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:
Fair Value Fair Value 30 September 2025 Effect on Fair 31 March 2025 Effect on Fair
Group assets As at 30 September 2025 As at 31 March 2025 Primary Valuation Technique1 Key Unobservable Inputs Range Weighted Average/ Fair Value Inputs Sensitivity/ Scenarios Value as at 30 September 2025 Range Weighted Average/ Fair Value Inputs Value as at 31 March 2025
£m £m £m £m
Structured Capital: Corporate Investments 1,228.1 1,466.9 Market comparable Earnings multiple 8.0x – 31.3x 14.2x +10% Earnings multiple³ 125.4 7.5x – 27.5x 14.0X 135.2
Discounted cash flow calibrated to market comparable companies (2) Discount rate 7.6% - 20.8% 10.4% -10% Earnings multiple³ (125.4) 7.6% - 20.9% 10.6% (138.8)
Earnings multiple 8.2x – 23.4x 13.6x 4.9x – 23.1x 13.3x
Structured Capital & Secondaries: Strategic Equity, LP Secondaries, Recovery Fund, Life Sciences, CPE 645.3 537.4 Third-party valuation / funding round value N/A N/A N/A +10% valuation 64.5 N/A N/A 53.7
-10% valuation (64.5) (53.7)
Seed Investments 14.0 120.8 Various +10% valuation 1.4 12.1
-10% valuation (1.4) 12.1
Debt: Private Debt: North American Credit Partners 54.2 65.7 Market comparable companies Earnings multiple 9.5x – 21.0x 14.2x +10% Earnings multiple³ 5.5 9.5x – 21.0x 14.3 5.9
-10% Earnings multiple³ (5.2) (5.9)
Debt: Private Debt: Senior Debt Partners 42.7 42.3 Discounted cash flow Probability of default 0.9%-2.4% 1.1% Upside case — 0.8%-2.1% 1.0% —
Loss given default 36.0% 36.0% Downside case (0.3) 36.0% 36.0% (0.3)
Maturity of loan 3 years 3 years 3 years 3 years
Effective interest rate 9.6%-10.4% 9.8% 9.7%-9.8% 9.8%
Debt: Credit: Non-consolidated CLOs and credit funds 6.9 7.7 Third-party valuation: Discounted cash flow Discount rate 6.5% - 51.0% 17.5% 10.5% - 38.5% 20.0%
Default rate 2.0% 2.0% Upside case (4) 29.2 2.0% 2.0% 21.6
Prepayment rate % 15.0%-20.0% 19.6% Downside case (4) (30.0) 15.0%-25.0% 21.0% (19.9)
Recovery rate % 65.0% 65.0% 65% 65.0%
Reinvestment price 99.0%-99.5% 99.4% 99.0%-99.5% 99.4%
Debt: Credit: Consolidated CLOs and credit funds 330.3 443.2 Third-party valuation N/A N/A N/A +10% Third-party valuation 33.0 N/A N/A 44.3
-10% Third-party valuation (33.0) (44.3)
Debt: Credit: Liquid Funds 32.1 31.4 Third-party valuation N/A N/A N/A +10% Third-party valuation 3.2 N/A N/A 3.1
-10% Third-party valuation (3.2) (3.1)
Real Assets 401.6 384.8 Third-party valuation N/A N/A N/A +10% Third-party valuation 40.2 N/A N/A 38.5
LTV-based impairment model N/A N/A N/A -10% Third-party valuation (40.2) N/A N/A (38.5)
Total financial assets 2,755.2 3,100.2 Total Upside sensitivity 142.3 314.4
Total Downside sensitivity (142.3) (316.6)
Liabilities of Consolidated CLOs and credit funds (37.9) (297.9) Third-party valuation N/A N/A N/A +10% Third-party valuation (3.8) N/A N/A (29.8)
-10% Third-party valuation 3.8 29.8
Total financial liabilities (37.9) (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 £245.8m (2025: £214.9m). This value includes investments in CLOs
that are not consolidated £6.9m (2025: £7.7m) and investments in CLOs which
are consolidated £238.9m (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. Earnings per share
Six months ended 30 September 2025 (Unaudited) Six months ended 30 September 2024 (Unaudited)
Earnings £m £m
Earnings for the purposes of basic and diluted earnings per share being net profit attributable to equity holders of the Parent:
Continuing operations 297.4 152.5
297.4 152.5
Number of shares
Weighted average number of ordinary shares for the purposes of basic earnings per share 286,763,027 287,431,397
Effect of dilutive potential ordinary share options 4,895,256 5,212,888
Weighted average number of ordinary shares for the purposes of diluted earnings per share 291,658,283 292,644,285
Earnings per share for continuing operations
Basic, profit from continuing operations attributable to equity holders of the parent (pence) 103.7p 53.1p
Diluted, profit from continuing operations attributable to equity holders of the parent (pence) 102.0p 52.1p
The total number of shares issued during the period to 30 September 2025 was
1,096 (H1 FY25: nil).
6. Dividends
Dividends on ordinary shares of 56.7p per share, £162.8m (H1 FY25 53.2p,
£153.3m) were paid during the period to 30 September 2025.
The Board has approved an interim dividend of 27.7p per share (H1 FY25:
26.3p).
7. Tax expense
Six months ended 30 September 2025 (Unaudited) Six months ended 30 September 2024 (Unaudited)
Analysis of tax on ordinary activities £m £m
Current tax 25.4 38.4
Deferred taxation 31.3 (8.1)
Tax charge on profit on ordinary activities 56.7 30.3
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 30 September
2025 of 16.0% (H1 FY25: 16.6%) is lower than the statutory UK corporation tax
rate of 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. The Group accounts for future
legislative change, to the extent that is enacted at the reporting date, in
its recognition of deferred tax.
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 December 2021, the OECD issued model rules for a new global minimum tax
framework (Pillar Two), and various governments around the world have issued
legislation relating to Pillar Two. These rules address base erosion and
profit-shifting by introducing a global minimum tax rate (15%) and ensuring
fair taxation for entities which are part of a multinational group of
enterprises.
From 1 April 2024, the Group became subject to the global minimum top-up tax
rate under Pillar Two legislation. There is no material amount of top-up tax
recognised in respect of the Group’s operations for this current 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.
8. Financial liabilities
Financial liabilities are £6,772.8m (31 March 2025: £6,183.3m), including
£1,113.8m (31 March 2025: £1,175.9m) of financial liabilities at amortised
cost. This is an increase of £589.5m in the period since 31 March 2025 and is
driven by an increase in financial liabilities at fair value in the
consolidated structured entities of £660.8m partially offset by repayment of
financial liabilities at amortised cost in operating segments of £97.3m.
9. Net cash flows from operating activities
Six months ended 30 September 2025 (Unaudited) Six months ended 30 September 2024 (Unaudited)
£m £m
Profit before tax from continuing operations 354.1 182.8
Adjustments for non-cash items:
Fee and other operating income (426.6) (309.8)
Net investment returns (136.7) (79.1)
Interest income (13.0) (10.5)
Net fair value gains on derivatives (1.5) (54.9)
Impact of movement in foreign exchange rates (9.7) 38.5
Interest expense 18.8 25.3
Depreciation, amortisation and impairment of property, equipment and intangible assets 8.7 8.7
Share-based payment expense 23.6 23.5
Working capital changes:
Increase in trade and other receivables (7.9) (83.2)
Decrease in trade and other payables (115.8) (67.1)
(306.0) (325.8)
Proceeds from sale of current financial assets 135.3 90.2
Purchase of current financial assets (97.8) (103.5)
Purchase of investments (1,150.6) (1,086.9)
Proceeds from sales and maturities of investments 1,669.9 1,387.2
Proceeds from investment property debt 73.1 47.0
Issuance of CLO notes 235.3 —
Redemption of CLO notes (417.8) (196.7)
Interest and dividend income received 278.7 230.7
Fee and other operating income received 399.6 323.9
Interest paid (178.7) (191.4)
Cash flows generated from operations 641.0 174.7
Taxes paid (58.3) (46.5)
Net cash flows from operating activities 582.7 128.2
Cash flows arising from the acquisition and disposal of assets to seed new
investment strategies are classified as operating, as this activity is
undertaken to establish new sources of fund management fee income, growing the
operating activities of the Group.
10. Post balance sheet events
There have been no material events since the balance sheet date.
Other information
Outstanding debt facilities at 30 September 2025
Currency Drawn £m Undrawn £m Total £m Interest rate Maturity
Revolving Credit Facility (RCF) GBP — 550.0 550.0 SONIA + 1.15% October-28
Eurobond 2020 EUR 436.3 — 436.3 1.63% February-27
ESG Linked Bond EUR 436.3 — 436.3 2.50% January-30
Total bonds 872.6 — 872.6
PP 2016 – Class C USD 40.2 — 40.2 4.96% September-26
PP 2016 – Class F EUR 26.2 — 26.2 3.04% January-27
Private Placement 2016 66.4 — 66.4
PP 2019 – Class B USD 74.4 — 74.4 4.99% March-26
PP 2019 – Class C USD 93.0 — 93.0 5.35% March-29
Private Placement 2019 167.4 — 167.4
Total Private Placements 233.8 — 233.8
Total 1,106.4 550.0 1,656.4
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 in note 5.
APM Group profit before tax Group profit before tax adjusted for the impact of the consolidated structured entities. As at 30 September, this is calculated as follows:
Six months ended 30 September 2025 Six months ended 30 September 2024
Profit before tax £354.1m £182.8m
Plus/Less consolidated structured entities £(2.5)m £15.6m
APM Group profit/(loss) before tax £351.6m £198.4m
APM net asset value per share Total equity from the statement of financial position adjusted for the impact of the consolidated structured entities divided by the closing number of ordinary shares. As period end, this is calculated as follows:
30 September 2025 31 March 2025
Total equity £2,616m £2,496m
Closing number of ordinary shares 290,637,988 290,636,892
Net asset value per share 900p 859p
Assets under management AUM Value 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 Balance Sheet Investment Portfolio.
Available cash Total available cash comprises APM cash less regulatory liquidity requirements.
30 September 2025 31 March 2025
APM cash £779.0m £604.8m
Regulatory liquidity requirement £(74.0)m £(57.0)m
Available cash £705.0m £547.8m
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 5.
EBITDA Earnings before interest, tax, depreciation and amortisation.
Fee Earning AUM FEAUM AUM for which the Group is eligible to be paid a management fee or performance fee.
Net financial debt Net financial debt includes available cash whereas gearing uses gross borrowings and is therefore not impacted by movements in cash balances. Gross drawn debt less available cash of the Group, at period end, this is calculated as follows:
30 September 2025 31 March 2025
Total liabilities held at unamortised cost 1,113.8m £1,175.9m
Impact of upfront fees/unamortised discount £(7.4)m £1.1m
Gross drawn debt (see page 38) £1,106.4m £1,177.0m
Less available cash £(705.0)m £(547.8)m
Net debt £401.4m £629.2m
Net gearing Net debt, excluding the consolidated structured entities, divided by total equity from the statement of financial position adjusted for the impact of the consolidated structured entities. This is calculated as follows:
30 September 2025 31 March 2025
Net debt £401.6m £629.2m
Shareholders’ equity £2,616.1m £2,496.0m
Net gearing 0.15x 0.25x
Net Investment Returns NIR Net Investment Returns is the income generated by the balance sheet investment 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.
Operating profit margin Fund Management Company profit before tax divided by Fund Management Company total revenue. This is calculated as follows:
Six months ended 30 September 2025 Six months ended 30 September 2024
Fund Management Company profit before tax £324.6m £196.4m
Fund Management Company total revenue £483.9m £355.0m
Operating profit margin 67.1% 55.3%
Total available liquidity Total available liquidity comprises available cash and undrawn debt facilities.
Total Balance Sheet Returns Net Investment Returns aggregated with FMC CLO dividends.
Total fund size Total fund size is the sum of third-party AUM and ICG plc’s commitment to that fund.
Weighted-average fee rate The average fee rate computed by weighting fee rates as at 30 September 2025 relative to FEAUM.
Other definitions which have not been identified as non-IFRS GAAP alternative
performance measures are as follows:
Term Short Form Definition
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.
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.
Default An ‘event of default’ is defined as: A company fails to make timely payment of principal and/or interest under the contractual terms of any financial obligation by the required payment date A restructuring of the company’s obligations as a result of distressed circumstances A company enters into bankruptcy or receivership
Deal Vintage Bonus 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 Environmental, social and governance (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.
LTM EBITDA Last twelve month's earnings before interest, tax, depreciation and amortisation.
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.
Term Short Form Definition
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.
Performance fees 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 investments Investments within the balance sheet investment portfolio that the Group anticipates transferring to a fund in due course, typically made where the Group is seeding new strategies in anticipation of raising a 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 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.
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