Q1 Trading Statement for the three months ended 30 June 2025

ICG

16/07/2025 07:00

Intermediate Capital Group plc

16 July 2025

Q1 Trading Statement for the three months ended 30 June 2025

Highlights

AUM of $123bn; fee-earning AUM of $82bn; AUM not yet earning fees of $19bn
Fee-earning AUM up 4%1 in the quarter, up 11%1 year-on-year
Fundraising in the quarter of $3.4bn, driven by Europe IX ($1.5bn / €1.3bn) and Infrastructure Europe II ($1.2bn / €1.0bn). Focus from LPs on liquidity and investment performance is continuing to drive manager selection
Infrastructure Europe has shown strong momentum into its final close, with Fund II receiving substantially more client capital than the prior vintage: at 30 June 2025 Infrastructure Europe II had a Total Fund Size of €2.5bn (Fund I: €1.5bn), and we expect to close a further €0.6bn before the end of the current quarter, reaching the hard cap for the strategy
Europe IX has had an impressive start to the fundraise, with global demand from current and new clients attracted by the strategy's track record of private equity-like returns with downside protection and high DPI. At 30 June 2025 the Total Fund Size was €5.8bn (Europe VIII: €8.1bn)
Investment landscape remains very attractive for a number of strategies, including structured capital, secondaries and real assets equity
FY25 Sustainability and People Report published in June 2025, available here


Unless otherwise stated the financial results discussed herein are on the basis of alternative performance measures (APM) basis; see full year results
1 On a constant currency basis


 PERFORMANCE REVIEW

AUM
Growth1
30 June 2025
Last three months
Year-on-year
Last five years (CAGR)
AUM
$123bn
 3% 
 15% 
 18% 
Fee-earning AUM
$82bn
 4% 
 11% 
 14% 
1 On a constant currency basis

Business activity
$bn
Fundraising
Deployment1
Realisations1,2
Q1 FY26
LTM
Q1 FY26
LTM
Q1 FY26
LTM
Structured Capital and Secondaries
1.9
13.3
1.0
9.8
0.4
2.0
Real Assets
1.3
3.2
0.5
2.7
0.3
1.6
Debt3
0.2
5.8
1.3
3.8
0.4
3.9
Total
3.4
22.3
2.8
16.3
1.1
7.5
1 Direct investment funds; 2 Realisations of fee-earning AUM; 3 Includes Deployment and Realisations for Private Debt only.

PERIOD IN REVIEW

AUM and FY26 fundraising

At 30 June 2025, AUM stood at $123bn, fee-earning AUM at $82bn and dry powder at $34bn. 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
39,347
9,375
33,472
82,194
AUM not yet earning fees
3,278
1,187
14,639
—
19,104
Fee-exempt AUM
10,686
5,918
1,393
—
17,997
Balance sheet investment portfolio1
2,412
563
(53)
360
3,282
AUM
55,723
17,043
49,451
360
122,577
1 Includes elimination of $657m (£479m) within Credit due to how the balance sheet investment portfolio accounts for and invests into CLO's managed by ICG and its affiliates

AUM of $123bn

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
1,933
1,355
154
—
3,442
Other additions1
202
2,050
75
—
2,327
Realisations
(471)
(233)
(585)
—
(1,289)
Market and other movements
2,607
889
2,218
—
5,714
Balance sheet movement
(47)
60
32
(19)
26
At 30 June 2025
55,723
17,043
49,451
360
122,577
Change $m
4,224
4,121
1,894
(19)
10,220
Change %
 8% 
 32% 
 4% 
 (5) %
 9% 
Change % (constant exchange rate)
 3% 
 21% 
 (1) %
 — 
 3% 
1 Other additions within Real Assets includes $1.9bn non fee-eligible leverage capacity within certain Real Estate strategies

Fee-earning AUM of $82bn

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
1,470
1,242
—
2,712
Deployment of funds: fees on invested capital
281
162
1,235
1,678
Total additions
1,751
1,404
1,235
4,390
Realisations
(456)
(279)
(774)
(1,509)
Net additions / (realisations)
1,295
1,125
461
2,881
Stepdowns
—
—
—
—
FX and other
1,966
539
1,681
4,186
At 30 June 2025
39,347
9,375
33,472
82,194
Change $m
3,261
1,664
2,142
7,067
Change %
 9% 
 22% 
 7% 
 9% 
Change % (constant exchange rate)
 4% 
 13% 
 1% 
 4% 

FY26 fundraising1

At 30 June 2025, closed-end funds and associated SMAs that were actively fundraising2 included Europe IX, Asia-Pacific Infrastructure I and Real Estate equity. We anticipate launching LP Secondaries II during FY26.

1 The timings of launches and closes depend on a number of factors, including the prevailing market conditions
2 Excluding Credit (CLOs and Liquid Credit)

 
Balance sheet

Balance Sheet Investment Portfolio valued at £2.9bn

Total available liquidity of £1.1bn (FY25: £1.1bn) and net financial debt of £477m (FY25: £629m)

FOREIGN EXCHANGE RATES

Average rate
Period end
Q1 FY25
Q1 FY26
31 March 2025
30 June 2025
GBP:EUR
1.1753
1.1759
1.1944
1.1652
GBP:USD
1.2626
1.3507
1.2918
1.3732
EUR:USD
1.0743
1.1488
1.0815
1.1785

COMPANY TIMETABLE

Half year results announcement
13 November 2025

ENQUIRIES

Shareholders and debtholders / analysts:
Chris Hunt, Head of Corporate Development and Shareholder Relations, ICG
+44(0)20 3545 2020
Media:
Clare Glynn, Head of Corporate Communications, ICG
+44(0)79 3435 7794

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 $123bn* 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 and follow us on LinkedIn.

*As at 30 June 2025.