REG-Final results for the financial year ended 31 March 2025
21/05/2025 07:00
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Delivering a milestone year for ICG
Highlights * AUM of $112bn; fee-earning AUM of $75bn, up 8% (1)compared to FY24 and five-year annualised growth of 14% (1)
* $24bn of fundraising, securing cycle and underpinning near-term financial performance
* Management fees of £604m, up 19% (2)compared to FY24
* Performance fee income of £86m (FY24: £74m)
* Total Balance Sheet Return of £241m (3)
* Fund Management Company profit before tax of £461m, up 23% compared to FY24
* Group profit before tax of £532m; NAV per share of 859p
* Operating cashflow of £518m, up 44% compared to FY24 (£359m)
* Total ordinary dividend per share for FY25 of 83p, 15 (th)consecutive annual increase
* Reiterating medium-term guidance
* Will seek shareholder approval at 2025 Annual General Meeting to change name to “ICG plc"
Note: unless otherwise stated the financial results discussed herein are on the basis of Alternative Performance Measures (APM) - see page 3 . 1 On a constant currency basis. 2 +8% excluding catch-up fees. 3 Sum of NIR and CLO dividend received.
Benoît Durteste
CEO and CIO
“ FY25 was a milestone year for ICG during which we made significant progress in delivering on our
ambition to offer our clients and shareholders breadth at scale. We raised $24bn from our global
client base. Fundraising highlights for the year include closing the world’s largest fund dedicated to
GP-led secondaries (Strategic Equity V) and Europe's largest direct lending fundraising (SDP V), as
well as having our largest ever vintage-to-vintage upsize (Europe Mid-Market II, 3x larger than the
prior vintage). We have therefore secured this fundraising cycle and have anchored management fees
and dry powder, materially underpinning our near-term financial performance. Today we have leading
positions in structured capital, secondaries and debt, and have a real assets platform that is
positioned for growth. Longer-term, ICG has clearly emerged as one of the few global alternative asset
managers who are seeing their competitive position strengthened by today’s challenging market
conditions. Strategically our track record, product offering, culture and people drive our relevance
to clients and our ability to originate differentiated investment opportunities. Financially we are
generating substantial earnings. These qualities position us well to deliver further long-term value
for our clients and shareholders."
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 3 for further information.
AUM and fee-earning AUM
The presentation of our AUM has evolved compared to FY24. We are now showing
three verticals (Structured Capital and Secondaries, Real Assets, and Debt)
and within that, five asset classes (Structured Capital, Private Equity
Secondaries, Real Assets, Private Debt, and Credit). The composition of
Structured Capital and Secondaries is the same as what was previously called
Structured and Private Equity; Real Assets remains unchanged; and Debt
combines what was previously called Private Debt and Credit.
Year ended 31 March 2024 Year ended 31 March 2025 Year-on-year growth (1) Last five years CAGR (1,2)
AUM $98.4bn $112.4bn 14% 18%
Fee-earning AUM $69.7bn $75.1bn 8% 14%
Structured Capital Private Equity Secondaries Structured Capital and Secondaries Real Assets Private Debt Credit Debt
AUM $28.4bn $23.1bn $51.5bn $12.9bn $29.7bn $17.9bn $47.6bn
Fee-earning AUM $19.6bn $16.5bn $36.1bn $7.7bn $13.5bn $17.8bn $31.3bn
AUM not yet earning fees $2.3bn $1.6bn $3.9bn $1.2bn $14.7bn $0.3bn $15.0bn
Note: AUM reported includes $0.4bn of seed investments that are not allocated
to asset classes within this table. The bridge between Fee-earning AUM and AUM
can be seen on page 6.
Financial performance
Year ended 31 March 2024 Year ended 31 March 2025 Year-on-year growth (1) Last five years CAGR (1,2,4)
Management fee income £505.4m £603.8m 19% 19%
Performance fee income £73.7m £86.2m 17% 30%
Total Balance Sheet Return (3) £426.3m £240.8m (44) % 14%
Fund Management Company profit before tax £374.5m £461.4m 23% 20%
Group profit before tax £597.8m £532.2m (11) % 37%
Dividend per share 79.0p 83.0p 5% 10%
NAV per share 790p 859p 9% 14%
1 AUM on constant currency basis; 2 AUM and per share calculations based on 31
March 2020 to 31 March 2025. Dividend includes FY25 declared dividend; 3 Sum
of NIR and CLO dividend received, see page 12. 4 Five year average for Net
Investment Return and Total Balance Sheet Return.
Business activity
Year ended 31 March 2025 Fundraising Deployment (1) Realisations (1,2)
Structured Capital and Secondaries $13.2bn $11.6bn $2.3bn
Real Assets $2.3bn $2.4bn $1.4bn
Debt (3) $8.2bn $3.5bn $5.2bn
Total $23.7bn $17.5bn $8.9bn
1 Direct investment funds; 2 Realisations of fee-earning AUM; 3 Includes
Deployment and Realisations for Private Debt only.
Medium-term financial guidance reiterated
Fundraising FMC Operating margin Investment performance
* Fundraising of at least $55bn in aggregate between 1 April 2024 and 31 March 2028 * In excess of 52% * Performance fees to represent c. 10 - 15% 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 BST 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: +44 333 300 1418
* United Kingdom (Toll-Free): 0808 143 3720
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 12 June 2025
Record date 13 June 2025
Last date to elect for dividend reinvestment 11 July 2025
AGM and Q1 trading statement 16 July 2025
Payment of ordinary dividend 1 August 2025
Half year results announcement 13 November 2025
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 $112bn* in AUM and
more than three decades of experience generating attractive returns. We
operate from over 20 locations globally and invest our clients’ capital
across Structured Capital; Private Equity Secondaries; Private Debt; Credit;
and Real Assets.
Our exceptional people originate differentiated opportunities, invest
responsibly, and deliver long-term value. We partner with management teams,
founders, and business owners in a creative and solutions-focused approach,
supporting them with our expertise and flexible capital. For more information
visit our website
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and follow us on LinkedIn
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*As at 31 March 2025.
USE OF ALTERNATIVE PERFORMANCE MEASURES
The Board and management monitor the financial performance of the Group on the
basis of Alternative Performance Measures (APM), which are non-UK-adopted IAS
measures. The APM form the basis of the financial results discussed in 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, 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 in-line with
prior period at £530.5m (FY24: £530.8m). On the APM basis it was below the
prior period at £532.2m (FY24: £597.8m).
CHIEF EXECUTIVE OFFICER’S REVIEW
ICG has accomplished a lot in the twelve months covered in this report. FY25
was a milestone year for us, both in terms of the results achieved and in
securing visibility on future growth. We are delivering on our ambition of
having breadth at scale, which is underpinned by our belief that clients are
concentrating their resources on GPs with whom they can deploy significant
amounts of capital into a range of private markets strategies, with top-tier
investment performance. Managers such as ICG who are able to meet those
demands are clearly benefiting and are seeing an increasing proportion of
client business.
As I reflect on the year, a number of highlights stand out:
* We attracted $24bn of client capital;
* We launched our first US evergreen strategy (Core Private Equity) and our
first Asian Infrastructure fund;
* We opened offices in three new locations; and
* We made a number of important hires across our platform, in particular into
our Client Solutions Group and key investment strategies.
Our waterfront of products today enables our clients to access a number of
attractive, large and growing private markets asset classes. We have
organically built leading positions in structured capital, secondaries and
debt, and have a real assets platform that is positioned for growth. This is
reflected in our AUM, with Structured Capital and Secondaries accounting for
~46% , Real Assets for ~12% and Debt strategies account for ~42%.
We are proud of the platform that this has created:
* Our flagship strategies (European Corporate, Strategic Equity and Senior
Debt Partners) have leading positions in their markets
* Our scaling strategies (Mid-Market, Infrastructure, Real Assets, LP
Secondaries and North America Credit Partners) are successfully attracting
capital from clients and originating attractive investment opportunities
As a result, in a challenging market environment we are raising more capital
from more clients into more strategies. This is visible in our fundraising for
FY25, where we attracted 122 new institutional clients and raised 35% of the
capital from the Americas. We had a number of final closes during the year
including:
* SDP V ($17bn(1) fund size, $4.9bn raised in FY25): the largest ever direct
lending fund in Europe(2)
* SE V ($11bn(1) fund size, $5.8bn raised in FY25): the world’s largest
GP-led secondaries fund focused on single asset continuation vehicles
* Europe Mid-Market II (€3bn(1) fund size, €1.3bn raised in FY25): ICG’s
largest ever vintage-to-vintage upsize, 3x larger than Europe Mid-Market I
* NACP III ($1.9bn(1) fund size, $0.3bn raised in FY25): 50% increase in
client capital compared to predecessor fund
From a shareholder perspective, this breadth at scale results in increasingly
large and diverse management fees, and significant operating leverage.
Management fees have grown at an annualised rate of 19% in the last five
years, and were £604m in FY25. Over the same time period, our group operating
expenses grew at an annualised rate of 12%.
Transaction levels in the buyout market remained subdued in the year. Against
that backdrop, we saw deployment and realisations notably higher than our
average over the prior four years. In part this is a reflection of our size,
and in part due to the nature of our investment strategies. Structured Capital
and Secondaries drove deployment(3), accounting for $11.6bn out the total
$17.5bn, while Real Assets enjoyed its largest ever year of deployment at
$2.4bn. Realisations(3) were driven by Private Debt, which accounted for
$5.2bn of the total $8.9bn. Competitive leveraged loan markets over the last
12 months along with subdued buyout levels have impacted the private debt
landscape. We view this as a natural ebb-and-flow of the credit cycle, and it
follows a very attractive period for direct lending in recent years.
Looking ahead, FY26 has started with notably higher levels of volatility and
uncertainty. In the face of this we can remain measured and thoughtful, but
never complacent, as we reflect on our positioning as a firm. Our fundraising
over the last twelve months has anchored our management fees and dry powder
for this fundraising cycle; FY26 and potentially FY27 were always going to be
low points in our fundraising cycle irrespective of the market environment.
The current geopolitical environment may result in a meaningful long-term
shift in economic policy and capital flows. In the short-term, transaction
activity is likely to remain relatively low by historical standards, although
debt strategies, structured capital and secondaries may be relative bright
spots. We will remain very disciplined in our investment process, and are in
the fortunate position that none of our strategies are under pressure to
deploy capital.
Taking a longer perspective, the range of possible outcomes is wide and I
believe the best-positioned private markets managers are those who prioritise
investment performance, have strong origination capabilities, and have a range
of strategies across asset classes and geographies.
We are proud of our European heritage and of our global presence. We manage
capital on behalf of clients from Asia, America and Europe, and today
approximately 25% of our capital is deployed in North America and 70% in
Europe. Our global footprint combined with our focus on services-centric
businesses and our breadth of differentiated investment strategies combine to
make ICG an attractive proposition for clients seeking exposure to private
markets and for portfolio companies seeking private capital.
I therefore see significant opportunity to grow all our investment strategies
in the coming years while maintaining strong investment performance. We are
also actively exploring product innovations and other strategic opportunities
to enhance our client offering and to generate attractive returns for our
shareholders.
Periods of volatility during our 36-year history have always served to prove
our ability to raise, invest and deploy capital successfully. In future years,
when we look back on today’s environment, I am confident we will be able to
say that ICG emerged with its reputation enhanced, its client franchise
strengthened, and its competitive positioning reinforced.
Thank you for your continued support,
Benoît Durteste
1 Refers to the total programme, including co-mingled fund, other associated
vehicles such as SMAs and annex sidecar vehicles, and the GP and ICG plc
commitments.
2 At time of closing.
3 See page 2.
FINANCIAL REVIEW
AUM and FY26 fundraising
Refer to the Datapack
(https://www.globenewswire.com/Tracker?data=1Am_oYdzNXfZ5wPc8PhMe92nfjbk3-FbMy3sv5SmUTSOVBZ-RfU-LubQVjmZBIspULFfj2kuWIUNSedBwc0c2rH15epdHoo_pWrtLBk6foom8Kd3-gb-Ak9Kuq3a6NYIGMfv5NNO1RSOb4sZPLYQsQ==)
for further detail on AUM (including fundraising, realisations and
deployment).
At 31 March 2025, AUM stood at $112bn and fee-earning AUM at $75bn. 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 36,086 7,711 31,330 — 75,127
AUM not yet earning fees 3,882 1,222 14,970 — 20,074
Fee-exempt AUM 9,073 3,487 1,314 — 13,874
Balance sheet investment portfolio (1) 2,458 502 (57) 379 3,282
AUM 51,499 12,922 47,557 379 112,357
AUM is presented across three asset classes (previously four) with no change
in measurement.
(1 )Includes elimination of CLO equity $630m (£488m) held by ICG already
included within fee-earning AUM.
At 31 March 2025 we had $32bn of AUM available to deploy in new investments
("dry powder"), of which $20bn was not yet earning fees.
AUM of $112bn
AUM ($m) Structured Capital and Secondaries Real Assets Debt Seed investments Total
At 1 April 2024 40,872 10,815 46,246 499 98,432
Fundraising 13,247 2,256 8,149 — 23,652
Other additions 939 1,088 349 — 2,376
Realisations (2,836) (831) (6,715) — (10,382)
Market and other movements (899) (401) (456) — (1,756)
Balance sheet movement 176 (5) (16) (120) 35
At 31 March 2025 51,499 12,922 47,557 379 112,357
Change $m 10,627 2,107 1,311 (120) 13,925
Change % 26% 19% 3% n/m 14%
Change % (constant exchange rate) 26% 18% 3% n/m 14%
Fee-earning AUM of $75bn
Fee-earning AUM ($m) Structured Capital and Secondaries Real Assets Debt Total
At 1 April 2024 28,334 7,733 33,591 69,658
Funds raised: fees on committed capital 9,868 1,336 — 11,204
Deployment of funds: fees on invested capital 2,114 581 6,432 9,127
Total additions 11,982 1,917 6,432 20,331
Realisations (2,276) (1,407) (8,540) (12,223)
Net additions / (realisations) 9,706 510 (2,108) 8,108
Stepdowns (1,795) (218) — (2,013)
FX and other (159) (314) (153) (626)
At 31 March 2025 36,086 7,711 31,330 75,127
Change $m 7,752 (22) (2,261) 5,469
Change % 27% —% (7) % 8%
Change % (constant exchange rate) 27% (2%) (7) % 8%
See page 17 for FX exposure of fee-earning AUM, fee income, FMC expenses and
Balance sheet investment portfolio.
FY26 fundraising
At 31 March 2025, closed-end funds and associated SMAs that were actively
fundraising included Europe IX; European Infrastructure II; and various other
strategies. We expect to hold the final close for European Infrastructure II
by June 2025. We anticipate launching LP Secondaries II during FY26. The
timings of launches and closes depend on a number of factors, including the
prevailing market conditions.
Group financial performance
£m unless stated Year ended 31 March 2024 Year ended 31 March 2025 Change %
Management fees 505.4 603.8 19%
of which catch-up fees 4.6 61.8 n/m
Performance fees 73.7 86.2 17%
Third-party fee income 579.1 690.0 19%
Other Fund Management Company income 72.9 76.0 4%
Fund Management Company revenue 652.0 766.0 17%
Fund Management Company operating expenses (277.5) (304.6) 10%
Fund Management Company profit before tax 374.5 461.4 23%
Fund Management Company operating margin 57.4% 60.2% 3%
Net investment return 379.3 192.5 (49) %
Other Investment Company Income (31.3) (14.6) (53) %
Investment Company operating expenses (100.4) (86.7) (14) %
Interest income 21.5 19.2 (11) %
Interest expense (45.8) (39.6) (14) %
Investment Company profit before tax 223.3 70.8 (68) %
Group profit before tax 597.8 532.2 (11) %
Tax (78.5) (79.8) 2%
Group profit after tax 519.3 452.4 (13) %
Earnings per share 181.5p 157.5p (13) %
Dividend per share 79.0p 83.0p 5%
Group operating cash flow 359.0 518.0 44%
Total available liquidity £1.1bn £1.1bn (2) %
Balance sheet investment portfolio £3.1bn £3.0bn (1) %
Total Balance Sheet Return £426.3m £240.8m (44) %
Net gearing 0.38x 0.25x (0.13)x
Net asset value per share (1) 790p 859p 9%
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 15 for details. Prior period NAV per share
figures have been adjusted to reflect this methodology.
Structured Capital and Secondaries
Overview
Seeding strategies Scaling strategies Flagship strategies
Life Sciences European Mid-Market Asia Pacific Corporate LP Secondaries Core Private Equity European Corporate Strategic Equity
Year ended 31 March 2024 Year ended 31 March 2025 Year-on-year growth (1) Last five years CAGR (1,2,5)
AUM $40.9bn $51.5bn 26% 29%
Structured Capital $22.7bn $28.4bn 25% 22%
Private Equity Secondaries $18.2bn $23.1bn 27% 43%
Fee-earning AUM $28.3bn $36.1bn 27% 24%
Structured Capital $16.2bn $19.6bn 20% 17%
Private Equity Secondaries $12.1bn $16.5bn 36% 36%
Fundraising $5.4bn $13.2bn n/m
Deployment $1.7bn $11.6bn n/m
Realisations (3) $0.8bn $2.3bn n/m
Effective management fee rate 1.24% 1.25% +1bps
Management fees £284m £366m 29% 22%
Performance fees £53m £84m 59% 28%
Balance sheet investment portfolio £1.8bn £1.9bn
Total Balance Sheet Return (4) £232.5m £151.8m 16%
1 AUM on constant currency basis.
2 AUM calculation based on 31 March 2020 to 31 March 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=1Am_oYdzNXfZ5wPc8PhMezdBLZBkKxRtqDAFX1gf_5i9_pbMh1tLmIqD8J15rackxrwnSu0IM2ilzGpqrvYWjX6YRslf9ywT4UbMvZsHWl0RHkKbiq_0GBQuimTCe1ic6vGXX-0OnQQsNcIDxqs3VA==)
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% 191%
Europe VII 2018 €4.5bn Realising 2.0x 18% 67%
Europe VIII 2021 €8.1bn Realising 1.3x 16% 11%
Europe IX Fundraising
Europe Mid-Market I 2019 €1.0bn Realising 1.7x 25% 47%
Europe Mid-Market II 2023 €2.6bn Investing 35% 1.1x 25% —
Asia Pacific III 2014 $0.7bn Realising 2.2x 18% 102%
Asia Pacific IV 2020 $1.1bn Investing 76% 1.3x 13% 1%
Private Equity Secondaries
Strategic Secondaries II 2016 $1.1bn Realising 3.0x 46% 200%
Strategic Equity III 2018 $1.8bn Realising 2.7x 34% 76%
Strategic Equity IV 2021 $4.3bn Realising 1.5x 22% 3%
Strategic Equity V 2023 $7.7bn Investing 39% 2.9x >100% —
LP Secondaries I 2022 $0.8bn Investing 91% 2.3x 60% 31%
1 Refers to commingled fund size
Key drivers
Business activity Fundraising : European Corporate ($6.0bn), Strategic Equity ($5.8bn), Mid Market II ($1.4bn) Deployment : Mostly driven by European Corporate ($6.4bn) and Strategic Equity ($3.7bn) Realisations : European Corporate ($1.4bn), Strategic Equity ($0.7bn)
Fee income Management fees : Increase largely driven by strong fundraising in Strategic Equity and Mid-Market. Catch-up fees of £49m (FY24: £3.7m), driven by Strategic Equity and Mid-Market Performance fees : Additional revenue accrued for Europe VII as it moved closer to its hurdle date
Balance sheet investment portfolio Return largely driven by European Corporate
Fund performance Year-on-year growth across key funds
Real Assets
Overview
Seeding strategies Scaling strategies Flagship strategies
- European Infrastructure Asia-Pacific Infrastructure Real Estate Equity Europe Real Estate Debt -
Year ended 31 March 2024 Year ended 31 March 2025 Year-on-year growth (1) Last five years CAGR (1, 2, 5)
AUM $10.8bn $12.9bn 18% 18%
Fee-earning AUM $7.7bn $7.7bn (2) % 14%
Fundraising $1.0bn $2.3bn n/m
Deployment $2.2bn $2.4bn 9%
Realisations (3) $0.9bn $1.4bn 56%
Effective management fee rate 0.94% 0.97% +3bps
Management fees £56m £77m 36% 25%
Performance fees — —
Balance sheet investment portfolio £0.4bn £0.4bn
Total Balance Sheet Return (4) £44.2m £30.0m 8%
1 AUM on constant currency basis.
2 AUM calculation based on 31 March 2020 to 31 March 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=1Am_oYdzNXfZ5wPc8PhMext4P8Jtxrl0IzlnEhVaB3YwF5NIDfjfGXEiiaRoLLOLeN4g4ihdrNgscmtmR_TbqZCncrqfzJQIr2sc03pnz0_Vi5axX22djLs8gEjV0wTCgPSGmKW5kGiVtXB-BAPIYA==)
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 1.2x 7% 50%
Real Estate Partnership Capital VI 2021 £0.6bn Investing 83% 1.2x 10% 10%
Real Estate Debt Fund VII Fundraising
European Infra I 2020 €1.5bn Realising 1.5x 21% 57%
European Infra II Fundraising
Infrastructure Asia Fundraising
Metropolitan II Fundraising
Strategic Real Estate I 2019 €1.2bn Realising 1.2x 7% 6%
Strategic Real Estate II 2022 €0.7bn Investing 70% 1.1x 9% —
1 Refers to commingled fund size.
Key drivers
Business activity Fundraising : Real Estate equity and debt strategies ($0.7bn) and Infrastructure Europe ($1.4bn) Deployment : Real Estate equity and debt strategies ($1.9bn), Infrastructure Europe ($0.5bn) Realisations : Real Estate equity and debt strategies ($1.1bn), Infrastructure Europe ($0.3bn)
Fee income Management fees : Increase largely driven by strong fundraising in European Infrastructure including catch-up fees of £9m (FY24: £0m) Performance fees : No performance fees due to early stage of key carry-eligible funds
Balance sheet investment portfolio Return mainly driven by Infrastructure Equity, positive NIR in Real Estate Equity as well while Real Estate Debt is flat YoY
Fund performance European Infrastructure saw strong value creation in the year, other strategies broadly flat
Debt
Overview
Seeding strategies Scaling strategies Flagship strategies
- North American Credit Partners ("NACP") Australian Loans Liquid Credit Senior Debt Partners ("SDP") CLOs
Year ended 31 March 2024 Year ended 31 March 2025 Year-on-year growth (1) Last five years CAGR (1,2,5)
AUM $46.2bn $47.6bn 3% 10%
Private Debt $28.3bn $29.7bn 5% 17%
Credit $17.9bn $17.9bn (1) % 3%
Fee-earning AUM $33.6bn $31.3bn (7) % 7%
Private Debt $15.9bn $13.5bn (15) % 11%
Credit $17.7bn $17.8bn —% 5%
Fundraising $6.6bn $8.2bn 23%
Deployment $3.8bn $3.5bn (8) %
Realisations (3) $4.3bn $8.5bn n/m
Effective management fee rate 0.65% 0.64% (1)bps
Management fees £165m £161m (3) % 12%
Performance fees £21m £2m n/m 28%
Balance sheet investment portfolio £0.4bn £0.4bn
Total Balance Sheet Return (4) £57.9m £27.7m 9%
1 AUM on constant currency basis.
2 AUM calculation based on 31 March 2020 to 31 March 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=1Am_oYdzNXfZ5wPc8PhMezckXvAOK8CceSkHUMxRN4aBiS7DS6aifCIR9NI_bMOwbJ_k9zR3XapLlsUfjyaCu0HvlbGMFQFsMvqAjEXZ8Y__GithyrCNb2CjS68T2GEt7dQkN5lT6Qf-2ontO0Hqrg==)
issued with this announcement for further detail on fund performance
Vintage Total fund size (1) Status % deployed Gross MOIC Gross IRR DPI
Private Debt
Senior Debt Partners II 2015 €1.5bn Realising 1.3x 8% 100%
Senior Debt Partners III 2017 €2.6bn Realising 1.2x 6% 66%
Senior Debt Partners IV 2020 €5.0bn Realising 1.2x 11% 44%
Senior Debt Partners V 2022 €7.3bn Investing 49% 1.1x 17% 5%
North American Private Debt I 2014 $0.8bn Realising 1.5x 16% 136%
North American Private Debt II 2019 $1.4bn Realising 1.4x 12% 73%
North America Credit Partners III 2023 $1.9bn Investing 30% 1.1x 19% —
1 Refers to commingled fund size.
Key drivers
Business activity Fundraising : SDP ($4.9bn) and NACP ($0.3bn); CLOs ($1.8bn) and Liquid Credit ($1.0bn) Deployment : SDP ($2.7bn) and NACP ($0.4bn) Realisations : SDP($4.7bn) and NACP ($0.3bn); CLOs ($2.8bn) and Liquid Credit ($ 0.5bn) Net realisations of $2.1bn within Debt drove a reduction in FEAUM for the asset class
Fee income Management fees : Lower than prior year owing to a reduction in FEAUM due to net realisation activity in SDP Performance fees : FY24 benefited from performance fees in Alternative Credit (£13m), which are earned every three years
Balance sheet investment portfolio Includes the impact of the Group moving to a third-party valuer for its CLO equity during Q3, bringing the approach in line with wider market practice. Net effect of the assumptions applied by the third-party valuer increased the value of the CLO equity held on the balance sheet by £20m compared to the assumptions applied by the Company at 31 March 2024 (1)
Fund performance Year-on-year growth across key funds
1 Further details of assumptions applied and sensitivities of the CLO equity
valuation to these assumptions can be found in note 5 (IFRS) and in the
Datapack (APM).
Fund Management Company
The Fund Management Company (FMC) is the Group’s principal driver of
long-term profit growth. It manages our third-party AUM, which it invests on
behalf of the Group’s clients.
Management fees
Management fees for the period totalled £603.8m (FY24: £505.4m), a
year-on-year increase of 19% (8% excluding the impact of catch-up fees of
£61.8m in FY25 and £4.6m in FY24). On a constant currency basis management
fees increased 22% year-on-year.
The effective management fee rate on our fee-earning AUM at the period end was
0.97% (FY24: 0.92%).
Performance fees
Performance fees recognised for the year totalled £86.2m (FY24: £73.7m). The
year-on-year increase was largely due to additional revenue accrued for Europe
VII as it moved closer to its hurdle date. During the period the Group
received realised performance fees of £60.3m and at 31 March 2025 had accrued
performance fees receivable on its balance sheet of £108.4m (31 March 2024:
£83.7m):
£m
Accrued performance fees at 31 March 2024 83.7
Accruals during period 86.2
Received during period (60.3)
FX and other movements (1.2)
Accrued performance fees at 31 March 2025 108.4
Other income
Other income comprises dividend receipts of £48.3m (FY24: £47.0m) from
investments on the balance sheet in CLO equity; an intercompany fee of £24.6m
for managing the IC balance sheet investment portfolio (FY24: £25.0m); and
other income of £2.8m (FY24: £0.9m).
Operating expenses and margin
FMC operating expenses totalled £304.6m, an increase of 10% compared to FY24
(£277.5m)
£m Year ended 31 March 2024 Year ended 31 March 2025 Change %
Salaries 101.0 109.2 8%
Incentive scheme costs 113.3 128.8 14%
Administrative costs 56.8 58.5 3%
Depreciation and amortisation 6.4 8.1 27%
FMC operating expenses 277.5 304.6 10%
FMC operating margin 57.4% 60.2% 2.8%
Within FMC operating expenses (incentive scheme costs), an expense of £43.0m
was recorded for stock-based compensation (FY24: £41.0m).
The FMC recorded a profit before tax of £461.4m (FY24: £374.5m), a
year-on-year increase of 23% and an increase of 28% 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 £3.0bn at 31 March 2025
(31 March 2024: £3.1bn). During the period, it generated net realisations and
interest income of £172m (FY24: £139m), being net realisations of £69m
(FY24: £88m) and cash interest receipts of £103m (FY24: £51m).
We made seed investments totalling £166m.
£m As at 31 March 2024 New investments Realisations Gains/ (losses) in valuation FX & other As at 31 March 2025
Structured Capital and Secondaries 1,807 373 (390) 152 (36) 1,906
Real Assets 402 79 (118) 30 (6) 387
Debt (1) 467 97 (90) (20) (11) 443
Seed Investments 394 166 (289) 31 (10) 292
Total Balance Sheet Investment Portfolio 3,070 715 (887) 193 (63) 3,028
1. Of which £228m is in CLO equity.
Net Investment Returns
For the five years to 31 March 2025, Net Investment Returns (NIR) have been in
line with our medium-term guidance, averaging 12%. For the twelve months to 31
March 2025, NIR were 6% (FY24: 13%).
NIR of £192.5m were comprised of interest of £140.6m from interest-bearing
investments (FY24: £124.9m) and capital gains of £51.9m (FY24: £252.4m).
NIR were split between asset classes as follows:
Year ended 31 March 2024 Year ended 31 March 2025
NIR (£m) Annualised NIR (%) NIR (£m) Annualised NIR (%)
Structured Capital and Secondaries 232.5 13% 151.8 8%
Real Assets 44.2 9% 30.0 8%
Debt 10.9 2% (20.5) (5) %
Seed Investments 91.7 25% 31.2 9%
Total net investment returns 379.3 13% 192.5 6%
Total balance sheet return including CLO dividends (which are recognised in
the FMC), was £240.8m (FY24: £426.3).
For further discussion on balance sheet investment performance by asset class,
refer to pages 8 to 10 of this announcement.
In addition to the NIR, the other adjustments to IC revenue were as follows:
£m Year ended 31 March 2024 Year ended 31 March 2025 Change
Changes in fair value of derivatives (1) (7.3) 8.3 n/m
Inter-segmental fee (25.0) (24.6) (2) %
Other 1.0 1.7 70%
Other IC revenue (31.3) (14.6) (53) %
1. See page 17 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 £177.9m (FY24: £348m).
Investment Company expenses
Operating expenses in the IC of £86.7m decreased by 14% compared to FY24
(£100.4m), with increases in salaries and administrative costs being more
than offset by a decrease in incentive scheme costs:
£m Year ended 31 March 2024 Year ended 31 March 2025 Change %
Salaries 21.4 30.0 40%
Incentive scheme costs 58.6 29.5 (50) %
Administrative costs 18.1 26.8 48%
Depreciation and amortisation 2.3 0.4 (83) %
IC operating expenses 100.4 86.7 (14) %
Incentive scheme costs included DVB accrual of £9.4m (FY24: £35.1m). The
reduction compared to FY24 was predominantly due to a change in the
anticipated timing of when DVB is likely to be realised, which led the DVB
accrual in H1 FY25 of £0.2m (H2 FY25: £9.2m).
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 £13.9m (FY24:
£21.1m). During the period no costs have been transferred to the FMC.
Interest expense was £39.6m (FY24: £45.8m) and interest earned on cash
balances was £19.2m (FY24: £21.5m).
The IC recorded a profit before tax of £70.8m (FY24: £223.3m).
Group
Operating expenses
The Group's operating expenses in aggregate were £391.3m, compared to FY24
these increased by 4%. For more detailed commentary on the changes in the
operating expenses, see pages 11 and 13 of this announcement.
£m Year ended 31 March 2024 Year ended 31 March 2025 Change %
Salaries 122.4 139.2 14%
Incentive scheme costs 171.9 158.3 (8) %
Administrative costs 74.9 85.3 14%
Depreciation and amortisation 8.7 8.5 (2) %
Group operating expenses 377.9 391.3 4%
Within the Group operating expenses (incentive scheme costs), an expense of
£52.3m was recorded for stock-based compensation (FY24: £53.6m).
Tax
The Group recognised a tax charge of £(79.8)m (FY24: £(78.5)m), resulting in
an effective tax rate for the period of 14.9% (FY24: 13.2%).
As detailed in note 13, 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. Over the long term the Board intends to
increase the dividend per share by at least mid-single digit percentage points
on an annualised basis.
The Board has proposed a final dividend of 56.7p per share which, combined
with the interim dividend of 26.3p per share, results in total dividends for
the year of 83.0p (FY24: 79.0p). This marks the 15th consecutive year of
increases in our ordinary dividend per share, which over the last five years
has grown at an annualised rate of 10%. We continue to make the dividend
reinvestment plan available.
At 31 March 2025 the Group had 290,636,892 shares outstanding (31 March 2024:
290,631,993). During the year the Group recognised £52.3m in stock-based
compensation. The Group has a policy of neutralising the dilutive impact of
stock-based compensation through the purchase of shares by an Employee Benefit
Trust ('EBT').
Balance sheet and cash flow
Our growing earnings and cash generation are resulting in an increasingly
valuable asset base, which we use to enhance our client offering and
shareholder value while maintaining an appropriately capitalised balance
sheet. We do this through:
* investing alongside clients in our existing strategies to align interests;
* making investments to grow the strategies and products we offer our clients;
and
* returning appropriate capital to our shareholders.
During the year we made gross investments of £549m alongside existing
strategies and £166m in seed investments, and maintained our progressive
dividend policy. See page 12 for more information on the performance of our
balance sheet investment portfolio during the period and page 14 for
information on our dividend.
To support this use of our balance sheet, we maintain a robust capitalisation
and a strong liquidity position:
£m 31 March 2024 31 March 2025
Balance sheet investment portfolio 3,070 3,028
Cash and cash equivalents 627 605
Other assets 476 447
Total assets 4,173 4,080
Financial debt (1,448) (1,177)
Other liabilities (430) (407)
Total liabilities (1,878) (1,584)
Net asset value 2,295 2,496
Net asset value per share (1) 790p 859p
1 The number of shares used to calculate NAV per share include shares held in
the EBT (a different basis to Group earnings per share), The Group uses the
EBT to purchase and hold shares to offset the impact of share-based payments.
Prior period NAV per share figures have been adjusted to reflect this
methodology.
Liquidity and net debt
For FY25 we are reporting operating cashflow of £518m (FY24: £359m). This
increase is due both to higher cashflow from fee income and higher cash
generation from our balance sheet.
At 31 March 2025 the Group had total available liquidity of £1,098m (FY24:
£1,124m), net financial debt of £629m (FY24: £874m) and net gearing of
0.25x (FY24: 0.38x).
During the period, available cash decreased by £26m from £574m to £548m,
including the repayment of £241m of borrowings that matured.
The table below sets out movements in cash:
£m FY24 FY25
Opening cash 550 627
Operating activities
Fee and other operating income 492 656
Net cash flows from investment activities and investment income (1) 180 253
Expenses and working capital (272) (323)
Tax paid (41) (68)
Group cash flows from operating activities - APM (2,3) 359 518
Financing activities
Interest paid (49) (41)
Interest received on cash balances 29 20
Purchase of shares by EBT — (43)
Dividends paid (223) (229)
Net repayment of borrowings (51) (241)
Group cash flows from financing activities - APM (2) (294) (534)
Other cash flow (4) 14 4
FX and other movement (2) (10)
Closing cash 627 605
Regulatory liquidity requirement (53) (57)
Available cash 574 548
Available undrawn RCF 550 550
Cash and undrawn debt facilities (total available liquidity) 1,124 1,098
(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 30 of the Financial Statements, Operating cash flows under
UK-adopted IAS of £136.1m (FY24: £255.9m) 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 31 March 2025, the Group had drawn debt of £1,177m (FY24: £1,448m). 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 2024 1,448
Debt (repayment) / issuance (241)
Impact of foreign exchange rates (30)
Drawn debt at 31 March 2025 1,177
Net financial debt therefore reduced by £245m to £629m (FY24: £874m):
£m 31 March 2024 31 March 2025
Drawn debt 1,448 1,177
Available cash 574 548
Net financial debt 874 629
During the period, S&P upgraded ICG plc to BBB+. At 31 March 2025 the Group
had credit ratings of BBB (positive 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 31 March 2025 was 2.84% (FY24: 3.07%). The weighted-average
life of drawn debt at 31 March 2025 was 2.9 years (FY24: 3.3 years). The
maturity profile of our term debt is set out below:
£m FY26 FY27 FY28 FY29 FY30
Term debt maturing 176 486 — 97 419
During FY25, the Group entered into a new Revolving Credit Facility (RCF),
replacing the previous facility. The RCF, which matures in October 2027,
remains at £550m and has more favourable economic terms compared to the
previous facility. For further details of our debt facilities see Other
Information (page 82).
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 0.25x at 31 March 2025 (FY24: 0.38x).
£m 31 March 2024 31 March 2025 Change %
Net financial debt (A) 874 629 (28) %
Net asset value (B) 2,295 2,496 9%
Net gearing (A/B) 0.38x 0.25x (0.13)x
Board evolution
Sonia Baxendale joined the Board as a Non Executive Director in January 2025
and will join the Audit Committee and Risk Committee. The Board has also
announced that Robin Lawther has been appointed as a Non-Executive Director of
the Company, joining on 1 November 2025.
Name change
Intermediate Capital Group plc will seek shareholder approval at its 2025
Annual General Meeting to change its name to “ICG plc”. The change is to
reflect our brand and how we are known in the market.
A subsequent announcement will be made when the Company's name change becomes
effective, which is expected to be shortly after the Annual General Meeting.
Foreign exchange rates
The following foreign exchange rates have been used throughout this review:
Average rate for FY24 Average rate for FY25 Year ended 31 March 2024 Year ended 31 March 2025
GBP:EUR 1.1609 1.1919 1.1697 1.1944
GBP:USD 1.2572 1.2773 1.2623 1.2918
EUR:USD 1.0829 1.0751 1.0792 1.0815
The table below sets out the currency exposure for certain reported items:
USD EUR GBP Other
Fee-earning AUM 35% 55% 9% 1%
Fee income 34% 58% 7% 1%
FMC expenses 18% 14% 59% 9%
Balance sheet investment portfolio 29% 49% 14% 8%
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
hedges):
Impact on FY25 management fees (1) Impact on FY25 FMC PBT (1) NAV per share at 31 March 2025 (2)
Sterling 5% weaker against euro and dollar +£29.0m +£30.9m +14p
Sterling 5% stronger against euro and dollar -£(26.3)m -£(28.0)m -(13)p
(1)Impact assessed by sensitising the average FY25 FX rates.
(2)NAV / 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, fee income and FMC PBT on a
constant currency exchange rate basis. For the purposes of these calculations,
prior period numbers have been translated from their underlying fund
currencies to the reporting currencies at the respective FY25 period end
exchange rates. This has then been compared to the FY25 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.
MANAGING RISK
Our approach
The Board is accountable for the overall stewardship of the Group’s Risk
Management Framework (RMF), internal control assurance, and for determining
the nature and extent of the risks it is willing to take in achieving the
Group’s strategic objectives. In doing so the Board sets a preference for
risk within a strong control environment to generate a return for investors
and shareholders and protect their interests.
The Risk Committee is provided with management information regularly and
monitors performance against set thresholds and limits. The Board also
promotes a strong risk management culture by encouraging acceptable
behaviours, decisions, and attitudes toward taking and managing risk
throughout the Group.
Managing risk
Risk management is embedded across the Group through the RMF, to ensure
current and emerging risks are identified, assessed, monitored, controlled,
and appropriately governed based on a common risk taxonomy and methodology.
The Group’s RMF operates under the principles of the ‘three lines of
defence’ model. The RMF is designed to protect the interests of stakeholders
and meet our responsibilities as a UK-listed company, and the parent company
of a number of regulated entities.
The Board’s oversight of risk management is proactive, ongoing and
integrated into the Group’s governance processes. The Board receives regular
reports on the Group’s risk management and internal control systems. These
reports set out any significant risks facing the Group.
The evaluation of risk events and corrective actions assists the Board in its
assessment of the Group’s risk profile. The Board also meets regularly with
the internal and external auditors to discuss their findings and
recommendations, which enables it to gain insight into areas that may require
improvement. The Board reviews the RMF regularly, and it forms the basis on
which the Board reaches its conclusions on the effectiveness of the Group’s
system of internal controls.
Taking controlled risk opens up opportunities to innovate and further enhance
our business, for example new investment strategies or new approaches to
managing our client relationships. Therefore, the Group maintains a risk
culture that provides entrepreneurial leadership within a framework of prudent
and effective controls to enable effective risk management.
Risk appetite
Risk appetite is defined as the level of risk which the Group is prepared to
accept in the conduct of our activities. The risk appetite strategy is
implemented through the Group’s operational policies and procedures and
internal controls and supported by limits to control exposures and activities
that have material risk implications. The current risk profile is within our
risk appetite and tolerance range.
Principal and emerging risks
The Group’s principal risks are individual risks, or a combination of risks,
materialisation of which could result in events or circumstances that might
threaten our business model, future performance, solvency, or liquidity and
reputation. Reputational risk is not in itself a principal risk; however, it
is an important consideration and is actively managed and mitigated as part of
the wider RMF. Similarly, sustainability risk is not defined as a principal
risk but is considered across the Group’s activities as an embedded value.
The Group has determined that the most significant impact from climate change
relates to the underlying portfolio investments. Climate-related risk for both
the Group’s own operations and ICG’s fund management activity are
addressed in greater detail in note 1 of the financial statements (see page
33).
The Group uses a principal and emerging risks process to provide a
forward-looking view of the potential risks that can threaten the execution of
the Group’s strategy or operations over the medium to long term.
The Group’s RMF identifies nine principal risks which are accompanied by
associated responsibilities and expectations around risk management and
control. Each of the principal risks is overseen by an accountable Executive
Director, who is responsible for the framework, policies and standards that
detail the related requirements.
Emerging risks are identified through regular interactions with stakeholders
throughout the business, attendance at industry events, review of external
publications, and horizon scanning performed by the relevant functions,
including Group Risk and Compliance. Emerging risks are continuously monitored
to ensure that they are appropriately managed and mitigated by the Group.
Directors’ Confirmation
The Directors confirm that they have reviewed the effectiveness of the
Group’s risk management and internal control system and confirm that no
significant failings or weaknesses have been identified. This is supported by
an annual Material Controls assessment and Fraud Risk Assessment, facilitated
by the Group Risk Function, which provides the Directors with a detailed
assessment of related internal controls.
The Directors confirm that they have undertaken a robust assessment of the
principal and emerging risks facing the business, in line with the
requirements of the UK Corporate Governance Code.
External environment risk
Risk appetite: High
Executive Director Responsible: Benoît Durteste
Risk Description
Geopolitical, macroeconomic concerns, and global events (e.g. pandemics,
natural disasters) beyond our control may impact our profitability, operating
environment and our fund portfolio companies. These events can lead to
financial market volatility, affecting fundraising, investment performance,
exit opportunities, and the ability to deploy capital.
Key Controls and Mitigation
Our business model is primarily based on long-term illiquid funds, providing
stability during market downturns. Additionally, given the nature of
closed-end funds, they are not subject to redemptions.
A range of complementary approaches are used to inform strategic planning and
risk mitigation, including active management of the Group’s fund portfolios,
profitability and balance sheet scenario planning and stress testing to ensure
resilience across a range of outcomes.
The Board, the Risk Committee and the Risk function monitor emerging risks,
trends, and changes in the likelihood of impact. This assessment informs the
universe of principal risks faced by the Group.
Trend and Outlook
The investing environment remains uncertain and potentially volatile, with
geopolitical shifts, high interest rates, and weak economic growth.
As noted in the Finance review on page 6, we have substantial dry powder
across a range of strategies, stable management fee income, are not under
pressure to deploy or realise, and can capitalise on opportunities that emerge
across our asset classes.
We monitor the macroeconomic and geopolitical landscape, but do not anticipate
increased risk to our operations, strategy, performance, or client demand.
Fundraising risk
Risk appetite: Medium
Executive Director Responsible: Benoît Durteste
Risk Description
The Group's long-term growth and profitability rely on successfully raising
third-party funds. Failure to attract new investors, grow existing
investments, and launch new strategies could impact future management fee
income and restrict expansion into new markets and asset classes, limiting
economies of scale. This risk has significant strategic and financial
implications, including reduced profitability, loss of market share, and
challenges in attracting and retaining top talent.
Key Controls and Mitigation
The Group’s Client Solutions Group function is dedicated to continually
growing and diversifying our client base and supporting the Group’s
fundraising efforts. The diverse product offerings provide a range of
solutions to match client requirements.
Monitoring of possible new fund structures and client bases is conducted on a
regular basis to assess new opportunities.
Trend and Outlook
Despite a challenging fundraising environment, we have continued to exceed our
fundraising targets. The Group’s track record and reputation remain strong
with sustained momentum across the investment platform, for both flagship and
scaling strategies. We saw final closes for Senior Debt Partners V, Strategic
Equity V and Europe Mid-Market II, as well as North American Capital Partners
III.
Our diverse product offering and client base, coupled with continued strong
performance and strategic hires to support the growth of our Client Solutions
Group, positions ICG for successful fundraising to continue scaling AUM.
Fund performance risk
Risk appetite: Medium
Executive Director Responsible: Benoît Durteste
Risk Description
Current and potential clients continually assess our investment fund
performance. There is a risk that our funds may not deliver consistent
performance and erode our track record. Poor fund performance may hinder our
ability to raise subsequent vintages or new strategies, impacting
competitiveness, profitability and growth plans.
Key Controls and Mitigation
A robust and disciplined investment process is in place where investments are
selected and regularly monitored by the Investment Committees for fund
performance, delivery of investment objectives, and asset performance.
All proposed investments are subject to a thorough due diligence and approval
process during which all key aspects of the transaction are discussed and
assessed. Regular monitoring of investment and divestment pipelines is
undertaken on an ongoing basis.
Monitoring of all portfolio investments is undertaken on a quarterly basis
focusing on the operating performance and liquidity of the portfolio.
Material sustainability and climate-related risks are assessed for each
potential investment opportunity and presented to, and considered by, the
Investment Committees of all investment strategies.
Trend and Outlook
Amidst a rapidly changing global economy, we have effectively managed our
clients’ assets. Our focus on downside protection has resulted in attractive
performance, particularly in our debt strategies.
During this period, fund valuations have remained stable, supported by the
strong performance of our portfolio companies and income from interest-bearing
investments. Our disciplined approach to realisations has helped maintain the
performance of key vintages, despite the market's reduced transaction
activity.
While the market environment is challenging, the outlook remains positive. We
have a powerful local sourcing network and a diversified product offering of
successful investment strategies that enable us to navigate dynamic market
conditions, which helps to mitigate this risk.
Market and liquidity risk
Risk appetite: Medium
Executive Director Responsible: David Bicarregui
Risk Description
The Group is exposed to market and liquidity risks. Adverse market conditions
could negatively impact the carrying value of the Group's investments,
resulting in financial losses and constraining the Group's ability to launch
new funds or meet co-investment obligations. This risk stems from the Group's
strategy of co-investing alongside clients in its funds, seeding assets in
preparation for fund launches, and holding investments in Collateralised Loan
Obligations to meet regulatory requirements.
Liquidity risk refers to the possibility that the Group may not have
sufficient financial resources to meet its obligations, including debt
maturities and co-investment commitments, as they fall due.
Key Controls and Mitigation
Debt funding for the Group is obtained from diversified sources and the
repayment profile is managed to minimise material repayment events. The
profile of the debt facilities available to the Group is reviewed frequently
by the Treasury Committee.
Market and liquidity exposures are reported monthly and reviewed by the
Group’s Treasury Committee. Liquidity projections and stress tests are
prepared to assess the Group’s future liquidity as well as compliance with
the regulatory capital requirements.
Investment Company commitments are reviewed and approved by the CEO and the
CFO on a case-by-case basis assessing the risks and return on capital.
Valuation of the balance sheet investment portfolio is reviewed quarterly by
the Group Valuation Committee, which includes assessing the assumptions used
in valuations of underlying investments.
Trend and Outlook
Global markets remain susceptible to volatility from a number of macroeconomic
factors, specifically related to global interest rates, and geopolitical
factors. We continue to implement measures to mitigate the impact of market
volatility and interest rate fluctuations in line with Group policy, and
respond to the prevailing market environment where appropriate.
Our balance sheet remains strong and well capitalised, with net gearing of
0.25x, and with £1,098bn of available liquidity as of 31 March 2025. In
addition, the Group has significant headroom to its debt covenants. All of the
Group’s drawn debt is fixed rate, with the only floating rate debt being the
Group’s committed £550m revolving credit facility, which was undrawn as of
31 March 2025. This facility is only intended to provide short-term working
capital for the Group.
The Group’s liquidity, gearing and headroom are detailed in the Finance
Review on page 15.
Key Personnel Risk
Risk appetite: Low
Executive Director Responsible: Antje Hensel-Roth
Risk Description
The Group depends upon the experience, skill and reputation of our senior
executives and investment professionals, and their continued service is vital
to our success. Breaching the governing agreements of our funds in relation to
‘Key Person’ provisions could disrupt investment activities or hinder our
ability to raise new funds, if not resolved promptly.
As such, the departure of key personnel may have a significant adverse impact
on our long-term prospects, revenues, profitability, and cash flows. It could
also impede our ability to maintain or grow assets under management in
existing funds and hinder our ability to raise new funds.
Key Controls and Mitigation
We employ an active and comprehensive approach to attract, retain, and develop
talent. This includes a well-defined recruitment process, succession planning,
competitive long-term compensation and incentives, and advancement
opportunities through performance appraisals and dedicated development
programmes.
Regular reviews of resourcing and key person exposures are undertaken as part
of business line reviews and the fund and portfolio company review processes.
We maintain a focus on our organisational culture, implementing initiatives to
promote appropriate behaviours that lead to optimal long-term outcomes for our
employees, clients, and shareholders.
The Remuneration Committee oversees the Directors’ Remuneration Policy and
its application to senior employees, and reviews and approves incentive
arrangements to ensure they are appropriate and in line with market practice.
Trend and Outlook
Attracting, developing and retaining key personnel remains a significant
priority for the Group. We continue to invest in emerging and high potential
talent through focused and individual tailored development plans. After a
successful pilot, we are launching a firm-wide mentoring programme during FY26
to foster connections across our business and support innovation.
Additionally, having developed and piloted a new Manager-focused programme in
FY25, we are now deploying the programme globally to inspire team vision,
drive performance, ensure effective communication, and promote career
development.
We remain committed to strategic and considered hiring and have welcomed
senior professionals to the firm across client-facing, investment and
operational roles. Notably, we onboarded a new Global Head of Client Solutions
Group, who will continue to build upon our strong relationships with our
sophisticated clients and our markets. Additionally, as part of our ongoing
investment in our platform, Warsaw and India remain key strategic growth
locations.
Legal, Regulatory and Tax Risk
Risk appetite: Low
Executive Director Responsible: David Bicarregui
Risk Description
Regulations establish the framework for the marketing distribution and
investment management of our strategies, along with supporting our business
operations. Non-compliance with professional conduct rules and legal
requirements could result in censure, penalties, or legal action.
Additionally, the increase in demand for tax-related transparency means that
tax rules are continuing to evolve. This raises a complex mix of tax
implications for the Group, in particular for transfer pricing, permanent
establishment and fund structuring processes. The tax authorities could
challenge the Group’s interpretation of tax rules, resulting in additional
tax liabilities.
Changes in the legal, regulatory, and tax framework can disrupt the markets we
operate in and impact our business operations. This may result in increased
costs, reduced competitiveness, lower future revenues and profitability, or
require the Group to hold more regulatory capital.
Key Controls and Mitigation
The Compliance and Legal functions are responsible for understanding and
meeting regulatory and legal requirements on behalf of the Group. They provide
guidance to, and oversight of, the business in relation to regulatory and
legal obligations.
Compliance conducts routine monitoring and in-depth assessments to evaluate
adherence to relevant regulations and legislation.
The Tax function has close involvement with significant Group transactions,
fund structuring and business activities, both to proactively plan the most
tax efficient strategy and to manage the impact of business transactions on
previously taken tax positions.
Trend and Outlook
ICG operates within a continually evolving and complex global regulatory
environment. Against this backdrop the Group consistently adapts to meet its
regulatory obligations. Throughout FY25, ICG has focused on internal
initiatives, including further establishing the EU branch structure and
development of the global regulatory footprint, to maintain a stable
regulatory risk profile.
Legal risk continues to be impacted by the regulatory focus on the sector,
which may lead to an evolution of the existing applicable legal framework for
the business. It also remains the case that the Group is subject to litigation
risk, which may increase as the Group’s business expands and becomes more
complex.
The Pillar One and Two Model rules apply to the Group from 1 April 2024. The
Group’s trading activities within FMC are subject to tax at the relevant
statutory rates in the jurisdictions in which income is earned. As expected,
Pillar One did not apply to the Group for FY25 and we do not anticipate it
will apply for the foreseeable future. The implementation of Pillar Two was
closely modelled by the Group and we do not expect material impact for FY25 or
beyond, but we continue to monitor closely.
The Group remains responsive to increasing scrutiny around private markets and
continues to invest in its Compliance, Legal, and Tax teams to ensure
appropriate and relevant coverage.
External reporting risk
Risk appetite: Low
Executive Director Responsible: David Bicarregui
Risk Description
External reporting risk refers to the potential adverse consequences arising
from inaccurate, incomplete, or untimely reporting of the Group’s financial
and non-financial information to external stakeholders, including investors,
regulators, and the public.
This risk encompasses the possibility of misstatements, omissions, or
misleading disclosures in the Group’s financial statements, regulatory
filings, and other communications. Ineffective management of external
reporting risk can lead to reputational damage, loss of investor confidence,
regulatory scrutiny, and potential legal liabilities.
Key Controls and Mitigation
The Group’s financial reporting practices are aligned to external reporting
and industry standards.
Financial reporting controls are in place and are subject to rigorous internal
reviews.
Developments in accounting standards are continually monitored to ensure the
impact of new or changed standards are properly assessed.
Sustainability disclosures are benchmarked against relevant standards from the
Sustainability Accounting Standards Board and the Global Reporting Initiative.
Trend and Outlook
ICG continues to rigorously review changes to regulatory and legislative
requirements and client expectations in respect to external reporting, to
ensure the Group meets stakeholder expectations and provides confidence to
investors.
Sustainability has seen particular focus from regulators, with the EU
Sustainable Finance Framework and the UK Sustainable Disclosure Requirements
both increasing the rigour of ICG’s reporting requirements related to
sustainability-related information.
Updates to the UK Corporate Governance Code have enhanced ICG’s reporting
requirements in relation to our internal controls framework. The Group has
conducted an assessment of the updated Code to ensure continued compliance
with reporting standards.
The Group remains alert to developments in reporting requirements and
standards, across an increasingly complex global business, and continues to
ensure appropriate resource are in place to keep up with stakeholder
expectations.
Information technology and security risk
Risk appetite: Medium
Executive Director Responsible: David Bicarregui
Risk Description
The Group relies on information technology systems to conduct its operations
and serve its clients. A failure to maintain a secure, reliable, and resilient
IT environment could expose the Group to unauthorised access, breaches of data
confidentiality, and disruptions to system availability. Cyberattacks, system
failures, or other technology-related incidents could compromise sensitive
information, hinder the Group's ability to make investment decisions, disrupt
operations, and damage the Group's reputation.
Key Controls and Mitigation
Operational resilience, in particular cyber security, is a key focus of the
Group’s Board and Leadership agenda, and the adequacy of the Group’s
response is reviewed on an ongoing basis.
Business Continuity and Disaster Recovery plans are reviewed and approved on
at least an annual basis by designated plan owners, and preparedness exercises
are complemented by an automated Business Continuity Planning tool.
The Group’s technology environment is continually maintained and subject to
regular testing, such as penetration testing, vulnerability scans and patch
management. Technology processes and controls are also upgraded where
appropriate to ensure ongoing technology performance and resilience.
An externally managed security operations centre supplies the Group with
skilled security experts and technology to proactively detect and prevent
potential threats and to recover from security incidents, including cyber
attacks.
Trend and Outlook
To maintain pace with the ever-evolving threat landscape, the Group continues
to invest in our platform and systems to support the increasing breadth and
scale of our business and to position ICG for future growth.
As part of the Group’s commitment to cyber and information security, ICG
certifies against the ISO27001 framework. Up-to-date and maintained cyber
hygiene, vulnerability scanning, technical surveillance countermeasures
alongside user education make up the core components of the Group’s cyber
security with external threat intelligence used to inform investments in
solutions to ensure our data is protected and secure.
ICG is responsive to technological enhancements, including the growing
presence of Artificial Intelligence, to ensure that we are properly equipped
to mitigate evolving cyber security risks, as well as positioning the Group to
utilise new tools to support our continued growth.
Third Party Provider Risk
Risk appetite: Medium
Executive Director Responsible: David Bicarregui
Risk Description
The Group relies on third-party providers for certain functions as part of our
business model, including managing service provider arrangements for our
funds. The most significant relationships are with Third Party Administrators
(TPAs).
There is a risk that TPAs may not fulfil their contractual obligations, which
could impact our operations and hinder our ability to meet client and
stakeholder expectations.
Additionally, failure of the Group to maintain sufficient knowledge,
understanding and oversight of the controls and processes in place to
proactively manage our TPAs could damage the quality and reliability of these
TPA relationships.
Key Controls and Mitigation
The TPA oversight framework consists of policies, procedures, and tools to
govern the oversight of key suppliers, including our approach to selection,
contracting and on-boarding, management and monitoring, and termination and
exit.
Ongoing monitoring of the services delivered by our TPAs is undertaken through
regular oversight interactions where service levels are compared to the
expected standards documented in service agreements and agreed-upon standards.
Trend and Outlook
The Group has continued to embed the TPA Governance and Oversight Framework,
gathering consistent evidence of the ongoing performance of our TPAs. This has
allowed the operational oversight teams to identify trends and themes that
impact service levels and provides a guide to where additional oversight
activities are required. The teams work in partnership with our TPAs to ensure
consistent performance levels are maintained and issues are remediated on a
timely basis.
The KPI reporting allows the Group to benchmark the performance of our TPAs
against each other, thereby providing information to support a decision around
potential rationalisation of the portfolio. The Group has assessed the
potential for improved operational efficiency and streamlined investor
experience in reaching a decision on the appropriate number of TPAs to
utilise. As a result, the Group is currently undertaking a programme to reduce
the number of key TPA relationships.
RESPONSIBILITY STATEMENT
The responsibility statement below has been prepared in connection with the
Company's full annual report for the year ending 31 March 2025. Certain parts
thereof are not included within this announcement.
We confirm to the best of our knowledge:
* the financial statements, prepared in accordance with UK-adopted
international accounting standards, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company and the
undertakings included in the consolidation taken as a whole; and
* the management report, which is incorporated into the directors' report,
includes a fair review of the development and performance of the business and
the position of the Company and the undertakings included in the consolidation
taken as a whole, together with a description of the principal risks and
uncertainties they face.
This responsibility statement was approved by the Board of Directors on 20 May
2025 and is signed on its behalf by:
Benoît Durteste David Bicarregui
CEO CFO
CONSOLIDATED INCOME STATEMENT
for the year ended 31 March 2025
Year ended 31 March 2025 Year ended 31 March 2024
Notes £m £m
Fee and other operating income 3 676.0 554.8
Finance income/(loss) 5 10.2 (10.5)
Net gains on investments 9 284.7 405.3
Total Revenue 970.9 949.6
Other income 8 19.5 21.6
Finance costs 10 (43.7) (49.5)
Administrative expenses 11 (416.2) (390.5)
Share of results of joint ventures accounted for using the equity method 28 — (0.4)
Profit before tax from continuing operations 530.5 530.8
Tax charge 13 (79.3) (62.4)
Profit after tax from continuing operations 451.2 468.4
Profit after tax on discontinued operations — 6.0
Profit for the year 451.2 474.4
Attributable to:
Equity holders of the parent 451.2 473.4
Non-controlling interests 0.0 1.0
451.2 474.4
Earnings per share attributable to ordinary equity holders of the parent
Basic (pence) 15 157.1p 165.5p
Diluted (pence) 15 153.8p 162.1p
Earnings per share for profit from continuing operations attributable to ordinary equity holders of the parent
Basic (pence) 15 157.1p 163.4p
Diluted (pence) 15 153.8p 160.1p
The accompanying notes 1 to 32 are an integral part of these financial
statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2025
Year ended 31 March 2025 Year ended 31 March 2024
Group £m £m
Profit after tax 451.2 474.4
Items that may be subsequently reclassified to profit or loss if specific conditions are met
Exchange differences on translation of foreign operations (11.6) (4.6)
Deferred tax on equity investments translation 1.5 (0.2)
Total comprehensive income for the year 441.1 469.6
Attributable to:
Equity holders of the parent 441.1 468.6
Non-controlling interests 0.0 1.0
441.1 469.6
The accompanying notes 1 to 32 are an integral part of these financial
statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 March 2025
31 March 2025 Group 31 March 2024 Group
Notes £m £m
Non-current assets
Intangible assets 16 15.6 15.0
Property, plant and equipment 17 70.7 79.2
Investment property 18 122.3 82.7
Trade and other receivables 19 29.3 36.1
Financial assets at fair value 5 7,679.9 7,391.5
Derivative financial assets 5 — 4.9
Deferred tax asset 13 35.6 36.4
7,953.4 7,645.8
Current assets
Trade and other receivables 19 442.8 389.6
Current tax debtor 10.1 19.1
Financial assets at fair value 5 49.8 73.2
Derivative financial assets 5 26.3 4.4
Cash and cash equivalents 6 860.2 990.0
1,389.2 1,476.3
Total assets 9,342.6 9,122.1
Non-current liabilities
Trade and other payables 20 50.3 66.0
Financial liabilities at fair value 5, 7 4,858.2 4,602.3
Financial liabilities at amortised cost 7 1,074.0 1,197.0
Other financial liabilities 7 131.1 99.2
Deferred tax liabilities 13 6.7 22.4
6,120.3 5,986.9
Current liabilities
Trade and other payables 20 559.3 529.2
Current tax creditor 52.1 37.8
Financial liabilities at amortised cost 7 101.9 250.4
Other financial liabilities 7 9.8 8.9
Derivative financial liabilities 5, 7 8.3 9.2
731.4 835.5
Total liabilities 6,851.7 6,822.4
Equity and reserves
Called up share capital 22 77.3 77.3
Share premium account 22 181.3 181.3
Other reserves 29.4 55.8
Retained earnings 2,203.0 1,987.5
Equity attributable to owners of the Company 2,491.0 2,301.9
Non-controlling interest (0.1) (2.2)
Total equity 2,490.9 2,299.7
Total equity and liabilities 9,342.6 9,122.1
The accompanying notes 1 to 32 are an integral part of these financial
statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the year ended 31 March 2025
31 March 2025 Group 31 March 2024 Group
£m £m
Cash flows generated from operations 204.5 297.1
Taxes paid (68.4) (41.2)
Net cash flows from operating activities 30 136.1 255.9
Investing activities
Purchase of intangible assets 16 (5.9) (6.3)
Purchase of property, plant and equipment 17 (0.7) (3.2)
Net cash flow from derivative financial instruments 22.4 31.5
Cash flow as a result of change in control of subsidiary 260.3 49.5
Net cash flows from investing activities 276.1 71.5
Financing activities
Purchase of own shares 23 (42.4) —
Payment of principal portion of lease liabilities 7 (12.2) (8.4)
Repayment of long-term borrowings (241.1) (50.7)
Dividends paid to equity holders of the parent 14 (228.9) (223.4)
Net cash flows used in financing activities (524.6) (282.5)
Net (decrease)/increase in cash and cash equivalents (112.4) 44.9
Effects of exchange rate differences on cash and cash equivalents (17.4) (12.4)
Cash and cash equivalents at 1 April 6 990.0 957.5
Cash and cash equivalents at 31 March 6 860.2 990.0
The Group’s cash and cash equivalents include £255.4m (2024: £362.6m) of
restricted cash held principally by structured entities controlled by the
Group (see note 6).
The accompanying notes 1 to 32 are an integral part of these financial
statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2025
Other reserves
Share capital (note 22) Share premium (note 22) Capital redemption reserve Share-based payments reserve (note 24) Own shares (2) (note 23) Foreign currency translation reserve (1) Retained earnings Total Non-controlling interests Total equity
Group £m £m £m £m £m £m £m £m £m £m
Balance at 1 April 2024 77.3 181.3 5.0 90.7 (79.2) 39.3 1,987.5 2,301.9 (2.2) 2,299.7
Profit after tax — — — — — — 451.2 451.2 0.0 451.2
Exchange differences on translation of foreign operations — — — — — (11.6) — (11.6) — (11.6)
Deferred tax on equity investments translation — — — — — 1.5 — 1.5 — 1.5
Total comprehensive income/(expense) for the year — — — — — (10.1) 451.2 441.1 0.0 441.1
Adjustment of non-controlling interest on disposal of subsidiary — — — — — — (2.1) (2.1) 2.1 —
Issue of share capital 0.0 — — — — — — 0.0 — 0.0
Own shares acquired in the year — — — — (42.4) — — (42.4) — (42.4)
Options/awards exercised (2) — 0.0 — (39.0) 17.7 — (4.7) (26.0) — (26.0)
Tax on options/awards exercised — — — 1.8 — — — 1.8 — 1.8
Credit for equity settled share schemes — — — 45.6 — — — 45.6 — 45.6
Dividends paid (note 14) — — — — — — (228.9) (228.9) — (228.9)
Balance at 31 March 2025 77.3 181.3 5.0 99.1 (103.9) 29.2 2,203.0 2,491.0 (0.1) 2,490.9
Other reserves
Share capital (note 22) Share premium (note 22) Capital redemption reserve Share-based payments reserve (note 24) Own shares (2) (note 23) Foreign currency translation reserve (1) Retained earnings Total Non-controlling interests Total equity
Group £m £m £m £m £m £m £m £m £m £m
Balance at 1 April 2023 77.3 180.9 5.0 73.3 (103.4) 44.1 1,742.6 2,019.8 25.4 2,045.2
Profit after tax — — — — — — 473.4 473.4 1.0 474.4
Exchange differences on translation of foreign operations — — — — — (4.6) — (4.6) — (4.6)
Deferred tax on equity investments translation — — — — — (0.2) — (0.2) — (0.2)
Total comprehensive (expense) for the year — — — — — (4.8) 473.4 468.6 1.0 469.6
Adjustment of non-controlling interest on disposal of subsidiary — — — — — — — — (28.6) (28.6)
Issue of share capital 0.0 — — — — — — 0.0 — 0.0
Options/awards exercised (2) — 0.4 — (33.7) 24.2 — (5.1) (14.2) — (14.2)
Tax on options/awards exercised — — — 7.2 — — — 7.2 — 7.2
Credit for equity settled share schemes — — — 43.9 — — — 43.9 — 43.9
Dividends paid (note 14) — — — — — — (223.4) (223.4) — (223.4)
Balance at 31 March 2024 77.3 181.3 5.0 90.7 (79.2) 39.3 1,987.5 2,301.9 (2.2) 2,299.7
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 1 to 32 are an integral part of these financial
statements.
NOTES TO THE FINANCIAL STATEMENTS
1. General information and basis of preparation
General information
Intermediate Capital Group plc (the ‘Parent Company’, ‘Company’ or
‘ICG plc’) is a public company limited by shares, incorporated, domiciled
and registered in England and Wales under the Companies Act, with the company
registration number 02234775. The registered office is Procession House, 55
Ludgate Hill, New Bridge Street, London EC4M 7JW.
The consolidated financial statements for the year to 31 March 2025 comprise
the financial statements of the Parent Company and its consolidated
subsidiaries (collectively, the ‘Group’). The nature of the Group’s
operations and its principal activities are detailed in the Strategic Report.
Basis of preparation
The consolidated financial statements of the Group and Company are prepared in
accordance with UK-adopted international accounting standards (‘UK-adopted
IAS’) and, as regards the Parent Company financial statements, as applied in
accordance with the provisions of the Companies Act 2006. The Company has
taken advantage of section 408 of the Companies Act 2006 not to present the
Parent Company profit and loss account.
The financial statements have been prepared on a going concern basis.
In the application of the Group’s accounting policies, the Directors are
required to make judgements, estimates and assumptions about the carrying
amounts of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual
results may differ from these estimates.
The judgements, estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in the period
in which the estimate is revised if the revision affects only that period, or
in the period of the revision and future periods if the revision affects both
current and future periods. Details of the critical judgements made, and key
sources of estimation uncertainty, are included in note 1 and in the note to
which the critical judgement or source of estimation uncertainty relates.
In preparing the financial statements, the Directors have considered the
impact of potential climate-related risks on a number of key estimates within
the financial statements, including:
* the valuation of financial assets; and
* the application of the Group’s revenue recognition policy, primarily the
impact on the net asset value (‘NAV’) of funds on which
performance-related fees are generated.
Overall, the Directors concluded that climate-related risks do not have a
material impact on the financial reporting judgements and estimates in the
current year. This reflects the conclusion that climate change is not expected
to have a significant impact on the Group’s short-term cash flows including
those considered in the going concern and viability assessments.
Basis of consolidation
The Group’s financial statements consolidate the results of Intermediate
Capital Group plc and entities controlled by the Company for the period to 31
March each year. Control is achieved when the Company has power over the
relevant activities of the investee, exposure to variable returns from the
investee, and the ability to affect those returns through its power over the
investee.
The assessment of control is based on all relevant facts and circumstances and
the Group reassesses its conclusion if there is an indication that there are
changes in facts and circumstances. Subsidiaries are included in the
consolidated financial statements from the date that control commences, until
the date that control ceases. See note 27 which lists the Group’s
subsidiaries and controlled structured entities.
Each component of other comprehensive income and profit or loss is attributed
to the owners of the Company.
Adjustments are made where required to the financial statements of
subsidiaries for consistency with the accounting policies of the Group. All
intra-group transactions, balances, unrealised income and expenses are
eliminated on consolidation.
1. General information and basis of preparation continued
Key accounting judgements and estimates in the application of accounting
policies
Key accounting judgements
In preparing the financial statements, two key accounting judgements have been
made by the Directors in the application of the Group’s accounting policies
which have the most significant effect on the amounts recognised in the
consolidated financial statements:
1. The Group’s assessment as to whether it controls certain investee
entities, including third-party funds and carried interest partnerships, and
is therefore required to consolidate the investee, as detailed above. The
Group’s assessment of this critical judgement is discussed further in note
27.
2. The application of the Group’s revenue recognition policy in respect of
the performance fee component of management fees. Judgement is primarily
applied in considering the timings of when expected performance conditions
will be met and the appropriate constraint to be applied. The Group’s
assessment of this key accounting judgement is discussed further in note 3.
Key sources of estimation uncertainty
The key sources of estimation uncertainty at the reporting date, that may have
a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year, results from the
Group’s assessment of fair value of its financial assets and liabilities
(discussed further in note 5 and note 7) and the impact of this assessment on
trade and other payables related to the Deal Vintage Bonus (‘DVB’) - see
notes 12 and 20.
Key accounting judgements and the Group’s assessment of fair value of its
financial assets and liabilities are reviewed by the Audit Committee during
the year and its involvement in the process is included in its report.
Foreign currencies
The functional currency of the Company is sterling as the Company’s shares
are denominated in sterling and the Company’s costs are primarily incurred
in sterling. The Group has determined the presentational currency of the Group
is the functional currency of the Company. Information is presented to the
nearest million (£m).
Transactions denominated in foreign currencies are translated using the
exchange rates prevailing at the date of the transactions. At each reporting
date, monetary assets and liabilities denominated in a foreign currency are
retranslated at the rates prevailing at the reporting date. Non-monetary
assets and liabilities denominated in foreign currencies that are measured at
fair value are translated at the rate prevailing at the date the fair value
was determined. Non-monetary items that are measured at historical cost are
translated using rates prevailing at the date of the transaction.
The assets and liabilities of the Group’s foreign operations are translated
using the exchange rates prevailing at the reporting date. Income and expense
items are translated using the average exchange rates during the year.
Exchange differences arising from the translation of foreign operations are
taken directly to the foreign currency translation reserve. On disposal of a
foreign operation, exchange differences previously recognised in other
comprehensive income are reclassified to the income statement.
Going concern
The financial statements are prepared on a going concern basis, as the Board
is satisfied that the Group have the resources to continue in business for a
period of at least 18 months from approval of the financial statements.
In assessing the Group’s ability to continue in its capacity as a going
concern, the Board considered a wide range of information relating to present
and future projections of profitability and liquidity. The assessment also
incorporates internally generated stress tests, including reverse stress
testing, on key areas including fund performance risk and external
environmental risk. The stress tests used were based upon an assessment of
reasonably possible downside economic scenarios that the Group could be
exposed to.
The review showed the Group has sufficient liquidity in place to support its
business operations for the foreseeable future. Accordingly, the Directors
have a reasonable expectation the Group has resources to continue as a going
concern to 30 November 2026, an 18-month period from the date of approval of
the financial statements.
2. Changes in accounting policies and disclosures
New and amended standards and interpretations
The new and amended standards and interpretations that are issued, but not yet
effective, up to the date of issuance of the Group’s financial statements
are disclosed below. The Group intends to adopt these standards, if
applicable, when they become effective. These new standards are not expected
to have a material impact on the Group. The implementation of IFRS 18 is not
expected to have a material impact on the results or net assets of the Group
and the impact on the presentation of the consolidated financial statements is
still being assessed. No new standard implemented during the year had a
material impact on the Group financial statements.
IFRS/IAS Accounting periods commencing on or after
IAS 21 Lack of Exchangeability 1 January 2025
IFRS 9 Amendment to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments 1 January 2026
IFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027
Changes in material accounting policy information
No changes to material accounting policies were implemented. The accounting
policies as set out in the notes to the accounts have been applied
consistently to all periods presented in these consolidated financial
statements.
3. Revenue
Revenue and its related cash flows, within the scope of IFRS 15 ‘Revenue
from Contracts with Customers’, are derived from the Group’s fund
management company activities and are presented net of any consideration
payable to a customer in the form of rebates. The significant components of
the Group’s fund management revenues are as follows:
Year ended 31 March 2025 Year ended 31 March 2024
Type of contract/service £m £m
Management fees 580.6 476.5
Performance-related management fees 87.4 76.2
Other income 8.0 2.1
Fee and other operating income 676.0 554.8
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 NAV, dependent on the fund. Management fees comprise both
non-performance and performance-related fee elements related to one contract
obligation. Non-performance-related management fees for the year of £580.6m
(2024: £476.5m) are charged in arrears and are recognised in the period
services are performed.
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. This is generally towards
the end of the contract period or upon early liquidation of a fund. The
estimate of performance fees is made with reference to the liquidation profile
of the fund, which factors in portfolio exits and timeframes. For certain
funds the estimate of performance fees is made with reference to specific
requirements. A constraint is applied to the estimate to reflect uncertainty
of future fund performance. Performance fees of £87.4m (2024: £76.2m) have
been recognised in the year. Performance fees reported within Revenue 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 above are met.
There are no other individually significant components of revenue from
contracts with customers.
Key accounting judgement
A key judgement for the Group is whether performance fees will meet their
expected performance conditions within the expected timeframes. The Group
bases its assessment on the best available information pertaining to the funds
and the activity of the underlying assets within that fund. 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 information on which this judgement is based is the liquidation
NAV of the relevant funds (which are subject to annual audit).
The Directors base their projected views on a 24-month look-forward basis, the
‘forecast period’, from the year end. The Directors believe they have a
reasonable basis on which to judge expected exits and value within a 24-month
horizon, but not beyond that.
Within this forecast period, the Directors will consider funds that have
either reached their hurdle rate or are expected to reach the hurdle rate in
the forecast period. In determining whether a fund is expected to reach the
hurdle rate, the key inputs are the latest expected repayment dates of the
underlying assets and expected proceeds on realisation, as approved by the
Fund Investment Committees.
Where the hurdle date is expected to be reached within 24 months of the year
end but performance fees are not yet paid, a constraint will be applied within
the determination of the performance fee receivable. Application of the
constraint limits the revenue recognised. This is assessed on a case-by-case
basis.
The weighted-average constraint at the reporting date is 53% (2024: 56%). If
the average constraint were to increase by 10 percentage points to 63% (2024:
66%) this would result in a reduction in revenue of £3.68m (2024: £15.88m).
Conversely, a 10% decrease in constraint would result in an increase in
revenue of £3.68m (2024: £15.88m) being recognised in the income statement.
In certain limited circumstances performance fees received may be subject to
clawback provisions if the performance of the fund deteriorates materially
following the receipt of performance fees.
4. Segmental reporting
For management purposes, the Group is organised into two operating segments,
the Fund Management Company (‘FMC’) and the Investment Company (‘IC’)
which are also reportable segments. In identifying the Group’s reportable
segments, management considered the basis of organisation of the Group’s
activities, the economic characteristics of the operating segments, and the
type of products and services from which each reportable segment derives its
revenues. Total reportable segment figures are alternative performance
measures (‘APM’).
The Executive Directors, the chief operating decision makers, monitor the
operating results of the FMC and the IC for the purpose of making decisions
about resource allocation and performance assessment. The Group does not
aggregate the FMC and IC as those segments do not have similar economic
characteristics. Information about these segments is presented below.
The FMC earns fee income for the provision of investment management services
and incurs the majority of the Group’s costs in delivering these services,
including the cost of the investment teams and the cost of support functions,
primarily marketing, operations, information technology and human resources.
The IC is charged a management fee of 1% of the carrying value of the average
balance sheet investment portfolio by the FMC and this is shown below as the
Inter-segmental fee. It also recognises the fair value movement on any hedging
derivatives. The costs of finance, treasury and legal teams, and other Group
costs primarily related to being a listed entity, are allocated to the IC. The
remuneration of the Executive Directors is allocated equally to the FMC and
the IC.
The amounts reported for management purposes in the tables below are
reconciled to the UK-adopted IAS reported amounts on the following pages.
Year ended 31 March 2025 Year ended 31 March 2024
FMC IC Reportable segments FMC IC Reportable segments
£m £m £m £m £m £m
External fee income 690.0 — 690.0 579.1 — 579.1
Inter-segmental fee 24.6 (24.6) — 25.0 (25.0) —
Other operating income 2.8 1.7 4.5 0.9 1.0 1.9
Fund management fee income 717.4 (22.9) 694.5 605.0 (24.0) 581.0
Net investment returns — 192.5 192.5 — 379.3 379.3
Dividend income 48.3 — 48.3 47.0 — 47.0
Finance gain/(loss) — 8.3 8.3 — (7.3) (7.3)
Total revenue 765.7 177.9 943.6 652.0 348.0 1,000.0
Interest income 0.3 19.2 19.5 — 21.5 21.5
Interest expense (2.5) (39.6) (42.1) (2.2) (45.8) (48.0)
Staff costs (109.2) (30.0) (139.2) (101.0) (21.4) (122.4)
Incentive scheme costs (128.8) (29.5) (158.3) (113.3) (58.6) (171.9)
Other administrative expenses (64.1) (27.2) (91.3) (61.0) (20.4) (81.4)
Profit before tax and discontinued operations 461.4 70.8 532.2 374.5 223.3 597.8
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 current financial assets for Reportable
segments, these assets are presented under UK-adopted IAS as current financial
assets, non-current financial assets or investment property within
Consolidated entities.
* Other adjustments necessary to comply with UK-adopted IAS, including in
respect of a fair value gain of £60m recognised in FY23 within Consolidated
entities and subsequently recognised in FY24 within Reportable segments as
this asset is now expected to be sold to a third party and not transferred to
a fund.
4. Segmental reporting continued
Consolidated income statement
Reportable segments Consolidated entities Financial statements
Year ended 31 March 2025 £m £m £m
Fund management fee income 690.0 (22.0) 668.0
Other operating income 4.5 3.5 8.0
Fee and other income 694.5 (18.5) 676.0
Dividend income 48.3 (48.3) —
Finance gain 8.3 1.9 10.2
Finance income/(loss) 56.6 (46.4) 10.2
Net investment returns/gains on investments 192.5 92.2 284.7
Total revenue 943.6 27.3 970.9
Other income 19.5 — 19.5
Finance costs (42.1) (1.6) (43.7)
Staff costs (139.2) — (139.2)
Incentive scheme costs (158.3) — (158.3)
Other administrative expenses (91.3) (27.4) (118.7)
Administrative expenses (388.8) (27.4) (416.2)
Profit before tax and discontinued operations 532.2 (1.7) 530.5
Tax charge (79.8) 0.5 (79.3)
Profit after tax and discontinued operations 452.4 (1.2) 451.2
Reportable segments Consolidated entities Financial statements
Year ended 31 March 2024 £m £m £m
Fund management fee income 579.1 (26.4) 552.7
Other operating income 1.9 0.2 2.1
Fee and other income 581.0 (26.2) 554.8
Dividend income 47.0 (47.0) —
Finance loss (7.3) (3.2) (10.5)
Finance income/(loss) 39.7 (50.2) (10.5)
Net investment returns/gains on investments 379.3 26.0 405.3
Total revenue 1,000.0 (50.4) 949.6
Other income 13.9 1.6 5.0
Finance costs (48.0) (1.5) (49.5)
Staff costs (122.4) — (122.4)
Incentive scheme costs (171.9) — (171.9)
Other administrative expenses (81.4) (14.8) (96.2)
Administrative expenses (375.7) (14.8) (390.5)
Share of results of joint ventures accounted for using equity method — (0.4) (0.4)
Profit before tax and discontinued operations 597.8 (67.0) 530.8
Tax charge (78.5) 16.1 (62.4)
Profit after tax from discontinued operations — 6.0 6.0
Profit after tax and discontinued operations 519.3 (44.9) 474.4
4. Segmental reporting continued
Consolidated statement of financial position
2025
Reportable segments Consolidated entities Financial statements
Year ended 31 March 2025 £m £m £m
Non-current financial assets 2,806.2 4,873.7 7,679.9
Other non-current assets 150.0 123.5 273.5
Cash 604.8 255.4 860.2
Current financial assets 248.7 (172.6) 76.1
Other current assets 270.2 182.7 452.9
Total assets 4,079.9 5,262.7 9,342.6
Non-current financial liabilities 1,136.1 4,927.2 6,063.3
Other non-current liabilities 54.2 2.8 57.0
Current financial liabilities 122.4 (2.4) 120.0
Other current liabilities 271.2 340.2 611.4
Total liabilities 1,583.9 5,267.8 6,851.7
Equity 2,496.0 (5.1) 2,490.9
Total equity and liabilities 4,079.9 5,262.7 9,342.6
2024
Reportable segments Consolidated entities Financial statements
Year ended 31 March 2024 £m £m £m
Non-current financial assets 2,713.7 4,682.7 7,396.4
Other non-current assets 166.5 82.9 249.4
Cash 627.4 362.6 990.0
Current financial assets 366.6 (289.0) 77.6
Other current assets 299.1 109.6 408.7
Total assets 4,173.3 4,948.8 9,122.1
Non-current financial liabilities 1,266.4 4,632.1 5,898.5
Other non-current liabilities 87.3 1.1 88.4
Current financial liabilities 268.4 0.1 268.5
Other current liabilities 255.8 311.2 567.0
Total liabilities 1,877.9 4,944.5 6,822.4
Equity 2,295.4 4.3 2,299.7
Total equity and liabilities 4,173.3 4,948.8 9,122.1
4. Segmental reporting continued
Consolidated statement of cash flows
2025
Reportable segments Consolidated entities Financial Statements
£m £m £m
Profit/(loss) before tax from continuing operations 532.2 (1.7) 530.5
Adjustments for non-cash items:
Fee and other operating (income)/expense (694.4) 18.4 (676.0)
Net investment returns (192.5) (92.2) (284.7)
Net fair value gain on derivatives (38.4) — (38.4)
Impact of movement in foreign exchange rates 30.1 (2.0) 28.1
Dividend income (48.3) 48.3 —
Interest income (19.5) — (19.5)
Interest expense 42.1 1.6 43.7
Depreciation, amortisation and impairment of property, plant, equipment and intangible assets 17.8 — 17.8
Share-based payment expense 45.6 — 45.6
Working capital changes:
Decrease/(increase) in trade receivables 29.9 (117.5) (87.6)
(Decrease)/increase in trade and other payables (27.2) 39.5 12.3
(322.6) (105.6) (428.2)
Proceeds from sale of seed investments 285.6 — 285.6
Purchase of seed investments (165.9) — (165.9)
Purchase of investments (519.7) (2,440.9) (2,960.6)
Proceeds from sales and maturities of investments 500.3 2,617.1 3,117.4
Proceeds from borrowing related to seed investments — 47.4 47.4
Issuance of CLO notes — 577.0 577.0
Redemption of CLO notes — (1,085.0) (1,085.0)
Interest and dividend income received 172.0 392.4 564.4
Fee and other operating income received 656.1 7.2 663.3
Interest paid (41.2) (369.7) (410.9)
Cash flow generated from/(used in) operations 564.6 (360.1) 204.5
Taxes paid (68.4) — (68.4)
Net cash flows from/(used in) operating activities 496.2 (360.1) 136.1
Investing activities
Purchase of intangible assets (5.9) — (5.9)
Purchase of property, plant and equipment (0.7) — (0.7)
Net cash flow from derivative financial instruments 22.4 — 22.4
Cash flow as a result of change in control of subsidiary — 260.3 260.3
Net cash flows from investing activities 15.8 260.3 276.1
Financing activities
Purchase of Own Shares (42.4) — (42.4)
Payment of principal portion of lease liabilities (12.2) — (12.2)
Repayment of long-term borrowings (241.1) — (241.1)
Dividends paid to equity holders of the parent (228.9) — (228.9)
Net cash flows used in financing activities — — —
Net decrease in cash and cash equivalents (12.6) (99.8) (112.4)
Effects of exchange rate differences on cash and cash equivalents (9.8) (7.6) (17.4)
Cash and cash equivalents at 1 April 627.2 362.8 990.0
Cash and cash equivalents at 31 March 604.8 255.4 860.2
4. Segmental reporting continued
2024
Reportable segments Consolidated entities Financial Statements
£m £m £m
Profit/(loss) before tax from continuing operations 597.8 (67.0) 530.8
Adjustments for non-cash items:
Fee and other operating (income)/expense (581.0) 26.2 (554.8)
Net investment returns (379.3) (26.0) (405.3)
Net fair value (gain)/loss on derivatives (23.5) 0.7 (22.8)
Impact of movement in foreign exchange rates 30.9 2.4 33.3
Interest income (68.5) 46.9 (21.6)
Interest expense 48.0 1.5 49.5
Depreciation, amortisation and impairment of property, plant, equipment and intangible assets 18.0 — 18.0
Share-based payment expense 43.9 — 43.9
Working capital changes:
Increase in trade receivables (8.5) (80.2) (88.7)
Increase/(decrease) in trade and other payables 50.5 (68.2) (17.7)
(271.7) (163.7) (435.4)
Proceeds from sale of seed investments 319.2 — 319.2
Purchase of seed investments (312.1) — (312.1)
Purchase of investments (322.5) (1,407.2) (1,729.7)
Proceeds from sales and maturities of investments 403.0 1,830.1 2,233.1
Issuance of CLO notes — — —
Redemption of CLO notes — (389.1) (389.1)
Interest and dividend income received 122.2 372.0 494.2
Fee and other operating income received 492.0 4.4 496.4
Interest paid (49.3) (330.2) (379.5)
Cash flow generated from/(used in) operations 380.8 (83.7) 297.1
Taxes paid (41.2) — (41.2)
Net cash flows from/(used in) operating activities 339.6 (83.7) 255.9
Investing activities
Purchase of intangible assets (6.3) — (6.3)
Purchase of property, plant and equipment (3.2) — (3.2)
Net cash flow from derivative financial instruments 31.5 — 31.5
Cash flow as a result of acquisition of subsidiaries — 49.5 49.5
Net cash flows from investing activities 22.0 49.5 71.5
Financing activities
Payment of principal portion of lease liabilities (8.4) — (8.4)
Repayment of long-term borrowings (50.7) — (50.7)
Dividends paid to equity holders of the parent (223.4) — (223.4)
Net cash flows used in financing activities (282.5) — (282.5)
Net increase/decrease in cash and cash equivalents 79.1 (34.2) 44.9
Effects of exchange rate differences on cash and cash equivalents (1.7) (10.7) (12.4)
Cash and cash equivalents at 1 April 550.0 407.5 957.5
Cash and cash equivalents at 31 March 627.4 362.6 990.0
4. Segmental reporting continued
Geographical analysis of non-current assets
Year ended 31 March 2025 Year ended 31 March 2024
Asset Analysis by Geography £m £m
Europe (including UK) 97.4 132.5
Asia Pacific 127.2 62.5
North America 48.9 54.4
Total 273.5 249.4
Geographical analysis of Group revenue
Year ended 31 March 2025 Year ended 31 March 2024
Income Analysis by Geography £m £m
Europe (including UK) 672.5 726.5
Asia Pacific 103.2 87.2
North America 195.2 135.9
Total 970.9 949.6
5. Financial assets and liabilities
Accounting policy Financial assets Financial assets can be classified into the following categories: Amortised Cost, Fair Value Through Profit and Loss (‘FVTPL’) and Fair Value Through Other Comprehensive Income (‘FVOCI’). The Group has classified all invested financial assets as FVTPL. Financial assets at FVTPL are initially recognised and subsequently measured at fair value and transaction costs are recognised in the consolidated income statement immediately. A valuation assessment is performed on a
recurring basis with gains or losses arising from changes in fair value recognised through net gains on investments in the consolidated income statement. Dividends or interest earned on the financial assets are also included in the net gains on investments. Exchange differences are included within finance income/(loss). Where the Group holds investments in a number of financial instruments such as debt and equity in a portfolio company, the Group views their entire investment as a unit of account for
valuation purposes. Industry standard valuation guidelines such as the International Private Equity and Venture Capital (’IPEV’) Valuation Guidelines – December 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 48. 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.
5. 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 and
Company determines fair values of various financial assets and financial
liabilities, grouped into Levels 1 to 3 based on the degree to which the fair
value is observable.
* Level 1 fair value measurements are those derived from quoted prices
(unadjusted) in active markets for identical assets or liabilities
* Level 2 fair value measurements are those derived from inputs other than
quoted prices included within Level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from
prices)
* Level 3 fair value measurements are those derived from valuation techniques
that include inputs for the asset or liability that are not based on
observable market data (i.e. unobservable inputs)
The following table summarises the valuation of the Group’s financial assets
and liabilities by fair value hierarchy:
As at 31 March 2025 As at 31 March 2024
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 2.3 2,417.4 2,423.4 5.7 3.6 2,300.7 2,310.0
Consolidated CLOs and credit funds — 4,533.1 443.2 4,976.3 — 4,154.9 462.6 4,617.5
Derivative assets — 26.3 — 26.3 — 9.3 — 9.3
Investment in private companies (2) — — 210.8 210.8 — — 401.7 401.7
Investment in public companies 4.3 — — 4.3 4.5 — — 4.5
Non-consolidated CLOs and credit funds — 86.1 28.8 114.9 — 111.3 19.7 131.0
Total financial assets (3) 8.0 4,647.8 3,100.2 7,756.0 10.2 4,279.1 3,184.7 7,474.0
Financial liabilities
Liabilities of consolidated CLOs and credit funds — (4,560.3) (297.9) (4,858.2) — (4,415.6) (186.7) (4,602.3)
Derivative liabilities — (8.3) — (8.3) — (9.2) — (9.2)
Total financial liabilities — (4,568.6) (297.9) (4,866.5) — (4,424.8) (186.7) (4,611.5)
1. Level 3 investments in or alongside managed funds includes £1,325.5m
Corporate Investments (2024: £1,212.3m), £508.0m Strategic Equity, LP
Secondaries, Recovery Fund, Life Sciences and CPE (2024: £517.9m), £42.3m
Senior Debt Partners (2024: £58.2m), £64.4m North America Credit Partners
(2024: £82.1m), £384.8m real asset funds (2024: £399.6m), £60.8m Seed and
£31.4m credit funds (2024: £16.8m).
2. Level 3 Investment in private companies includes £172.0m Structured
Capital and Secondaries (2024: £359.9m) and £38.8m of real estate funds
(2024: £41.8m).
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.
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’s Valuation Policy. This includes
consideration of the valuations received from the underlying funds. The GVC
reviews the fair values on a quarterly basis and reports to the Audit
Committee semi-annually. The GVC is independent of the boards of directors of
the funds, and no member of the GVC is a member of either the Group’s
investment teams or fund Investment Committees (‘ICs’).
The ICs are responsible for the review, challenge, and approval of the
underlying funds’ valuations of their assets. Sources of the valuation
reviewed by the ICs include the ICG investment team, third-party valuation
services and third-party fund administrators as appropriate. The IC’s
provide those valuations to the Group, as an investor in the fund assets. The
IC’s are also responsible for escalating significant events regarding the
valuation to the Group), for example change in valuation methodologies,
potential impairment events, or material judgements.
The table on page 48 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.
5. Financial assets and liabilities continued
Investment in or alongside managed funds
When fair values of publicly traded closed-ended funds and open-ended funds
are based on quoted market prices in an active market for identical assets
without any adjustments, the instruments are included within Level 1 of the
hierarchy. The Group values these investments at bid price for long positions.
The Group also co-invests with funds, including credit and private equity
secondary funds, which are not quoted in an active market. The Group assesses
the valuation techniques and inputs used by these funds to ensure they are
reasonable, appropriate and consistent with the principles of fair value. The
latest available NAV of these funds are generally used as an input into
measuring their fair value. The NAV of the funds are adjusted, as necessary,
to reflect restrictions on redemptions, and other specific factors relevant to
the funds. In measuring fair value, consideration is also given to any
transactions in the interests of the funds. The Group classifies these funds
as Level 3.
Investment in private companies
The Group takes debt and equity stakes in companies that are, other than on
very rare occasions, not quoted in an active market and uses either a
market-based valuation technique or a discounted cash flow technique to value
these positions.
The Group’s investments in private companies are held at fair value using
the most appropriate valuation technique based on the nature, facts and
circumstances of the private company. The first of two principal valuation
techniques is a market comparable companies technique. The enterprise value
(‘EV’) of the portfolio company is determined by applying an earnings
multiple, taken from comparable companies, to the profits of the portfolio
company. The Group determines comparable private and public companies, based
on industry, size, location, leverage and strategy, and calculates an
appropriate multiple for each comparable company identified. The second
principal valuation technique is a discounted cash flow (‘DCF’) approach.
Fair value is determined by discounting the expected future cash flows of the
portfolio company to the present value. Various assumptions are utilised as
inputs, such as terminal value and the appropriate discount rate to apply.
Typically, the DCF is then calibrated alongside a market comparable companies
approach. Alternate valuation techniques may be used where there is a recent
offer or a recent comparable market transaction, which may provide an
observable market price and an approximation to fair value of the private
company. The Group classified these assets as Level 3.
Investment in public companies
Quoted investments are held at the last traded bid price on the reporting
date. When a purchase or sale is made under contract, the terms of which
require delivery within the timeframe of the relevant market, the contract is
recognised on the trade date.
Investment in loans held in consolidated structured entities
The loan asset portfolios of the consolidated structured entities are valued
using observable inputs 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 48.
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.
5. Financial assets and liabilities continued
Liabilities of consolidated CLO vehicles
Rated debt liabilities of consolidated CLOs are generally valued at par plus
accrued interest, which we assess as fair value. This is supported by an
assessment of the valuation of the CLO loan asset portfolio. As a result we
deem these liabilities as Level 2.
Unrated/subordinated debt liabilities of consolidated CLOs are valued directly
in line with the fair value of the CLO loan asset portfolios. These underlying
assets mostly comprise observable loan securities traded in active markets.
The underlying assets are reported in both Level 2 and Level 3. As a result of
this methodology of deriving the valuation of unrated/subordinated debt
liabilities from a combination of Level 2 and Level 3 asset values, we deem
these liabilities to be Level 3.
Real assets
To the extent that the Group invests in real estate assets, whether through an
investment in a managed fund or an investment in a private company, the assets
may be classified as either a financial asset (investment in a managed fund)
or investment property (investment in a controlled private company) in
accordance with IAS 40 ‘Investment Property’. The fair values of the
directly held material investment properties have been recorded based on
independent valuations prepared by third-party real estate valuation
specialists in line with the Royal Institution of Chartered Surveyors
Valuation – Global Standards 2024. At the end of each reporting period, the
Group reviews its assessment of the fair value of each property, taking into
account the most recent independent valuations. The Directors determine a
property value within a range of reasonable fair value estimates, based on
information provided.
All resulting fair value estimates for investment properties are included in
Level 3.
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 income/(loss). Transfers between levels take place when there are
changes to the observability of inputs used in the valuation of these assets.
This is determined based on the year-end valuation and transfers therefore
take place at the end of the reporting period.
Investment in or alongside managed funds Investment in loans held in consolidated entities Investment in private companies Subordinated notes of CLO vehicles Total
Group £m £m £m £m £m
At 1 April 2024 2,300.7 462.6 401.7 19.7 3,184.7
Total gains or losses in the income statement
– Net investment return (2) 177.1 16.1 30.1 (1.3) 222.0
– Foreign exchange (41.8) (10.0) (10.1) (0.2) (62.1)
Purchases 534.7 319.5 4.8 37.3 896.3
Exit proceeds (565.4) (233.2) (203.6) (26.7) (1,028.9)
Transfers in (1) — 42.7 — — 42.7
Transfers out (1) — (154.5) — — (154.5)
Reclassification (3) 12.1 — (12.1) — —
At 31 March 2025 2,417.4 443.2 210.8 28.8 3,100.2
1. During the year certain assets in Investments in loans held in consolidated
entities were reassessed as Level 3 (from Level 2) or Level 2 (from Level 3)
and these changes are reported as a transfers in or transfers out in the year.
2. Included within net investment returns are £183.6m of unrealised gains
(which includes accrued interest).
3. During the year the Group reclassified certain investments in private
companies into investments in or alongside managed funds.
5. Financial assets and liabilities continued
Investment in or alongside managed funds Investment in loans held in consolidated entities Investment in private companies Subordinated notes of CLO vehicles Disposal groups held for sale Total
Group £m £m £m £m £m £m
At 1 April 2023 2,144.3 567.7 100.4 7.5 163.2 2,983.1
Total gains or losses in the income statement
– Net investment return (2) 284.0 11.5 14.4 2.9 63.3 376.1
– Foreign exchange (50.7) (14.0) (4.3) (0.4) 3.4 (66.0)
Purchases 301.8 234.2 74.5 9.7 213.1 833.3
Exit proceeds (378.7) (195.6) (19.1) — (207.2) (800.6)
Transfers in (1) — 96.9 — — — 96.9
Transfers out (1) — (238.1) — — — (238.1)
Reclassification (3) — — 235.8 — (235.8) —
At 31 March 2024 2,300.7 462.6 401.7 19.7 — 3,184.7
1. During the year certain assets in Investments in loans held in consolidated
entities were reassessed as Level 3 (from Level 2) and these changes are
reported as a transfer in the year.
2. Included within net investment returns are £345.1m of unrealised gains
(which includes accrued interest).
1. During the year the Group reclassified all its financial assets previously
included in disposal groups held for sale into investments in private
companies.
Reconciliation of Level 3 fair value measurements of financial liabilities
The following tables sets out the movements in reoccurring financial
liabilities valued using the Level 3 basis of measurement in aggregate. Within
the income statement, realised gains and fair value movements are included
within gains on investments, and foreign exchange gains/(losses) are included
within finance income/(loss). Transfers in and out of Level 3 financial
liabilities were due to changes to the observability of inputs used in the
valuation of these liabilities. During the year ended 31 March 2025 changes in
the fair value of the assets of consolidated credit funds resulted in a
reduction in the fair value of the financial liabilities of those consolidated
credit funds, reported as a ‘fair value gain’ in the table below.
2025 2024
Financial liabilities designated as FVTPL Financial liabilities designated as FVTPL
Group £m £m
At 1 April 186.7 64.7
Total gains or losses in the income statement
– Fair value gains 10.6 102.3
– Foreign exchange gain (3.9) (1.7)
Purchases 68.9 21.4
Transfer between levels 35.6 —
At 31 March 297.9 186.7
5. Financial assets and liabilities continued
Valuation inputs and sensitivity analysis
The following table summarises the inputs and estimates used for items
categorised in Level 3 of the fair value hierarchy together with a
quantitative sensitivity analysis:
31 March 2025 31 March 2024
Fair Value Fair Value Primary Valuation Techniques (1) Key Unobservable Inputs Range Weighted Average/ Fair Value Inputs Sensitivity/ Scenarios Effect on Fair Value 31 March 2025 Range Weighted Average/ Fair Value Inputs Effect on Fair Value 31 March 2024
Group assets As at 31 March 2025 As at 31 March 2024
£m £m £m £m
Structured Capital: Corporate Investments 1,466.9 1,490.6 Market comparable companies Earnings multiple 7.5x – 27.5x 14.0x +10% Earnings multiple³ 135.2 5.0x – 29.0x 15.1x 187.6
Discounted cash flow calibrated to market comparable companies (2) Discount rate 7.6% - 20.9% 10.6% -10% Earnings multiple³ (138.8) 7.5% - 20.5% 11.2% (187.6)
Earnings multiple 4.9x – 23.1x 13.3x 6.1x – 21.5x 11.8x
Structured Capital & Secondaries: Strategic Equity, LP Secondaries, Recovery Fund, Life Sciences, CPE 537.4 482.6 Third-party valuation / funding round value N/A N/A N/A +10% valuation 53.7 N/A N/A 48.3
-10% valuation (53.7) (48.3)
Seed Investments 120.8 149.4 Various +10% valuation 12.1 14.9
-10% valuation (12.1) (14.9)
Debt: Private Debt: North American Credit Partners 65.7 91.7 Market comparable companies Earnings multiple 9.5x – 21.0x 14.3x +10% Earnings multiple³ 5.9 5.5x – 29.0x 14.1x 9.7
-10% Earnings multiple³ (5.9) (9.7)
Debt: Private Debt: Senior Debt Partners 42.3 58.2 Discounted cash flow Probability of default 0.8%-2.1% 1.0% Upside case — 1.0%-2.2% 1.0% —
Loss given default 36.0% 36.0% Downside case (0.3) 32.2% 32.2% (0.5)
Maturity of loan 3 years 3 years 3 years 3 years
Effective interest rate 9.7%-9.8% 9.8% 9.6%-11.5% 11.2%
Debt: Credit: Non-consolidated CLOs and credit funds 7.7 19.7 Third-party valuation: Discounted cash flow Discount rate 10.5% - 38.5% 20.0% 15.0% - 15.5% 15.1%
Default rate 2.0% 2.0% Upside case (3) 21.6 3.0% - 4.5% 3.3% 22.8
Prepayment rate % 15.0%-25.0% 21.0% Downside case (3) (19.9) 15.0% -20.0% 19.5% (23.8)
Recovery rate % 65.0% 65.0% 75.0% 75.0%
Reinvestment price 99.0%-99.5% 99.4% 99.5% 99.5%
Debt: Credit: Consolidated CLOs and credit funds 443.2 462.6 Third-party valuation N/A N/A N/A +10% Third-party valuation 44.3 N/A N/A 46.3
-10% Third-party valuation (44.3) (46.3)
Debt: Credit: Liquid Funds 31.4 30.6 Third-party valuation N/A N/A N/A +10% Third-party valuation 3.1 N/A N/A 3.1
-10% Third-party valuation (3.1) (3.1)
Real Assets 384.8 399.3 Third-party valuation N/A N/A N/A +10% Third-party valuation 38.5 N/A N/A 39.9
LTV-based impairment model N/A N/A N/A -10% Third-party valuation (38.5) N/A N/A (39.9)
Total financial assets 3,100.2 3,184.7 Total Upside sensitivity 314.4 372.5
Total Downside sensitivity (316.6) (374.1)
Liabilities of Consolidated CLOs and credit funds (297.9) (186.7) Third-party valuation N/A N/A N/A +10% Third-party valuation (29.8) N/A N/A (18.7)
-10% Third-party valuation 29.8 18.7
Total financial liabilities (297.9) (186.7)
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 £214.9m (2024: £187.7m). This value includes investments in CLOs
that are not consolidated £7.7m (2024: £19.7m) and investments in CLOs which
are consolidated £207.2m (2024: £168.0m). 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.
5. Financial assets and liabilities continued
Derivative financial instruments
Accounting policy Derivative financial instruments for economic hedging The Group holds derivative financial instruments to hedge foreign currency and interest rate exposures. Derivatives are recognised at fair value determined using independent third-party valuations or quoted market prices. Changes in fair values of derivatives are recognised immediately in Finance loss in the Income Statement. A derivative with a positive fair value is recognised as a financial asset while a derivative with a negative
fair value is recognised as a financial liability. A derivative is presented as a non-current asset or non-current liability if the remaining maturity of the instrument is more than 12 months from the reporting date, otherwise a derivative will be presented as a current asset or current liability.
2025 2024
Contract or underlying principal amount Fair values Contract or underlying principal amount Fair values
Group Asset Liability Asset Liability
£m £m £m £m £m £m
Cross currency swaps 100.6 3.9 (6.1) 118.8 6.2 (5.5)
Foreign exchange forward contracts and swaps 1,592.4 22.4 (2.2) 1,201.8 3.1 (3.7)
Total 1,693.0 26.3 (8.3) 1,320.6 9.3 (9.2)
The Group holds £6.1m of cash pledged as collateral by its counterparties as
at 31 March 2025 (31 March 2024: £5.5m). All the Credit Support Annexes that
have been agreed with our counterparties are fully compliant with European
Market Infrastructure Regulation ‘EMIR’.
The foreign exchange movements net of fair value gains/(losses) in derivatives
during the year is £10.2m (2024: £(10.5)m). There was no change in fair
value related to credit risk in relation to derivatives as at 31 March 2025
(31 March 2024: £nil).
Within the International Swaps and Derivatives Association (‘ISDA’) Master
Agreements in place with our counterparties, in the event of a default, the
close-out netting provision would result in all obligations under a contract
being terminated with a subsequent combining of positive and negative
replacement values into a single net payable or receivable.
6. Cash and cash equivalents
2025 2024
£m £m
Cash and cash equivalents
Cash at bank and in hand 860.2 990.0
Cash and cash equivalents comprise cash and short-term bank deposits with an
original maturity of three months or less. The carrying amount of these assets
approximates to their fair value. Cash and cash equivalents at the end of the
reporting period as shown in the consolidated statement of cash flows can be
reconciled to the related items in the consolidated statement of financial
position as shown above.
The Group’s cash and cash equivalents include £255.4m (2024: £362.6m) of
restricted cash, held principally by structured entities controlled by the
Group. The Group does not have legal recourse to these balances as their sole
purpose is to service the interests of the investors in these structured
entities.
7. Financial liabilities
Accounting policy Financial liabilities, which include borrowings and listed notes and bonds (with the exception of financial liabilities designated as FVTPL), are initially recognised at fair value net of transaction costs and subsequently measured at amortised cost using the effective interest rate method. Arrangement and commitment fees are included within the carrying value of financial liabilities. Lease liabilities are initially measured at the present value of all the future lease payments. The
present value at the inception of the lease is determined by discounting all future lease payments at the Group’s centrally determined incremental borrowing rate at the date of inception of the lease. In calculating the present value of lease payments, the Group uses its incremental borrowing rate because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease
payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Financial liabilities designated at fair value are initially recognised and subsequently measured at fair value on a recurring basis. Gains or losses arising from changes in fair value of derivative financial liabilities are recognised in Finance loss in the
income statement. Gains or losses arising from changes in fair value of liabilities of Structured entities controlled by the Group recognised through gains on investments in the income statement. The Group has designated financial liabilities at fair value relating to consolidated structured entities to eliminate or significantly reduce an accounting mismatch. The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or expire.
2025 2024
Interest rate % Maturity Current Non-current Current Non-current
Group £m £m £m £m
Liabilities held at amortised cost
– Private placement 3.04% - 5.35% 2025 - 2029 100.0 240.6 248.7 346.4
– Listed notes and bonds 1.63% - 2.50% 2027 - 2030 2.3 834.4 2.5 851.3
– Unsecured bank debt¹ SONIA +1.15% 2027 (0.4) (1.0) (0.8) (0.7)
Total Liabilities held at amortised cost 101.9 1,074.0 250.4 1,197.0
Lease liabilities 2.85% - 7.09% 2025 - 2034 9.8 62.1 8.9 69.3
Borrowings related to seed investments 1.77% - 6.20% 2026 - 2029 — 69.0 — 29.9
Liabilities held at FVTPL:
– Derivative financial liabilities 8.3 — 9.2 —
- Structured entities controlled by the Group 0.65% - 9.58% 2030 - 2038 — 4,858.2 — 4,602.3
120.0 6,063.3 268.5 5,898.5
1. Unsecured bank debt represents the value of associated fees which are
amortised over the life of the facility.
7. Financial liabilities continued
The fair value of the Listed notes and bonds, being the market price of the
outstanding bonds is £802.7m (2024: £788.9m). Listed notes and bonds at
amortised cost would be classified as Level 2 and are valued using observable
market prices sourced from broker quotes, inter-dealer prices or other
reliable pricing sources.
Details of the cash outflows related to leases are in the Consolidated
statement of cash flows, interest expenses associated with lease liabilities
are in note 10, the Right of Use (‘ROU’) assets and the income from
subleasing ROU assets are in note 17 and the maturity analysis of the lease
liabilities are in note 21.
Movement in financial liabilities arising from financing activities
The following table sets out the movements in total liabilities held at
amortised cost arising from financing activities undertaken during the year.
2025 2024
£m £m
At 1 April 1,525.6 1,622.1
Repayment of long term borrowings (241.1) (50.7)
Payment of principal portion of lease liabilities (12.2) (8.4)
Establishment of lease liability 4.6 1.2
Net interest movement (0.1) 1.7
Foreign exchange movement (29.0) (40.3)
At 31 March 1,247.8 1,525.6
8. Other income
Accounting policy The Group earns interest on its cash balances, excluding balances within structured entities controlled by the Group. These amounts are recognised as income in the period in which it is earned.
2025 2024
£m £m
Interest income on cash deposits 19.5 21.6
19.5 21.6
9. Net gains on investments
Accounting policy The Group recognises net gains and losses on investments comprising realised and unrealised gains and losses from disposals and revaluations of financial assets and financial liabilities measured at fair value. Dividends or interest earned on the financial assets are also included in the net gains on investments.
2025 2024
£m £m
Financial assets
Change in fair value of financial instruments mandatorily at FVTPL 644.6 933.5
Financial liabilities
Change in fair value of financial instruments designated at FVTPL (359.9) (528.2)
Net gains arising on investments 284.7 405.3
10. Finance costs
Accounting policy Interest expense on the Group’s debt, excluding financial liabilities within structured entities controlled by the Group, is recognised using the effective interest rate method based on the expected future cash flows of the liabilities over their expected life. Financial liabilities within structured entities controlled by the Group are accounted for within Net gains and losses arising on investment (see note 9). Interest expense associated with lease obligations represents the unwinding
of the lease liability discount, are accounted for in accordance with IFRS 16 (see note 17).
Finance costs 2025 2024
£m £m
Interest expense recognised on financial liabilities held at amortised cost 36.5 42.2
Arrangement and commitment fees 4.7 4.6
Interest expense associated with lease obligations 2.5 2.7
43.7 49.5
11. Administrative expenses
Further detail in respect of material administrative expenses reported on the
income statement is set out below:
2025 2024
£m £m
Staff costs 297.4 294.3
Amortisation and depreciation 17.8 17.9
Operating lease expenses 3.7 1.9
Auditor's remuneration 2.7 2.5
Auditor’s remuneration includes fees for audit and non-audit services
payable to the Group’s auditor, Ernst and Young LLP, and are analysed as
below.
2025 2024
£m £m
ICG Group
Audit fees
Group audit of the annual accounts 1.8 1.7
Audit of subsidiaries' annual accounts 0.4 0.3
Audit of controlled CLOs 0.1 0.1
Total audit fees 2.3 2.1
Non-audit fees
Audit-related assurance services 0.2 0.2
Other assurance services 0.2 0.2
Total non-audit fees 0.4 0.4
Total auditor's remuneration incurred by the Group 2.7 2.5
12. Employees and Directors
Accounting policy The Deal Vintage Bonus (‘DVB’) scheme forms part of the Group’s Remuneration Policy for investment executives. DVB is reported within Wages and salaries. Payments of DVB are made in respect of plan years, which are aligned to the Group’s financial year. Payments of DVB are made only when the performance threshold for the plan year has been achieved on a cash basis and proceeds are received by the Group. An estimate of the DVB liability for a plan year is developed based on the following
inputs: expected realisation proceeds; expected timing of realisations; and allocations of DVB to qualifying investment professionals. The Group accrues the estimated DVB cost associated with that plan year evenly over five years on average, reflecting the average holding period for the underlying investments and therefore the period over which services are provided by the scheme participants.
2025 2024
£m £m
Directors’ emoluments 5.2 5.1
Employee costs during the year including Directors:
Wages and salaries 256.2 253.4
Social security costs 31.1 30.7
Pension costs 10.1 10.2
Total employee costs (note 11) 297.4 294.3
The monthly average number of employees (including Executive Directors) was:
Investment Executives 300 289
Marketing and support functions 392 350
Executive Directors 3 3
695 642
ICG plc, the Company, does not have any employees but relies on the expertise
and knowledge of employees of ICG FMC Limited, Intermediate Capital Group
Inc., Intermediate Capital Group SAS, Intermediate Capital Asia Pacific
Limited, ICG (Singapore) Pte Ltd, ICG Beratungsgesellschaft GmbH, ICG Europe
S.a.r.l, Intermediate Capital Managers (Aus) PTY Ltd and Intermediate Capital
Group Polska Sp. z.o.o, subsidiaries of ICG plc.
Contributions to the Group’s defined contribution pension schemes are
charged to the consolidated income statement as incurred.
The performance-related element included in employee costs is £158.3m (2024:
£171.9m) which represents the annual bonus scheme, Omnibus Scheme, the Growth
Incentive Scheme and the DVB Scheme.
In addition, during the year, third-party funds have paid £40.4m (2024:
£43.7m) to former employees and £115.7m (2024: £46.0m) to current
employees, including Executive Directors, relating to carried interest
distributions from investments in funds made by these employees in prior
periods. Such amounts become due over time if, and when, specified performance
targets are ultimately realised in cash by the funds and paid by the funds
(see note 27). As these funds and CIPs are not consolidated, these amounts are
not included in the Group’s consolidated income statement.
13. Tax expense
Accounting policy The tax expense comprises current and deferred tax. Current tax assets and liabilities comprise those obligations to, or claims from, tax authorities relating to the current or prior reporting periods, that are unpaid at the reporting date. Deferred tax is provided in respect of temporary differences between the carrying amounts of assets and liabilities and their tax bases. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised
to the extent that it is probable that future taxable profits will be available against which the deferred tax assets can be utilised. Deferred tax is not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities in a transaction, other than a business combination, that affects neither the tax nor the accounting profit. Deferred tax assets and liabilities are calculated at the tax rates that are expected to be
applied to their respective period of realisation, provided they are enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset when there is a legally enforceable right of set off, when they relate to income taxes levied by the same tax authority and the Group intends to settle on a net basis. Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statement, except where they relate to items that are charged or
credited directly to equity, in which case the related deferred tax is also charged or credited directly to equity.
2025 2024
£m £m
Current tax:
Current year 108.0 86.0
Prior year adjustment (12.7) 15.4
95.3 101.4
Deferred tax:
Current year (21.6) (28.1)
Prior year adjustments 5.6 (10.9)
(16.0) (39.0)
Tax on profit on ordinary activities 79.3 62.4
The Group is an international business and operates across many different tax
jurisdictions. Income and expenses are allocated to these jurisdictions based
on transfer pricing methodologies set out both (i) in the laws of the
jurisdictions in which the Group operates, and (ii) under guidelines set out
by the Organisation for Economic Co-operation and Development (‘OECD’).
The effective tax rate reported by the Group for the period ended 31 March
2025 of 14.9% (2024: 11.7%) is lower than the statutory UK corporation tax
rate of 25% (2024: 25%).
The FMC activities are subject to tax at the relevant statutory rates ruling
in the jurisdictions in which the income is earned. The lower effective tax
rate compared to the statutory UK rate is largely driven by the IC activities.
The IC benefits from statutory UK tax exemptions on certain forms of income
arising from both foreign dividend receipts and gains from assets qualifying
for the substantial shareholdings exemption. The effect of these exemptions
means that the effective tax rate of the Group is highly sensitive to the
relative mix of IC income, and composition of such income, in any one period.
Due to the application of tax law requiring a degree of judgement, the
accounting thereon involves a level of estimation uncertainty which tax
authorities may ultimately dispute. Tax liabilities are recognised based on
the best estimates of probable outcomes and with regard to external advice
where appropriate. The principal factors which may influence the Group’s
future tax rate are changes in tax legislation in the territories in which the
Group operates, the relative mix of FMC and IC income, the mix of income and
expenses earned and incurred by jurisdiction and the timing of recognition of
available deferred tax assets and liabilities.
13. Tax expense continued
A reconciliation between the statutory UK corporation tax rate applied to the
Group’s profit before tax and the reported effective tax rate is provided
below.
2025 2024
£m £m
Profit on ordinary activities before tax 530.5 530.8
Tax at 25% (2024:25%) 132.6 132.7
Effects of
Prior year adjustment to current tax (12.7) 15.4
Prior year adjustment to deferred tax 5.6 (10.9)
125.5 137.2
Non-taxable and non-deductible items 3.1 1.7
Non-taxable investment company income (38.1) (59.9)
Trading income generated by overseas subsidiaries subject to different tax rates (11.1) (16.6)
FX adjustment (0.1) —
Tax charge for the period 79.3 62.4
Deferred tax
Deferred tax (asset)/liability Investments Share-based payments and compensation deductible as paid Tax losses carried forward Other temporary differences Total
Group £m £m £m £m £m
As at 31 March 2023 45.8 (36.3) (0.4) 8.8 17.9
Reclassification between categories 2.7 1.7 — (4.4) —
Reclassification of deferred tax liability out of discontinued operations 14.0 — — — 14.0
Prior year adjustment (4.1) — (1.6) (5.2) (10.9)
Charge/(credit) to equity 0.2 (6.9) — (6.7)
Charge/(credit) to income (11.4) (10.0) (5.3) (1.4) (28.1)
As at 31 March 2024 47.2 (51.5) (7.3) (2.4) (14.0)
Prior year adjustment 2.1 — 1.7 1.9 5.7
Charge/(credit) to equity (1.1) 2.3 — 1.3
Charge/(credit) to income (14.7) 2.0 (3.1) (5.7) (21.6)
Movement in foreign exchange on retranslation (0.8) — 0.2 0.3 (0.3)
As at 31 March 2025 32.7 (47.1) (8.5) (5.9) (28.9)
After offsetting deferred tax assets and liabilities where appropriate within
territories, the net deferred tax asset of £28.9m (FY24: £14.0m) comprises
of deferred tax assets totalling £35.6m (FY24: £36.4m) and deferred tax
liabilities totalling £6.7m (FY24: £22.4m).
As set out in the table above in column ‘Investments’, deferred tax
liabilities at the start of the reporting period were solely due to
investments held by the Group. During the period, investments were realised,
reducing the deferred tax liability. The deferred tax assets held by the Group
at the reporting date were substantially due to employee remuneration schemes
in the UK and US.
The Group has undertaken a review of the level of recognition of deferred tax
assets and is satisfied they are recoverable and therefore have been
recognised in full. .
In December 2021, the Organisation for Economic Co-operation and Development
(OECD) issued model rules for a new global minimum tax framework (Pillar Two),
and various Governments around the world have issued, or are in the process of
issuing, legislation relating to Pillar Two. This aims to 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 the period.
13. Tax expense continued
The Group has applied the mandatory IAS 12 temporary exemption from the
recognition and disclosure of deferred taxes arising from implementation of
the OECD’s Pillar Two model rules.
14. Dividends
Accounting policy Dividends are distributions of profit to holders of Intermediate Capital Group plc’s share capital and as a result are recognised as a deduction in equity. Final dividends are announced with the Annual Report and Accounts and are recognised when they have been approved by shareholders. Interim dividends are announced with the Half Year Results and are recognised when they are paid.
2025 2024
Per share pence £m Per share pence £m
Ordinary dividends paid
Final 53.2 153.3 52.2 149.5
Interim 26.3 75.6 25.8 73.9
79.5 228.9 78.0 223.4
Proposed final dividend 56.7 162.8 53.2 152.6
Total dividend for the financial year ended 31 March 83.0 238.4 79.0 226.5
Of the £228.9m (2024: £223.4m) of ordinary dividends paid during the year,
£1.5m (2024: £1.8m) were reinvested under the dividend reinvestment plan
offered to shareholders.
15. Earnings per share
Year ended 31 March 2025 Year ended 31 March 2024
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 451.2 467.4
Discontinued operations — 6.0
451.2 473.4
Number of shares
Weighted average number of ordinary shares for the purposes of basic earnings per share 287,221,959 286,123,236
Effect of dilutive potential ordinary share options 6,176,750 5,888,040
Weighted average number of ordinary shares for the purposes of diluted earnings per share 293,398,709 292,011,276
Earnings per share for continuing operations
Basic, profit from continuing operations attributable to equity holders of the parent (pence) 157.1p 163.4p
Diluted, profit from continuing operations attributable to equity holders of the parent (pence) 153.8p 160.1p
Earnings per share for discontinued operations
Basic, profit from discontinued operations attributable to equity holders of the parent (pence) — 2.1p
Diluted, profit from discontinued operations attributable to equity holders of the parent (pence) — 2.0p
16. Intangible assets
Accounting policy Business combinations Business combinations are accounted for using the acquisition method. The acquisition method involves the recognition of all assets, liabilities and contingent liabilities of the acquired business at their fair value at the acquisition date. The excess of the fair value at the date of acquisition of the cost of investments in subsidiaries over the fair value of the net assets acquired which is not allocated to individual assets and liabilities is determined to be
goodwill. Goodwill is reviewed at least annually for impairment. Computer software Research costs associated with computer software are expensed as they are incurred. Other expenditure incurred in developing computer software is capitalised only if all of the following criteria are demonstrated: * An asset is created that can be separately identified;
* It is probable that the asset created will generate future economic benefits; and
* The development cost of the asset can be measured reliably.
Following the initial recognition of development expenditure, the cost is amortised over the estimated useful life of the asset created, which is determined as three years. Amortisation commences on the date that the asset is brought into use. Work-in-progress assets are not amortised until they are brought into use and transferred to the appropriate category of intangible assets. Amortisation of intangible assets is included in administrative expenses in the income statement and detailed in note 11.
Impairment of non-financial assets and goodwill
The Group assesses, at each reporting date, whether there is an indication
that an asset may be impaired. If any indication exists, or when annual
impairment testing for an asset is required, the Group estimates the asset’s
recoverable amount. An asset’s recoverable amount is the higher of an
asset’s fair value less costs of disposal and its value in use. The
recoverable amount is determined for an individual asset, unless the asset
does not generate cash inflows that are largely independent of those from
other assets or groups of assets. When the carrying amount of an asset exceeds
its recoverable amount, the asset is considered impaired and is written down
to its recoverable amount.
Computer software Goodwill (1) Investment management contracts Total
2025 2024 2025 2024 2025 2024 2025 2024
Group £m £m £m £m £m £m £m £m
Cost
At 1 April 17.9 25.0 4.3 4.3 1.1 19.1 23.3 48.4
Reclassified (3) (0.6) (0.8) — — — — (0.6) (0.8)
Additions 5.9 6.3 — — — — 5.9 6.3
Derecognised (2) — (12.5) — — — (18.3) — (30.8)
Exchange differences — (0.1) — — — 0.3 — 0.2
At 31 March 23.2 17.9 4.3 4.3 1.1 1.1 28.6 23.3
Amortisation
At 1 April 7.3 16.4 — — 1.0 17.1 8.3 33.5
Charge for the year 4.6 3.4 — — 0.1 2.2 4.7 5.6
Derecognised (2) — (12.5) — — — (18.3) — (30.8)
At 31 March 11.9 7.3 — — 1.1 1.0 13.0 8.3
Net book value 11.3 10.6 4.3 4.3 — 0.1 15.6 15.0
1. Goodwill was acquired in the ICG-Longbow Real Estate Capital LLP business
combination and represents a single cash generating unit. The recoverable
amount of the real estate cash generating unit is based on fair value less
costs to sell where the fair value equates to a multiple of adjusted net
income, in line with the original consideration methodology. The significant
headroom on the recoverable amount is not sensitive to any individual
assumption.
2. Investment management contracts and Computer Software derecognised
represented fully amortised balances.
3. During the year, assets previously classified as computer software were
determined to relate to furniture and equipment (FY24: leasehold
improvements). These assets were transferred at book value and there was no
profit or loss arising on transfer.
During the financial year ended 31 March 2025, the Group recognised an expense
of £0.4m (2024: £0.1m) in respect of research and development expenditure.
17. Property, plant and equipment
Accounting policy The Group’s property, plant and equipment provide the infrastructure to enable the Group to operate. Assets are initially stated at cost, which includes expenditure associated with acquisition. The cost of the asset is recognised in the income statement as an amortisation charge on a straight-line basis over the estimated useful life, determined as three years for furniture and equipment and five years for short leasehold premises. Right of Use (‘ROU’) assets and associated leasehold
improvements are amortised over the full contractual lease term. Group as a lessee Included within the Group’s property, plant and equipment are its ROU assets. ROU assets are the present value of the Group’s global leases and comprise all future lease payments, and all expenditure associated with acquiring the lease. The Group’s leases are primarily made up of its global offices. The Group has elected to capitalise initial costs associated with acquiring a lease before commencement as a ROU asset. The
cost of the ROU asset is recognised in the income statement as an amortisation charge on a straight line basis over the life of the lease term. Short-term leases and leases of low value assets The Group applies the short-term lease recognition exemption to its short-term leases (those that have a lease term of 12 months or less from the commencement date which do not contain a purchase option). The Group also applies the recognition exemption to leases that are considered to be low value. Lease payments
on short-term leases and leases of low-value assets are recognised as administrative expenses on a straight-line basis over the lease term.
Furniture and equipment ROU asset Leasehold improvements Total
2025 2024 2025 2024 2025 2024 2025 2024
Group £m £m £m £m £m £m £m £m
Cost
At 1 April 5.9 7.5 89.1 90.0 16.8 14.7 111.8 112.2
Reclassified (1) 0.6 — — — — 0.8 0.6 0.8
Additions 0.4 1.3 4.6 1.2 0.3 1.9 5.3 4.4
Disposals — (2.9) — (1.2) — (0.6) — (4.7)
Exchange differences (0.1) — (1.0) (0.9) (0.2) — (1.3) (0.9)
At 31 March 6.8 5.9 92.7 89.1 16.9 16.8 116.4 111.8
Depreciation
At 1 April 2.8 4.2 25.7 16.8 4.1 3.0 32.6 24.0
Charge for the year 2.2 1.7 9.3 9.2 1.6 1.5 13.1 12.4
Disposals — (3.1) — (0.3) — (0.4) — (3.8)
At 31 March 5.0 2.8 35.0 25.7 5.7 4.1 45.7 32.6
Net book value 1.8 3.1 57.7 63.4 11.2 12.7 70.7 79.2
During the year, assets previously classified as computer software were
determined to relate to furniture and equipment (FY24: leasehold
improvements). These assets were transferred at book value and there was no
profit or loss arising on transfer.
Group as Lessor
Accounting policy Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease term and is included in other income in the consolidated income statement due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and amortised over the
lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned. The Group has entered into sub-lease agreements of certain office buildings (see Note 17 above). These leases have terms of between two and five years. Rental income recognised by the Group during the year was £0.4m (2024: £0.4m). Future minimum rentals receivable under non-cancellable operating leases as at 31 March are as follows:
2025 2024
Group £m £m
Within one year 0.4 0.4
After one year but not more than five years — 0.4
At 31 March 0.4 0.8
18. Investment property
Accounting policy The Group holds investment property for the development of the Group’s long-term real assets strategy. Properties are being held with a purpose to earn rental income and/or for capital appreciation and are not occupied by the Group. IAS 40 Investment Property requires that the property be measured initially at cost, including transaction costs, and subsequently measured at fair value. Gains or losses from changes in the fair values of investment properties are included in the profit or
loss in the period in which they arise. The fair value of the investment properties (Level 3) has been recorded based on independent valuations prepared by Jones Lang LaSalle (JLL), Kroll and Pacific Appraisal Co. Ltd., third-party real estate valuation specialists in line with the Royal Institution of Chartered Surveyors Valuation – Global Standards 2020. A market and income approach was performed to estimate the fair value of the Group’s investments. These valuation techniques can be subjective and
include assumptions which are not supportable by observable data. Details of the valuation techniques and the associated sensitivities are further disclosed in note 5.
2025 2024
Group £m £m
Investment property at fair value
At 1 April 82.7 0.8
Additions 59.9 51.9
Disposals (33.1) —
Reclassified (1) — 54.5
Fair value gain / (loss) 12.8 (24.5)
At 31 March 122.3 82.7
1. Prior to the financial year end, the Group reclassified £nil (2024:
£54.5m) of disposal groups held for sale to investment property.
The gains arising from investment properties carried at fair value is £12.8m
(2024: loss £24.5m).
The Group has no restrictions on the realisability of its investment
properties and no contractual obligations to purchase, construct or develop
investment properties or for repairs, maintenance and enhancements.
19. Trade and other receivables
Accounting policy Trade and other receivables represent amounts the Group is due to receive in the normal course of business and are held at amortised cost. Trade and other receivables excluding those held in structured entities controlled by the Group include performance and management fees, which are considered contract assets under IFRS 15 and will only be received after realisation of the underlying assets, see note 3 and note 29. Trade and other receivables within structured entities controlled by the
Group relate principally to unsettled trades on the sale of financial assets. Amounts owed by Group companies are repayable on demand. To the extent that amounts are owed by Group companies engaged in investment activities the Company has assessed these receivables as non-current, reflecting the illiquidity of the underlying investments. Trade and other receivables from Group entities are considered related party transactions as stated in note 26. The carrying value of trade and other receivables reported
within current assets approximates fair value as these are short-term and do not contain any significant financing components. The carrying value of trade and other receivables reported within non-current assets approximates fair value as these do not contain any significant financing components. The Company has adopted the simplified approach to measuring the loss allowance as lifetime Expected Credit Loss (‘ECL’), as permitted under IFRS 9. The ECL of trade and other receivables arising from transactions
with Group entities or its affiliates are expected to be nil or close to nil. The assets do not contain any significant financing components, therefore the simplified approach is deemed most appropriate.
2025 2024
£m £m
Trade and other receivables within structured entities controlled by the Group 181.8 107.6
Trade and other receivables excluding those held in structured entities controlled by the Group 250.4 240.2
Prepayments 10.6 41.8
Total current assets 442.8 389.6
Non-current assets
Trade and other receivables excluding those held in structured entities controlled by the Group 29.3 36.1
Total non-current assets 29.3 36.1
19. Trade and other receivables continued
Current trade and other receivables excluding those held in structured
entities controlled by the group includes £136.5m of management fees
receivable (2024: £131.3m) and £79.1m of performance fees receivable (2024:
£72.6m).
Non-current trade and other receivables excluding those held in structured
entities controlled by the Group comprises performance-related fees (see note
3).
20. Trade and other payables
Accounting policy Trade and other payables within structured entities controlled by the Group relate principally to unsettled trades on the purchase of financial assets within structured entities controlled by the Group. Trade and other payables excluding those held in structured entities controlled by the Group are held at amortised cost and represent amounts the Group is due to pay in the normal course of business. Amounts owed to Group companies are repayable on demand. The carrying value of trade and
other payables approximates fair value as these are short term and do not contain any significant financing components. Trade and other payables from Group entities are considered related party transactions as stated in note 26. Key sources of estimation uncertainty on trade and other payables excluding structured entities controlled by the Group. Payables related to the DVB scheme are key estimates based on the inputs described in note 12. The sensitivity of the DVB to a 10% increase in the fair value
of the underlying investments is an increase of £9.8m (2024: £13.1m) and to a decrease of 10% is a decrease of £9.7m (2023: £13.1m).
2025 2024
£m £m
Trade and other payables within structured entities controlled by the Group 340.4 316.3
Trade and other payables excluding those held in structured entities controlled by the Group 214.1 209.6
Amounts owed to Group companies — —
Social security tax 4.8 3.3
Total current trade and other payables 559.3 529.2
Non-current liabilities
Trade and other payables excluding those held in structured entities controlled by the Group 50.3 66.0
Total non-current trade and other payables 50.3 66.0
Current trade and other payables excluding those held in structured entities
controlled by the Group includes £88.7m (2024: £78.0m) in respect of other
compensation costs and £71.3m (2024: £65.3m) in respect of DVB, (see note
12) and non-current Trade and other payables excluding those held in
structured entities controlled by the Group is entirely comprised of amounts
payable in respect of DVB (2024: all DVB).
21. Financial risk management
The Group has identified financial risk, comprising market and liquidity risk,
as a principal risk. Further details are set out on page 21. The Group has
exposure to market risk (including exposure to interest rates and foreign
currency), and liquidity risk arising from financial instruments.
Interest rate risk
The Group’s assets include both fixed and floating rate loans.
The Group’s operations are financed with a combination of its
shareholders’ funds, bank borrowings, private placement notes, public bonds,
and fixed and floating rate notes. The Group manages its exposure to market
interest rate movements by matching, to the extent possible, the interest rate
profiles of assets and liabilities and by using derivative financial
instruments.
21. Financial risk management continued
The sensitivity of floating rate financial assets to a 100 basis points
interest rate increase is £58.0m (2024: £56.0m) and to a decrease is
£(58.0)m (2024: £(56.0)m). The sensitivity of financial liabilities to a 100
basis point interest rate increase is £49.3m (2024: £46.9m) and to a
decrease is £(49.3)m (2024: £(46.9)m). These amounts would be reported
within Net gains on investments. There is an indirect exposure to interest
rate risk through the impact on the performance of the portfolio companies of
the funds that the Group has invested in, and therefore the fair valuations.
Exposure to interest rate risk
2025 2024
Floating Fixed Total Floating Fixed Total
Group £m £m £m £m £m £m
Financial assets (excluding investments in loans held in consolidated entities) 1,065.7 3,092.0 4,157.7 839.5 3,023.4 3,862.9
Investments in loans held in consolidated entities 4,730.6 245.8 4,976.4 4,762.4 319.9 5,082.3
Financial liabilities (excluding borrowings and loans held in consolidated entities) — (1,786.4) (1,786.4) — (1,734.6) (1,734.6)
Borrowings and loans held in consolidated entities (4,928.9) (136.6) (5,065.5) (4,688.9) (391.2) (5,080.1)
867.4 1,414.8 2,282.2 913.0 1,217.5 2,130.5
Foreign exchange risk
The Group is exposed to currency risk in relation to non-sterling currency
transactions and the translation of non-sterling net assets. The Group’s
most significant exposures are to the euro and the US dollar. Exposure to
currency risk is managed by matching assets with liabilities to the extent
possible and through the use of derivative instruments.
The Group regards its interest in overseas subsidiaries as long-term
investments. Consequently, it does not hedge the translation effect of
exchange rate movements on the financial statements of these businesses.
The Group is also exposed to currency risk arising on the translation of fund
management fee income receipts, which are primarily denominated in euro and US
dollar.
The effect of fluctuations in other currencies is considered by the Directors
to be insignificant in the current and prior year. The net
assets/(liabilities) by currency and the sensitivity of the balances to a
strengthening of foreign currencies against sterling are shown below:
Market risk - Foreign exchange risk 2025
Net statement of financial Position exposure Forward exchange contracts Net exposure Sensitivity to strengthening Increase in net assets
£m £m £m % £m
Sterling 482.2 1,503.3 1,985.5 — —
Euro 918.1 (688.5) 229.6 15% 34.4
US dollar 820.5 (484.3) 336.2 20% 67.2
Other currencies 258.1 (312.6) (54.5) 10-25% —
2,478.9 17.9 2,496.8 101.6
Market risk - Foreign exchange risk 2024
Net statement of financial Position exposure Forward exchange contracts Net exposure Sensitivity to strengthening Increase in net assets
£m £m £m % £m
Sterling 401.7 1,121.1 1,522.8 — —
Euro 804.0 (450.7) 353.3 15% 53.0
US dollar 710.3 (492.1) 218.2 20% 43.6
Other currencies 206.7 (178.2) 28.5 10-25% —
2,122.7 0.1 2,122.8 96.6
The weakening of the above currencies would have resulted in an equal but
opposite impact, being a decrease in net assets.
21. Financial risk management continued
Liquidity risk
The Group makes commitments to its managed funds in advance of that capital
being invested. These commitments are typically drawn over a five-year
investment period (see note 25 for outstanding commitments). Funds typically
have a 10-year contractual life. The Group manages its liquidity risk by
maintaining headroom on its financing facilities.
The table below shows the liquidity profile of the Group’s financial
liabilities, based on contractual repayment dates of principal and interest
payments. Future interest and principal cash flows have been calculated based
on exchange rates and floating rate interest rates as at 31 March 2025. It is
assumed that Group borrowings under its senior debt facilities remain at the
same level as at 31 March 2025 until contractual maturity. All financial
liabilities, excluding structured entities controlled by the Group, are held
by the Company.
Liquidity profile
Contractual maturity analysis
Less than one year One to two years Two to five years More than five years Total
As at 31 March 2025 £m £m £m £m £m
Financial liabilities
Private placements 190.2 73.8 107.1 0.0 371.1
Listed notes and bonds 17.3 435.9 450.0 0.0 903.2
Debt issued by controlled structured entities 604.5 610.0 1,003.9 4,864.3 7,082.7
Derivative financial instruments 19.6 — — 0.0 19.6
Lease liabilities 9.8 9.7 27.6 24.8 71.9
Other financial liabilities 2.7 28.9 28.8 — 60.4
844.1 1,158.3 1,617.4 4,889.1 8,508.9
As at 31 March 2025 the Group has liquidity of £1,154.8m (2024: £1,177.4m)
which consists of undrawn debt facility of £550m (2024: £550m) and £604.8m
(2024: £627.4m) of unencumbered cash. Unencumbered cash excludes £255.4m
(2024: £362.6m) of restricted cash held principally by structured entities
controlled by the Group.
Contractual maturity analysis
Less than one year One to two years Two to five years More than five years Total
As at 31 March 2024 £m £m £m £m £m
Financial liabilities
Private placements 267.0 194.7 185.2 0.0 646.9
Listed notes and bonds 17.6 17.6 466.5 438.1 939.8
Debt issued by controlled structured entities 576.8 262.6 2,065.3 4,362.8 7,267.5
Derivative financial instruments 0.9 (4.8) — 0.0 (3.9)
Lease liabilities 10.8 10.4 30.1 34.6 85.9
Other financial liabilities 9.2 1.4 23.2 — 33.8
882.3 481.9 2,770.3 4,835.5 8,970.0
The Group’s policy is to maintain continuity of funding. Due to the
long-term nature of the Group’s assets, the Group seeks to ensure that the
maturity of its debt instruments is matched to the expected maturity of its
assets.
Credit risk
Credit risk is the risk of financial loss to the Group as a result of a
counterparty failing to meet its contractual obligations. This risk is
principally in connection with the Group’s investments.
This risk is mitigated by the disciplined credit procedures that the relevant
Fund Investment Committees have in place prior to making an investment and the
ongoing monitoring of investments throughout the ownership period. In
addition, the risk of significant credit loss is further mitigated by the
Group’s diversified investment portfolio in terms of geography and industry
sector. The Group is exposed to credit risk through its financial assets (see
note 5) and investment in associates and joint ventures reported at fair
value.
The Group manages its operational cash balance by the regular forecasting of
cash flow requirements, debt management and cash pooling arrangements. Credit
risk exposure on cash and derivative instruments is managed in accordance with
the Group’s treasury policy which provides limits on exposures with any
single financial institution. The majority of the Group’s surplus cash is
held in AAA rated Money Market funds. Other credit exposures arise from
outstanding derivatives with financial institutions rated from A- to A+.
21. Financial risk management continued
The Group is exposed to credit risk as a result of financing guarantees
provided. The maximum exposure to guarantees is £4.3m (2024: £7.3m). No
liability has been recognised in respect of these guarantees.
The Directors consider the Group’s credit risk exposure to cash balances and
trade and other receivables to be low and as such no further analysis has been
presented.
Capital management
Managing capital is the ongoing process of determining and maintaining the
quantity and quality of capital appropriate for the Group and ensuring capital
is deployed in a manner consistent with the expectations of our stakeholders.
The primary objectives of the Group’s capital management are (i) align the
Group’s interests with its clients, (ii) grow third-party fee income in the
FMC and (iii) maintain robust capitalisation, including ensuring that the
Group complies with externally imposed capital requirements by the Financial
Conduct Authority (the FCA). The Group’s strategy has remained unchanged
from the year ended 31 March 2025.
(i) Regulatory capital requirements
The Group is required to hold capital resources to cover its regulatory
capital requirements and has complied with these requirements throughout the
year. The Group’s capital for regulatory purposes comprises the capital and
reserves of the Company, comprising called up share capital, reserves and
retained earnings as disclosed in the Statement of Changes in Equity (see page
32). The full Pillar 3 disclosures are available on the Group’s website:
www.icgam.com.
(ii) Capital and risk management policies
The formal procedures for identifying and assessing risks that could affect
the capital position of the Group are described in the Strategic Report. The
capital structure of the Group under UK-adopted IAS consists of cash and cash
equivalents, £860.2m (2024: £990.0m) (see note 6); debt, which includes
borrowings, £1,175.9m, (2024: £1,447.4m) (see note 7) and the capital and
reserves of the Company, comprising called up share capital, reserves and
retained earnings as disclosed in the Statement of Changes in Equity,
£1,589.7m (2024: £896.5m). Details of the Reportable segment capital
structure are set out in note 4.
22. Called up share capital and share premium
Share capital represents the number of issued ordinary shares in Intermediate
Capital Group plc multiplied by their nominal value of 26¼p each.
Under the Company’s Articles of Association, any share in the Company may be
issued with such rights or restrictions, whether in regard to dividend,
voting, transfer, return of capital or otherwise as the Company may from time
to time by ordinary resolution determine or, in the absence of any such
determination, as the Board may determine. All shares currently in issue are
ordinary shares of 26¼p each carrying equal rights. The Articles of
Association of the Company cannot be amended without shareholder approval.
The Directors may refuse to register any transfer of any share which is not a
fully paid share, although such discretion may not be exercised in a way which
the Financial Conduct Authority regards as preventing dealings in the shares
of the relevant class or classes from taking place on an open and proper
basis. The Directors may likewise refuse to register any transfer of a share
in favour of more than four persons jointly.
The Company is not aware of any other restrictions on the transfer of ordinary
shares in the Company other than:
* Certain restrictions that may from time to time be imposed by laws and
regulations (for example, insider trading laws or the UK Takeover Code)
* Pursuant to the Listing Rules of the Financial Conduct Authority whereby
certain employees of the Company require approval of the Company to deal in
the Company’s shares
The Company has the authority limited by shareholder resolution to issue, buy
back, or cancel ordinary shares in issue (including those held in trust,
described below). New shares are issued when share options are exercised by
employees. The Company has 294,370,225 authorised shares (2024: 294,365,326).
22. Called up share capital and share premium continued
Number of ordinary shares of 26¼p allotted, called up and fully paid Share Capital £m Share Premium £m
1 April 2024 294,365,326 77.3 181.3
Shares issued 4,899 0.0 0.0
31 March 2025 294,370,225 77.3 181.3
Number of ordinary shares of 26¼p allotted, called up and fully paid Share Capital £m Share Premium £m
1 April 2023 294,332,182 77.3 180.9
Shares issued 33,144 0.0 0.4
31 March 2024 294,365,326 77.3 181.3
23. Own shares reserve
Accounting policy Own shares are recorded by the Group when ordinary shares are purchased in the market by ICG plc or through the ICG Employee Benefit Trust 2015 (‘EBT’). The EBT is a special purpose vehicle, with the purpose of purchasing and holding shares of the Company for the hedging of future liabilities arising as a result of the employee share-based compensation schemes (see note 24), in a way that does not dilute the percentage holdings of existing shareholders. Own shares are held at cost and
their purchase reduces the Group’s net assets by the amount spent. When shares vest or are cancelled, they are transferred from own shares to the retained earnings reserve at their weighted average cost. No gain or loss is recognised on the purchase, sale, issue or cancellation of the Company’s own shares.
The movement in the year is as follows:
2025 2024 2025 2024
£m £m Number Number
1 April 79.2 103.4 7,666,863 9,249,895
Purchased (ordinary shares of 26¼p) 42.4 — 2,000,000 —
Options/awards exercised (17.7) (24.2) (1,680,975) (1,583,032)
As at 31 March 103.9 79.2 7,985,888 7,666,863
Of the total own shares held by the Group at 31 March 2025, 3,733,333 shares
were held by the Company (2024: 3,733,333).
The number of shares held by the Group at the balance sheet date represented
2.7% (2024: 2.6%) of the Parent Company’s allotted, called up and fully paid
share capital.
24. Share-based payments
Accounting policy The Group issues compensation to its employees under both equity-settled and cash-settled share-based payment plans. Equity-settled share-based payments are measured at the fair value of the awards at grant date. The fair value includes the effect of non-market-based vesting conditions. The fair value determined at the date of grant is expensed on a straight-line basis over the vesting period. At each reporting date, the Group revises its estimate of the number of equity instruments
expected to vest as a result of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the income statement with a corresponding adjustment to equity.
The total charge to the income statement for the year was £45.6m (2024:
£43.9m) and this was credited to the share-based payments reserve. Details of
the different types of awards are as follows:
24. Share-based payments continued
Intermediate Capital Group plc Omnibus Plan
The Omnibus Plan provides for three different award types: Deferred Share
Awards, PLC Equity Awards and Special Recognition Awards.
Deferred Share Awards
Awards are made after the end of the financial year (and in a small number of
cases during the year) to reward employees for delivering cash profits,
managing the cost base, and employing sound risk and business management.
These share awards typically vest one-third at the end of the first, second
and third years following the year of grant, unless the individual leaves for
cause or to join a competitor. Dividend equivalents accrue to participants
during the vesting period and are paid at the vesting date. Awards are based
on performance against the individual’s objectives. There are no further
performance conditions.
PLC Equity Awards
Awards are made after the end of the financial year to reward employees,
including Executive Directors, for increasing long-term shareholder value.
These share awards typically vest one-third at the end of the third, fourth
and fifth years following the year of grant, unless the individual leaves for
cause or to join a competitor. Dividend equivalents accrue to participants
during the vesting period and are paid at the vesting date. Awards are based
on performance against the individual’s objectives. There are no further
performance conditions.
Special Recognition Awards
Awards are made after the end of the financial year to reward employees for
delivering cash profits, managing the cost base, and employing sound risk and
business management. These share awards vest at the end of the first year
following the year of grant, unless the individual leaves for cause or to join
a competitor. Dividend equivalents accrue to participants during the vesting
period and are paid at the vesting date. Awards are based on performance
against the individual’s objectives. There are no further performance
conditions.
Share awards outstanding under the Omnibus Plan were as follows:
Deferred share awards Number Weighted average fair value
2025 2024 2025 2024
Outstanding at 1 April 3,804,026 2,964,516 14.4 15.8
Granted 1,141,054 2,316,207 23.1 13.4
Vested (1,700,638) (1,476,697) 15.3 15.6
Outstanding as at 31 March 3,244,442 3,804,026 17.0 14.4
Number Weighted average fair value
PLC Equity awards 2025 2024 2025 2024
Outstanding at 1 April 2,614,058 2,142,252 14.7 12.2
Granted 839,597 982,261 23.1 13.4
Vested (461,313) (510,455) 14.9 12.2
Outstanding as at 31 March 2,992,342 2,614,058 17.0 14.7
Number Weighted average fair value
Special Recognition Awards 2025 2024 2025 2024
Outstanding as at 1 April — 46,154 — 14.3
Granted — — — —
Vesting — (46,154) — 14.3
Outstanding as at 31 March — — — —
The fair values of awards granted under the ICG plc Omnibus Plan are
determined by the average share price for the five business days prior
to grant.
Intermediate Capital Group plc Buy Out Awards
Buy Out Awards are shares awarded to new employees in lieu of prior awards
forfeited. These share awards shall vest or be forfeited according to the
schedule and terms of the forfeited awards, and any performance conditions
detailed in the individual’s employment contract. Buy Out Awards consist of
equity-settled and cash-settled awards. Buy Out Awards outstanding were as
follows:
24. Share-based payments continued
Number Weighted average fair value
Buy Out Awards 2025 2024 2025 2024
Outstanding as at 1 April 809,303 1,097,088 13.4 13.0
Granted 110,225 180,336 21.5 14.5
Vesting (474,082) (468,121) 15.0 13.6
Outstanding as at 31 March 445,446 809,303 13.7 13.4
The fair values of the Buy Out Awards granted are determined by the average
share price for the five business days prior to grant.
Save As You Earn
The Group offers a Sharesave Scheme (‘SAYE’) to its UK employees. Options
are granted at a 20% discount to the prevailing market price at the date of
issue. Options to this equity-settled scheme are exercisable at the end of a
three-year savings contract. Participants are not entitled to dividends prior
to the exercise of the options. The maximum amount that can be saved by a
participant in this way is £6,000 in any tax year.
Fair value is measured using the Black–Scholes valuation model, which
considers the current share price of the Group, the risk-free interest rate
and the expected volatility of the share price over the life of the award. The
expected volatility was calculated by analysing three years of historic share
price data of the Group.
The total amount to be expensed over the vesting period is determined by
reference to the fair value of the share awards and options at grant date,
which is remeasured at each reporting date. The total amount to be expensed
during the year is £258,610 (2024: £169,587).
Save As You Earn Number Weighted average fair value
2025 2024 2025 2024
Outstanding as at 1 April 222,121 103,818 4.3 5.0
Granted — 197,452 — 4.0
Vesting (19,990) (32,851) 5.9 3.3
Forfeited (22,049) (46,298) 4.5 5.5
Outstanding as at 31 March 180,082 222,121 4.0 4.3
Growth Incentive Award
The Growth Incentive Award ('GIA’) is a market-value share option. Grants of
options are made following the end of the financial year to reward employees
for performance and to enhance alignment of interests. The GIA is a right to
acquire shares during the exercise period (seven years following the vesting
date) for a price equal to the market value of those shares on the grant date.
These options vest at the end of the third year following the year of grant,
unless the individual leaves for cause or to join a competitor. Awards are
based on performance against the individual’s objectives.
Growth Incentive Award Number Weighted average fair value
2025 2024 2025 2024
Outstanding as at 1 April 411,000 463,000 — 3.13
Granted — — — —
Vesting — — — —
Forfeited (22,000) (52,000) 3.13 3.13
Outstanding as at 31 March 389,000 411,000 3.13 3.13
25. Financial commitments
As described in the Strategic Report, the Group invests balance sheet capital
alongside the funds it manages to grow the business and create long-term
shareholder value. Commitments are made at the time of a fund’s launch and
are drawn down with the fund as it invests (typically over five years).
Commitments may increase where distributions made are recallable. Commitments
are irrevocable. At the balance sheet date the Group had undrawn commitments,
which can be called on over the commitment period, as follows:
2025 2024
£m £m
ICG Europe Fund V 23.7 24.2
ICG Europe Fund VI 77.7 79.8
ICG Europe Fund VII 100.5 105.2
ICG Europe Fund VIII 45.2 192.4
ICG Europe Fund IX 147.9 —
ICG Mid-Market Fund 12.6 14.3
ICG Mid-Market Fund II 40.4 64.1
Intermediate Capital Asia Pacific Fund III 59.3 60.7
ICG Asia Pacific Fund IV 35.6 52.3
ICG Strategic Secondaries Fund II 34.3 32.1
ICG Strategic Equity Fund III 80.6 95.9
ICG Strategic Equity Fund IV 38.0 35.6
ICG Strategic Equity Fund V 62.5 79.2
ICG Recovery Fund II 21.3 40.8
LP Secondaries 29.9 20.8
ICG Senior Debt Partners II 3.8 4.0
ICG Senior Debt Partners III 4.8 5.1
ICG Senior Debt Partners IV 5.0 6.7
Senior Debt Partners V 27.1 26.6
Senior Debt Partners NYCERS 4.4 1.6
ICG North American Private Debt Fund 26.3 26.9
ICG North American Private Debt Fund II 20.9 24.6
ICG North American Credit Partners III 69.2 79.2
ICG-Longbow UK Real Estate Debt Investments V 0.2 0.2
ICG-Longbow UK Real Estate Debt Investments VI 5.5 12.4
ICG-Longbow Development Fund 14.0 6.8
ICG Infrastructure Equity Fund I 52.2 31.7
ICG Infrastructure Equity Fund II 102.3 10.1
ICG Living 20.9 20.9
ICG Private Markets Pooling - Sale & Leaseback 16.6 18.4
ICG Sale & Leaseback II 16.7 16.5
ICG Metropolitan 2 27.7 36.8
Multistrat SMAs 1.9 —
1,229.0 1,225.9
26. Related party transactions
Subsidiaries
The Group is not deemed to be controlled or jointly controlled by any party
directly or through intermediaries. The Group consists of the Parent Company,
Intermediate Capital Group plc, incorporated in the UK, and its subsidiaries
listed in note 27. All entities meeting the definition of a controlled entity
as set out in IFRS 10 are consolidated within the results of the Group. All
transactions between the Parent Company and its subsidiary undertakings are
classified as related party transactions for the Parent Company financial
statements and are eliminated on consolidation. Significant transactions with
subsidiary undertakings relate to dividends received, the aggregate amount
received during the year is £909.4 m (2024: £240.0m) and recharge of costs
to a subsidiary of £97.9m (2024: £93.2m)
26. Related party transactions continued
Associates and joint ventures
An associate is an entity over which the Group has significant influence, but
not control, over the financial and operating policy decisions of the entity.
As the investments in associates are held for venture capital purposes they
are designated at fair value through profit or loss. A joint venture is an
arrangement whereby the parties have joint control over the arrangements, see
note 28. Where the investment is held for venture capital purposes they are
designated as fair value through profit or loss. These entities are related
parties and the significant transactions with associates and joint ventures
are as follows:
2025 2024
£m £m
Income statement
Net gains/(losses) on investments (18.4) 84.5
(18.4) 84.5
2025 2024
£m £m
Statement of financial position
Trade and other receivables 47.5 179.2
Trade and other payables (11.7) (155.0)
35.8 24.2
Unconsolidated structured entities
The Group has determined that, where the Group holds an investment, loan, fee
receivable, guarantee or commitment with an investment fund, carried interest
partnership or CLO, this represents an interest in a structured entity in
accordance with IFRS 12 Disclosure of Interest in Other Entities (see note
29). The Group provides investment management services and receives management
fees (including performance-related fees) and dividend income from these
structured entities, which are related parties. Amounts receivable and payable
from these structured entities arising in the normal course of business remain
outstanding. At 31 March 2025, the Group’s interest in and exposure to
unconsolidated structured entities are as follows:
2025 2024
£m £m
Income statement
Management fees 580.6 502.5
Performance fees 87.4 75.7
668.0 578.2
2025 2024
£m £m
Statement of financial position
Performance fees receivable 108.4 83.7
Trade and other receivables 406.3 848.1
Trade and other payables (491.8) (807.4)
22.9 124.4
26. Related party transactions continued
Key management personnel
Key management personnel are defined as the Executive Directors. The Executive
Directors of the Group are Benoît Durteste, David Bicarregui and Antje
Hensel-Roth.
The compensation of key management personnel during the year was as follows:
2025 2024
£m £m
Short-term employee benefits 3.9 3.7
Post-employment benefits 0.3 0.2
Other long-term benefits — 0.2
Share-based payment benefits 6.8 6.9
11.0 11.0
Fees paid to Non-Executive Directors were as follows:
2025 2024
£000 £000
William Rucker 400.0 375.0
Andrew Sykes 145.0 120.0
Rosemary Leith 134.5 134.5
Matthew Lester 120.5 120.5
Virginia Holmes 120.5 120.5
Stephen Welton 90.5 90.5
Amy Schioldager 125.0 125.0
Rusty Nelligan — 104.5
Sonia Baxendale 104.5 —
The remuneration of Directors and key executives and Non-Executive Directors
is determined by the Remuneration Committee having regard to the performance
of individuals and market rates.
27. Subsidiaries
Accounting policy Investment in subsidiaries The Group consists of the Parent Company, Intermediate Capital Group plc, and its subsidiaries, described collectively herein as ‘ICG’ or the ‘Group’. Investments in subsidiaries in the Parent Company statement of financial position are recorded at cost less provision for impairments or at fair value through profit or loss. Key accounting judgement A key judgement for the Group is whether the Group controls an investee or fund and is required to consolidate
the investee or fund into the results of the Group. Control is determined by the Directors’ assessment of decision making authority, rights held by other parties, remuneration and exposure to returns. When assessing whether the Group controls any fund it manages (or any entity associated with a fund) it is necessary to determine whether the Group acts in the capacity of principal or agent for the third-party investor. An agent is a party primarily engaged to act on behalf and for the benefit of another
party or parties, whereas a principal is primarily engaged to act for its own benefit. A key judgement when determining that the Group acts in the capacity of principal or agent is the kick-out rights of the third-party fund investors. We have reviewed these kick-out rights, across each of the entities where the Group has an interest. Where fund investors have substantive rights to remove the Group as the investment manager it has been concluded that the Group is an agent to the fund and thus the fund does
not require consolidation into the Group. We consider if the Group has significant influence over these entities and, where we conclude it does, we recognise them as associates. Where the conclusion is that the Group acts in the capacity of principal the fund has been consolidated into the Group’s results. Where the Group has Trust entities in investment deals or fund structures, a key judgement is whether the Trust is acting on behalf of the Group or another third party. Where the Trust is considered to
act as an agent of the Group, the Trust and its related subsidiaries have been consolidated into the Group. As a fund manager the Group participates in carried interest arrangements, the participants of which are the Group, certain of the Group’s employees and others connected to the underlying fund. In the majority of the Group’s funds, the Group holds its carried interest directly in the fund. In a minority of funds, carried interest arrangements are facilitated through carried interest partnerships
(CIPs) where the Group is a participant. These vehicles have two purposes: 1) to facilitate payments of carried interest from the fund to carried interest participants, and 2) to facilitate individual co-investment into the funds. The Directors have undertaken a control assessment of the CIPs and other entities as set out above, and have also considered whether the individual carried interest participants were providing a service for the benefit of the Group. The Directors have assessed that two CIPs are
controlled, and they are included within the list of controlled structured entities.
The Group consists of a Parent Company, Intermediate Capital Group plc,
incorporated in the UK, and a number of subsidiaries held directly or
indirectly by ICG plc, which operate and are incorporated around the world.
The subsidiary undertakings of the Group are shown below. All are wholly
owned, and the Group’s holding is in the ordinary share class, except where
stated. The Companies Act 2006 requires disclosure of certain information
about the Group’s related undertakings. Related undertakings are
subsidiaries, joint ventures and associates.
The registered office of all related undertakings at 31 March 2025 was
Procession House, 55 Ludgate Hill, New Bridge Street, London EC4M 7JW, unless
otherwise stated.
The financial year end of all related undertakings is 31 March, unless
otherwise stated.
All subsidiaries are consolidated as at 31 March.
27. Subsidiaries continued
Directly held subsidiaries
Name Ref (1) Country of incorporation Principal activity Share class % Voting rights held
ICG LTD (formerly ICG Asset Management Ltd) United Kingdom Holding company Ordinary shares 100%
ICG FMC Limited England & Wales Holding company Ordinary shares 100%
Intermediate Capital Investments Limited England & Wales Investment company Ordinary shares 100%
ICG Global Investment UK Limited England & Wales Holding company Ordinary shares 100%
ICG Carbon Funding Limited England & Wales Investment company Ordinary shares 100%
ICG Longbow Richmond Limited England & Wales Holding company Ordinary shares 100%
ICG-Longbow BTR Limited England & Wales Holding company Ordinary shares 100%
ICG Japan (Funding 2) Limited England & Wales Holding company Ordinary shares 100%
ICG Longbow Development (Brighton) Limited England & Wales Holding company Ordinary shares 100%
LREC Partners Investments No. 2 Limited England & Wales Investment company Ordinary shares 55%
ICG Longbow Senior Debt I GP Limited England & Wales General partner Ordinary shares 100%
ICG Debt Advisors (Cayman) Ltd 4 Cayman Islands Advisory company Ordinary shares 100%
ICG Re Holding (Germany) GmbH 9 Germany Special purpose vehicle Ordinary shares 100%
ICG Watch Jersey GP Limited 19 Jersey General partner Ordinary shares 100%
Intermediate Investments Jersey Limited 19 Jersey Investment company Ordinary shares 100%
Intermediate Capital Group Espana SL 33 Spain Advisory company Ordinary shares 100%
ICG Co-Investment 2024 Plus Limited England & Wales Investment company Ordinary shares 100%
1. Registered addresses are disclosed on pages 75.
27. Subsidiaries continued
Indirectly held subsidiaries
Name Ref (1) Country of incorporation Principal activity Share class % Voting rights held
ICG Alternative Investment Limited England & Wales Advisory company Ordinary shares 100%
Intermediate Capital Managers Limited England & Wales Advisory company Ordinary shares 100%
Intermediate Capital Asia Pacific Limited 12 Hong Kong Advisory company Ordinary shares 100%
ICG Europe S.à r.l. 23 Luxembourg Advisory company Ordinary shares 100%
ICG Enterprise Co-Investment GP Limited England & Wales General Partner Ordinary shares 100%
ICG-Longbow B Investments L.P. England & Wales Investment company N/A 50%
ICG-Longbow Development GP LLP England & Wales General Partner N/A —%
Longbow Real Estate Capital LLP England & Wales Advisory company N/A —%
ICG Senior Debt Partners UK GP Limited England & Wales General Partner Ordinary shares 100%
Intermediate Capital Group SAS 8 France Advisory company Ordinary shares 100%
ICG Nordic AB 34 Sweden Advisory company Ordinary shares 100%
Intermediate Capital Group Dienstleistungsgesellschaft mbH 9 Germany Service company Ordinary shares 100%
Intermediate Capital Group Benelux B.V. 30 Netherlands Advisory company Ordinary shares 100%
Intermediate Capital Group Inc. 17 United States Advisory company Ordinary shares 100%
Intermediate Capital GP 2003 Limited 19 Jersey General Partner Ordinary shares 100%
Intermediate Capital GP 2003 No.1 Limited 19 Jersey General Partner Ordinary shares 100%
Intermediate Capital Asia Pacific Mezzanine 2005 GP Limited 19 Jersey General Partner Ordinary shares 100%
Intermediate Capital Asia Pacific Mezzanine Opportunities 2005 GP Limited 19 Jersey General Partner Ordinary shares 100%
Intermediate Capital Asia Pacific 2008 GP Limited 19 Jersey General Partner Ordinary shares 100%
ICG Europe Fund V GP Limited 18 Jersey General Partner Ordinary shares 100%
Intermediate Capital Group Beratungsgesellschaft mbH 9 Germany Advisory company Ordinary shares 100%
Intermediate Capital Group (Singapore) Pte. Limited 32 Singapore Advisory company Ordinary shares 100%
ICG North America Associates LLC 17 Delaware General Partner Ordinary shares 100%
ICG Japan KK 14 Japan Advisory company Ordinary shares 100%
ICG Asia Pacific Fund III GP Limited 19 Jersey General Partner Ordinary shares 100%
ICG Alternative Credit (Luxembourg) GP S.A. 25 Luxembourg General Partner Ordinary shares 100%
ICG Alternative Credit (Cayman) GP Limited 5 Cayman Islands General Partner Ordinary shares 100%
ICG Senior Debt Partners 28 Luxembourg General Partner Ordinary shares 100%
ICG Strategic Secondaries Carbon Associates LLC 17 Delaware General Partner Ordinary shares 100%
ICG European Fund 2006 B GP Limited 19 Jersey General Partner Ordinary shares 100%
ICG Europe Fund VI GP Limited 18 Jersey General Partner Ordinary shares 100%
ICG Total Credit (Global) GP, S.à r.l. 24 Luxembourg General Partner Ordinary shares 100%
ICG EFV MLP Limited 18 Jersey General Partner Ordinary shares 100%
ICG-Longbow IV GP S.à r.l. 20 Luxembourg General Partner Ordinary shares 100%
ICG Europe Fund VI Lux GP S.à r.l. 20 Luxembourg General Partner Ordinary shares 100%
ICG Centre Street Partnership GP Limited 18 Jersey General Partner Ordinary shares 100%
Intermediate Capital Group Polska Sp. z.o.o 31 Poland Service company Ordinary shares 100%
ICG Recovery Fund 2008 B GP Limited 19 Jersey General Partner Ordinary shares 100%
ICG Europe Fund VII GP S.à r.l. 28 Luxembourg General Partner Ordinary shares 100%
ICG - Longbow Fund V GP S.à r.l. 22 Luxembourg General Partner Ordinary shares 100%
ICG Private Markets GP S.à r.l. 27 Luxembourg General Partner Ordinary shares 100%
ICG Europe Mid-Market Fund GP S.à r.l. 28 Luxembourg General Partner Ordinary shares 100%
Intermediate Capital Inc 17 Delaware Dormant Ordinary shares 100%
ICG Private Credit GP S.à r.l. 28 Luxembourg General Partner Ordinary shares 100%
Intermediate Capital Group (Italy) S.r.l 13 Italy Advisory company Ordinary shares 100%
ICG Alternative Credit Warehouse Fund I GP, LLC 17 Delaware General Partner Ordinary shares 100%
ICG Alternative Credit (Jersey) GP Limited 19 Jersey General Partner Ordinary shares 100%
ICG Enterprise Carry GP Limited 19 Jersey General Partner Ordinary shares 100%
ICG Senior Debt Partners Performance GP Limited 19 Jersey General Partner Ordinary shares 100%
ICG Structured Special Opportunities GP Limited 5 Cayman Islands General Partner Ordinary shares 100%
ICG Asia Pacific Fund IV GP S.à r.l. 27 Luxembourg General Partner Ordinary shares 100%
ICG European Credit Mandate GP S.à r.l. 28 Luxembourg General Partner Ordinary shares 100%
ICG Infrastructure Equity Fund I GP S.a.r.l 29 Luxembourg General Partner Ordinary shares 100%
ICG LP Secondaries Fund Associates I S.a. r.l. 29 Luxembourg General Partner Ordinary shares 100%
ICG US Senior Loan Fund GP Ltd 5 Cayman Islands General Partner Ordinary shares 100%
ICG Recovery Fund II GP S.à r.l. 29 Luxembourg General Partner Ordinary shares 100%
ICG Strategic Equity IV GP LP 16 Delaware Limited Partner N/A —%
ICG North American Private Debt (Offshore) GP Limited Partnership 5 Cayman Islands Limited Partner N/A —%
ICG Europe Fund VI GP Limited Partnership 18 Jersey Limited Partner N/A —%
ICG Strategic Secondaries Carbon (Offshore) GP LP 5 Cayman Islands Limited Partner N/A —%
ICG Strategic Secondaries II (Offshore) GP LP 5 Cayman Islands Limited Partner N/A —%
ICG Strategic Secondaries II GP LP 16 Delaware Limited Partner N/A —%
ICG North American Private Debt II GP LP 17 Delaware Limited Partner N/A —%
ICG North American Private Debt II (Offshore) GP LP 5 Cayman Islands Limited Partner N/A —%
ICG Strategic Equity III GP LP 16 Delaware Limited Partner N/A —%
ICG Strategic Equity Side Car GP LP 5 Cayman Islands Limited Partner N/A —%
ICG Strategic Equity III (Offshore) GP LP 5 Cayman Islands Limited Partner N/A —%
ICG Australian Senior Debt GP Limited 5 Cayman Islands General Partner Ordinary shares 100%
ICG Strategic Equity Side Car (Onshore) GP LP 16 Delaware Limited Partner N/A —%
ICG Europe Fund VIII GP S.à r.l. 29 Luxembourg General Partner Ordinary shares 100%
ICG Real Estate Debt VI GP S.à r.l. 27 Luxembourg General Partner Ordinary shares 100%
ICG Excelsior GP S.à r.l. 29 Luxembourg General Partner Ordinary shares 100%
ICG Life Sciences GP S.à r.l. 27 Luxembourg General Partner Ordinary shares 100%
ICG Strategic Equity Associates IV S.à r.l 29 Luxembourg General Partner Ordinary shares 100%
ICG Strategic Equity IV GP LP SCSp 29 Luxembourg Limited Partner N/A —%
ICG RE AUSTRALIA GROUP PTY LTD 3 Australia Service company Ordinary shares 100%
ICG (DIFC) Limited 26 United Arab Emirates Service company Ordinary shares 100%
ICG Metropolitan GP S.à r.l. 22 Luxembourg General Partner Ordinary shares 100%
ICG Senior Debt Partners GP S.à r.l. 27 Luxembourg General Partner Ordinary shares 100%
ICG Real Estate Senior Debt V GP S.à r.l. 27 Luxembourg General Partner Ordinary shares 100%
ICG SRE GP II S.à r.l. 22 Luxembourg General Partner Ordinary shares 100%
ICG Living GP S.a r.l. 22 Luxembourg General Partner Ordinary shares 100%
ICG Europe Mid-Market Fund II GP S.à r.l. 29 Luxembourg General Partner Ordinary shares 100%
ICG Infrastructure Fund II GP S.à r.l 29 Luxembourg General Partner Ordinary shares 100%
ICG Strategic Equity GP V S.à r.l. 29 Luxembourg General Partner Ordinary shares 100%
ICG Fund Advisors LLC 17 Delaware Advisory company Ordinary shares 100%
ICG Alternative Credit LLC 17 Delaware Advisory company Ordinary shares 100%
ICG Strategic Equity Advisors LLC 17 Delaware Advisory company Ordinary shares 100%
ICG Debt Administration LLC 17 Delaware Service company Ordinary shares 100%
ICG Strategic Equity Associates II LLC 16 Delaware General Partner Ordinary shares 100%
ICG Velocity Co-Investor Associates LLC 16 Delaware General Partner Ordinary shares 100%
ICG Debt Advisors LLC - Manager Series 17 Delaware Advisory company Ordinary shares 100%
ICG North America Associates II LLC 17 Delaware General Partner Ordinary shares 100%
ICG Strategic Equity Associates III LLC 16 Delaware General Partner Ordinary shares 100%
ICG Augusta Associates LLC 16 Delaware General Partner Ordinary shares 100%
ICG STRATEGIC EQUITY ASSOCIATES IV LLC 16 Delaware General Partner Ordinary shares 100%
ICG LP Secondaries Associates I LLC 16 Delaware General Partner Ordinary shares 100%
ICG North America Associates III LLC 17 United States General Partner Ordinary shares 100%
ICG Global Investment Jersey Limited 18 Jersey Investment company Ordinary shares 100%
ICG Global Nominee Jersey Limited 18 Jersey Special purpose vehicle Ordinary shares 100%
ICG RE CORPORATE AUSTRALIA PTY LTD 3 Australia Service company Ordinary shares 100%
ICG RE CAPITAL PARTNERS AUSTRALIA PTY LTD 3 Australia Advisory company Ordinary shares 100%
ICG RE FUNDS MANAGEMENT AUSTRALIA PTY LTD 3 Australia Service company Ordinary shares 100%
Intermediate Capital Managers (Australia) PTY Limited 2 Australia Advisory company Ordinary shares 100%
Intermediate Capital Australia PTY Limited 1 Australia Advisory company Ordinary shares 100%
ICG Alternative Investment (Netherlands) B.V. 30 Netherlands Advisory company Ordinary shares 100%
ICG Asia Pacific Fund IV GP LP SCSp 27 Luxembourg Limited Partner N/A —%
ICG Augusta GP LP 5 Cayman Islands Limited Partner N/A —%
ICG Debt Advisors LLC – Holdings Series 17 Delaware Investment company Ordinary shares 100%
ICG EFV MLP GP LIMITED England & Wales General Partner Ordinary shares 100%
ICG Europe Fund VII GP LP SCSp 28 Luxembourg Limited Partner N/A —%
ICG Europe Fund VIII GP LP SCSp 29 Luxembourg Limited Partner N/A —%
ICG Europe Mid-Market Fund GP LP SCSp 28 Luxembourg Limited Partner N/A —%
ICG European Credit Mandate GP LP SCSp 28 Luxembourg Limited Partner N/A —%
ICG EXCELSIOR GP LP SCSp 29 Luxembourg Limited Partner N/A —%
ICG Executive Financing Limited 19 Jersey Service company Ordinary shares 100%
ICG Infrastructure Equity Fund I GP LP SCSp 29 Luxembourg Limited Partner N/A —%
ICG Life Sciences GP LP SCSp 27 Luxembourg Limited Partner N/A —%
ICG LP Secondaries I GP LP SCSp 29 Luxembourg Limited Partner N/A —%
ICG Employee Benefit Trust 2015 11 Guernsey N/A Ordinary shares 100%
ICG Private Markets General Partner SCSp 27 Luxembourg General Partner N/A —%
ICG Real Estate Debt VI GP LP SCSp 27 Luxembourg Limited Partner N/A —%
ICG Recovery Fund II GP LP SCSp 29 Luxembourg Limited Partner N/A —%
ICG Strategic Equity Side Car II GP LP 5 Cayman Islands Limited Partner N/A —%
ICG Strategic Equity Side Car II (Onshore) GP LP 16 Delaware Limited Partner N/A —%
ICG Velocity GP LP 16 Delaware Limited Partner N/A —%
ICG Velocity Co-Investor GP LP 16 Delaware Limited Partner N/A —%
ICG Velocity Co-Investor (Offshore) GP LP 5 Cayman Islands Limited Partner N/A —%
Wise Living Homes Limited 6 England & Wales Special purpose vehicle Ordinary shares 83%
Wise Limited Amber Langley Mill Limited 6 United Kingdom Special purpose vehicle Ordinary shares 83%
ICG Longbow Development Debt Limited England & Wales Investment company Ordinary shares 100%
ICG-Longbow Investment 3 LLP England & Wales Special purpose vehicle N/A —%
ICG Asia Pacific Fund III GP Limited Partnership 19 Jersey Limited Partner N/A —%
ICG Europe Fund V GP Limited Partnership 18 Jersey Limited Partner N/A —%
ICG Europe Copenhagen, filial af ICG Europe S.à r.l. 35 Denmark Branch N/A 100%
ICG Europe SARL - Frankfurt Branch 36 Germany Branch N/A 100%
ICG Europe SARL - Milan Branch 37 Italy Branch N/A 100%
ICG Europe SARL - Paris Branch 38 France Branch N/A 100%
ICG North America Associates III S.à r.l. 27 Luxembourg General Partner Ordinary shares 100%
ICG North American Private Debt GP LP 17 Delaware Limited Partner N/A —%
ICG Real Estate Opportunities APAC GP S.à r.l. 22 Luxembourg General Partner Ordinary shares 100%
ICG Strategic Equity GP V LLC 16 Delaware General Partner Ordinary shares 100%
Intermediate Capital Managers Limited (France Branch) 38 France Branch N/A 100%
ICG Infrastructure APAC I GP S.à r.l. 22 Luxembourg General Partner Ordinary shares 100%
ICG Real Estate Debt VII GP Sarl 22 Luxembourg General Partner Ordinary shares 100%
ICG Core Private Equity Fund LP 16 Delaware Limited Partner N/A —%
ICG Core Private Equity GP LLC 16 Delaware General Partner Ordinary shares 100%
ICG Core Private Equity GP S.à r.l. 22 Luxembourg General Partner Ordinary shares 100%
ICG Core Private Equity Master LP 16 Delaware Limited Partner N/A —%
ICG Europe Fund IX GP LP SCSp 28 Luxembourg General Partner Ordinary shares 100%
ICG Europe Fund IX GP S.à r.l. 28 Luxembourg General Partner Ordinary shares 100%
ICG Infrastructure APAC I GP LP SCSp 22 Luxembourg General Partner Ordinary shares 100%
ICG Real Estate Debt VII GP LP SCSp 22 Luxembourg General Partner Ordinary shares 100%
ICG Real Estate Multi-Strategy GP I S.à r.l 22 Luxembourg General Partner Ordinary shares 100%
ICG Switzerland GMBH Switzerland Advisory company Ordinary shares 100%
Intermediate Capital Managers (Australia) Pty Ltd (Korea Branch) 3 Korea Branch N/A 100%
ICG Seed Asset Founder LP Limited 19 Jersey Special purpose vehicle Ordinary shares 100%
ICG North American Private Equity Debt Limited 19 Jersey Special purpose vehicle Ordinary shares 100%
ICG Real Estate E Debt Limited 19 Jersey Special purpose vehicle Ordinary shares 100%
ICG Life Sciences Debt Limited 19 Jersey Special purpose vehicle Ordinary shares 100%
US Mid-Market Fund I LLC 21 Delaware General Partner Ordinary shares 100%
ICG Life Sciences SCSp 27 Luxembourg Limited Partner N/A —%
ICG Life Sciences Feeder SCSp 27 Luxembourg Special purpose vehicle N/A —%
ICG Funding Lux S.à r.l. 22 Luxembourg Special purpose vehicle Ordinary shares 100%
Montero PTE Ltd 10 Singapore Special purpose vehicle Ordinary shares 100%
ICG Real Estate Opportunities APAC Fund SCSP 22 Luxembourg Special purpose vehicle N/A —%
Yangju Investment PTE. LTD. 10 Singapore Special purpose vehicle Ordinary shares 100%
Montero Japan Master Pte. Ltd 10 Singapore Special purpose vehicle Ordinary shares 100%
Montero Cruise JP 1 Pte. Ltd 10 Singapore Special purpose vehicle Ordinary shares 100%
Montero Cruise JP 2 Pte. Ltd 10 Singapore Special purpose vehicle Ordinary shares 100%
Capstone Living and Stay General Private Investment Company No. 1 39 South Korea Portfolio Company Ordinary shares 100%
Capstone Living and Stay General Private Investment Company No. 2 40 South Korea Portfolio Company Ordinary shares 100%
Rifa Private Real Estate Trust No. 24 41 South Korea Portfolio Company Ordinary shares 100%
Australia Re Funding Co PTE. Ltd 10 Singapore Special purpose vehicle Ordinary shares 100%
Godo Kaisha Co-living One 42 Japan Special purpose vehicle Ordinary shares 100%
Godo Kaisha Converse 42 Japan Special purpose vehicle Ordinary shares 100%
ICG IDC 1 Pte Ltd 10 Singapore Portfolio Company Ordinary shares 100%
ICG IDC 2 Pte Ltd 10 Singapore Portfolio Company Ordinary shares 100%
IGISX General Real Estate Private Investment Company No.12 43 South Korea Portfolio Company Ordinary shares 100%
Tokutei Mokutei Co-living One 42 Japan Special purpose vehicle Ordinary shares 100%
Tokutei Mokutei Converse 42 Japan Special purpose vehicle Ordinary shares 100%
Registered addresses are disclosed on page 75
27. Subsidiaries continued
Registered offices
1 Level 18, 88 Phillip Street, Sydney, NSW 2000, Australia
2 Level 31, 88 Phillip Street, Sydney, NSW 2000, Australia
3 Level 9, 88 Phillip Street, Sydney, NSW 2000, Australia
4 75 Fort Street, Clifton House, c/o Estera Trust (Cayman) Limited, PO Box 1350, Grand Cayman, KY1-1108, Cayman Islands
5 PO Box 309, Ugland House, C/o Maples Corporate Services Limited, Grand Cayman, KY1-1104, Cayman Islands
6 17 Regan Way, Chetwynd Business Park, Chilwell, Nottingham, NG9 6RZ, England & Wales
7 Brock House, 19 Langham Street, London, England, W1W 6BP
8 1 rue de la Paix, Paris, 75002, France
9 12th Floor, An der Welle 5, Frankfurt, 60322, Germany
10 9 Temasek Boulevard, #12-01/02. Suntec Tower Two, 038989, Singapore
11 c/o Zedra Trust Company (Guernsey) Limited, 3rd Floor, Cambridge House, Le Truchot, St Peter Port, GY1 1WD, Guernsey
12 Suites 1301-02, 13/F, AIA Central, 1 Connaught Road Central, Hong Kong
13 Corso Giacomo Matteotti 3, Milan, 20121, Italy
14 Level 23, Otemachi Nomura Building, 2-1-1 Otemachi, Chiyoda-ku, Tokyo, 100-0004, Japan
15 25 Farringdon Street, London, EC4A 4AB
16 c/o Maples Fiduciary Services (Delaware) Inc., Suite 302, 4001 Kennett Pike, Wilmington, DE, 19807, United States
17 c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, DE, 19801, United States
18 IFC 1, The Esplanade, St. Helier, JE1 4BP, Jersey
19 Ogier House,44 The Esplanade, St. Helier, JE4 9WG, Jersey
20 12E, rue Guillaume Kroll, L - 1882 Luxembourg
21 c/o Intertrust Corporate Services Delaware LTD, Suite 210, 200 Bellevue Parkway, Wilmington, DE, 19809, United States
22 3, rue Gabriel Lippmann, L - 5365 Munsbach, Luxembourg
23 32-36, boulevard d'Avranches L - 1160 Luxembourg, 1160, Luxembourg
24 49 Avenue John F. Kennedy, Luxembourg, L-1855, Luxembourg
25 5 Allée Scheffer, Luxembourg, L-2520, Luxembourg
26 Index Tower, Floor 4, Unit 404, Dubai International Financial Centre, Dubai, United Arab Emirates
27 6, rue Eugene Ruppert, Luxembourg, L-2453, Luxembourg
28 60, Avenue J.F. Kennedy, Luxembourg, L-1855, Luxembourg
29 6H Route de Trèves, Senningerberg, L-2633, Luxembourg
30 Paulus Potterstraat 20, 2hg., Amsterdam, 1071 DA, Netherlands
31 Spark B, Aleja Solidarności 171, Warsaw, 00-877, Poland
32 8 Marina View, #32-06. Asia Square Tower 1, 018960, Singapore
33 Serrano 30-3º, 28001 Madrid, Spain
34 David Bagares Gata 3, 111 38 Stockholm
35 Female Founders House Bredgade 45B, 3., kontor, Copenhagen, 607 1260, Denmark
36 12th Floor, Stockwerk, An der Welle 5, Frankfurt, 60322, Germany
37 Corso Giacomo Matteotti 3, Milan, 20121, Italy
38 1 rue de la Paix, Paris, 75002, France
39 116, Ingye-ro, Paldal-gu, Suwon-si, Gyeonggi-do, Republic of Korea
40 182, Beotkkot-ro, Geumcheon-gu, Seoul, Republic of Korea
41 12F, 136, Sejong-daero, Jung-gu, Seoul, Republic of Korea
42 1-1-7-807 Motoakasaka, Minato-ku, Tokyo, Japan,
43 136, Sejong-daero, Jung-gu, Seoul, Republic of Korea
27. Subsidiaries continued
The table below shows details of structured entities that the Group is deemed
to control:
Name of subsidiary Country of incorporation % of ownership interests and voting rights
ICG US CLO 2014-1, Ltd. Cayman Islands 50%
ICG US CLO 2014-2, Ltd. Cayman Islands 72%
ICG US CLO 2014-3, Ltd. Cayman Islands 51%
ICG US CLO 2015-1, Ltd. Cayman Islands 50%
ICG US CLO 2015-2R, Ltd. Cayman Islands 83%
ICG US CLO 2016-1, Ltd. Cayman Islands 63%
ICG US CLO 2017-1, Ltd. Cayman Islands 60%
ICG US CLO 2020-1, Ltd. Cayman Islands 52%
ICG EURO CLO 2021-1 DAC Ireland 67%
ICG EURO CLO 2023-2 DAC Ireland 100%
St. Paul's CLO II DAC Ireland 85%
St. Paul's CLO III-R DAC Ireland 62%
St. Paul's CLO VI DAC Ireland 53%
St. Paul's CLO VIII DAC Ireland 53%
St. Paul's CLO XI DAC Ireland 57%
ICG Euro CLO 2023-1 DAC Ireland 100%
ICG Enterprise Carry (1) LP Jersey 100%
ICG Enterprise Carry (2) LP Jersey 50%
ICG US Senior Loan Fund Cayman Islands 100%
ICG Total Credit (Global) SCA Luxembourg 100%
ICG EURO CLO 2024-1 DAC Ireland 100%
ICG US CLO 2024-1, Ltd. Cayman Islands 100%
ICG US CLO 2024-R1, Ltd. Cayman Islands 100%
The structured entities controlled by the Group include £5,408m (2024:
£5,089.7m) of assets and £5,408m (2024: £5,087.7m) of liabilities within 23
funds listed above. These assets are restricted in their use to being the sole
means by which the related fund liabilities can be settled. All other assets
can be accessed or used to settle the other liabilities of the Group without
significant restrictions.
The Group has not provided contractual or non-contractual financial or other
support to a consolidated structured entity during the period. It is not the
current intention to provide such support, including the intention to assist
the structured entity in obtaining financial support.
27. Subsidiaries continued
Subsidiary audit exemption
For the period ended 31 March 2025, the following companies were entitled to
exemption from audit under section 479A of the Companies Act 2006 relating to
subsidiary companies. The member(s)(1) of the following companies have not
required them to obtain an audit of their financial statements for the period
ended 31 March 2025.
Company Registered number Member(s)
ICG FMC Limited 7266173 Intermediate Capital Group plc
ICG Global Investment UK Limited 7647419 Intermediate Capital Group plc
ICG Japan (Funding 2) Limited 9125779 Intermediate Capital Group plc
ICG Longbow Development (Brighton) 8802752 Intermediate Capital Group plc
ICG Longbow Richmond Limited 11210259 Intermediate Capital Group plc
ICG Longbow BTR Limited 11177993 Intermediate Capital Group plc
ICG Longbow Senior Debt I GP Limited 2276839 Intermediate Capital Group plc
Intermediate Capital Investments Limited 2327070 Intermediate Capital Group plc
LREC Partners Investments No. 2 Limited 7428335 Intermediate Capital Group plc
ICG Longbow Development Debt Limited 9907841 ICG-Longbow Development GP LLP
ICG Ltd (formerly ICG Asset Management Ltd) 14542130 Intermediate Capital Group plc
ICG-Longbow Development GP LLP OC396833 Intermediate Capital Group plc, ICG FMC Limited
ICG-Longbow Investment 3 LLP OC395389 ICG FMC Limited, Intermediate Capital Managers Limited
ICG Enterprise Co-Investment GP Limited 9961033 Intermediate Capital Group plc, ICG FMC Limited
ICG EFV MLP GP Limited 7758327 ICG EFV MLP Ltd
ICG Senior Debt Partners UK GP Limited 8562977 Intermediate Capital Group plc, ICG FMC Limited
ICG Co-Investment 2024 Plus Limited 16107851 Intermediate Capital Group plc
1Shareholders or Partners, as appropriate.
28. Associates and joint ventures
Accounting policy Investment in associates An associate is an entity over which the Group has significant influence, but no control, over the financial and operating policy decisions of the entity. As the investments in associates are held for venture capital purposes they are designated at fair value through profit or loss. Investment in joint ventures A joint venture is a joint arrangement whereby the parties that have joint control over the arrangement have rights to the net assets of the
arrangements. The results and assets and liabilities of joint ventures are incorporated in these financial statements using the equity method of accounting from the date on which the investee becomes a joint venture, except when the investment is held for venture capital purposes in which case they are designated as fair value through profit and loss. Under the equity method, an investment in a joint venture is initially recognised in the consolidated statement of financial position at cost, and adjusted
thereafter to recognise the Group’s share of the joint venture’s profit or loss. The nature of some of the activities of the Group associates and joint ventures are investment related which are seen as complementing the Group’s operations and contributing to achieving the Group’s overall strategy. The remaining associates and joint ventures are portfolio companies not involved in investment activities.
28. Associates and joint ventures continued
Details of associates and joint ventures
Details of each of the Group’s associates at the end of the reporting period
are as follows:
Name of associate Principal activity Country of incorporation Proportion of ownership interest/voting rights held by the Group Income distributions received from associate Proportion of ownership interest/voting rights held by the Group Income distributions received from associate
2025 2025 2024 2024
ICG Europe Fund V Jersey Limited (1) Investment company Jersey 20% — 20% 4.5
ICG Europe Fund VI Jersey Limited (1) Investment company Jersey 17% 56.8 17% (3.0)
ICG North American Private Debt Fund (2) Investment company United States of America 20% 1.8 20% 1.1
ICG Asia Pacific Fund III Singapore Pte. Limited (3) Investment company Singapore 20% 1.3 20% 4.1
KIK Equity Co-invest LLC (2) Investment company United States of America 25% — 25% —
Seaway Topco, LP (2) Investment company United States of America 49% — 49% —
1. The registered address for this entity is IFC 1 – The Esplanade, St
Helier, Jersey JE1 4BP.
2. The registered address for this entity is c/o The Corporation Trust
Company, 1209 Orange Street, Wilmington, DE, 19801, United States
3. The registered address for this entity is 9 Raffles Place. #26-01. Republic
Plaza, 048619, Singapore
The Group has a shareholding in each of ICG Europe Fund V Jersey Limited, ICG
Europe Fund VI Jersey Limited, ICG North American Private Debt Fund, ICG Asia
Pacific Fund III Singapore Pte. Limited and KIK Equity Co-invest LLC arising
from its co-investment with a fund. The Group appoints the General Partner
(GP) to each of these funds. The investors have substantive rights to remove
the GP without cause. The Funds also each have an Advisory Council, nominated
by the investors, whose function is to ensure that the GP is acting in the
interest of investors. As the Group has a 17%–25% holding, and therefore
significant influence in each entity, they have been considered as associates.
Ambient Enterprises LLC is no longer classified as an associate due to sales
made in the year. The investment is now classified as a financial asset at
fair value through profit and loss.
Details of each of the Group’s joint ventures at the end of the reporting
period are as follows:
Name of joint venture Accounting method Principal activity Country of incorporation Proportion of ownership interest held by the Group 2025 Proportion of voting rights held by the Group 2025
Brighton Marina Group Limited Fair value Investment company United Kingdom 70% 50%
Brighton Marina Group Limited is accounted for at fair value in accordance
with IAS28 and IFRS9 and the Group’s accounting policy in note 5 to the
financial statements.
The Group holds 70% of the ordinary shares of Brighton Marina Group Limited
and the management of this entity is jointly controlled with a third party who
the Group does not control and therefore the Group is unable to execute
decisions without the consent of the third party.
Significant restriction
There are no significant restrictions on the ability of associates and joint
ventures to transfer funds to the Group other than having sufficient
distributable reserves.
Summarised financial information for associates and joint ventures material to
the reporting entity
The Group’s only material associate or joint venture is ICG Europe Fund VI
Jersey Limited which is an associate measured at fair value through profit and
loss. The information below is derived from the IFRS financial statements of
the entities. Materiality has been determined by the carrying value of the
associate as a percentage of total Group assets.
The entity allows the Group to co-invest with ICG Europe Fund VI, aligning
interests with other investors. In addition to the returns on its
co-investment the Group receives performance-related fee income from the funds
(see note 3). This is industry standard and is in line with other funds in the
industry.
28. Associates and joint ventures continued
ICG Fund VI Jersey Limited
2025 2024
£m £m
Current assets 358.1 0.6
Non-current assets 952.6 975.4
Current liabilities (357.7) —
953.0 976.0
Revenue 343.1 185.0
Expenses (0.2) (0.2)
Total comprehensive income 342.9 184.8
29. Unconsolidated structured entities
A structured entity is an entity that has been designed so that voting or
similar rights are not the dominant factor in deciding who controls the
entity, such as when any voting rights relate to administrative tasks only and
the relevant activities are directed by means of contractual arrangements. The
Group has determined that it has an interest in a structured entity where the
Group holds an investment, loan, fee receivable or commitment with an
investment fund or CLO. Where the Group does not hold an investment in the
structured entity, management has determined that the characteristics of
control, in accordance with IFRS 10, are not met.
The Group, as fund manager, acts in accordance with the pre-defined parameters
set out in various agreements. The decision-making authority of the Group and
the rights of third parties are documented. These agreements include
management fees that are commensurate with the services provided and
performance fee arrangements that are industry standard. As such, the Group is
acting as agent on behalf of these investors and therefore these entities are
not consolidated into the Group’s results. Consolidated structured entities
are detailed in note 27.
At 31 March 2025, the Group’s interest in and exposure to unconsolidated
structured entities including outstanding management and performance fees are
detailed in the table below, and recognised within financial assets at FVTPL
and trade and other receivables in the statement of financial position:
2025
Funds Investment in Fund Management fees receivable Management fee rates Performance fees receivable Performance fee rates Maximum exposure to loss
£m £m % £m % £m
Structured Capital and Secondaries 1,823.8 86.4 0.25% to 1.38% 102.6 20%–25% of total performance fee of 10%–20% of profit over the threshold 2,012.8
Real Assets 442.7 21.8 0.03% to 1.23% — 20% of total performance fee of 15%–20% of profit over the threshold 464.5
Debt 384.8 28.3 0.29% to 1.50% 5.8 20% of returns in excess of 0% for Alternative Credit Fund only and IRR of 12% for CLOs 418.9
Total 2,651.3 136.5 108.4 2,896.2
2024
Funds Investment in Fund Management fees receivable Management fee rates Performance fees receivable Performance fee rates Maximum exposure to loss
£m £m % £m % £m
Structured Capital and Secondaries 1,720.6 83.0 0.19% to 1.37% 60.5 20%–25% of total performance fee of 10%–20% of profit over the threshold 1,864.1
Real Assets 401.6 17.7 0.30% to 1.24% — 20% of total performance fee of 15%–20% of profit over the threshold 419.3
Debt 455.9 30.6 0.29% to 1.50% 23.2 10%–20% of total performance fee of 8%–20% of profit over the threshold 509.7
Total 2,578.1 131.3 83.7 2,793.1
The Group’s maximum exposure to loss is equal to the value of any
investments held and unpaid management fees and performance fees.
The Group has not provided non-contractual financial or other support to the
unconsolidated structured entities during the year. It is not the current
intention to provide such support, including the intention to assist the
structured entity in obtaining financial support.
30. Net cash flows from operating activities
Accounting policy 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.
Year ended 31 March 2025 Group Year ended 31 March 2024 Group
£m £m
Profit before tax from continuing operations 530.5 530.8
Adjustments for non-cash items:
Fee and other operating income (676.0) (554.8)
Net investment returns (284.7) (405.3)
Interest income (19.5) (21.6)
Net fair value gain on derivatives (38.4) (22.8)
Impact of movement in foreign exchange rates 28.1 33.3
Interest expense 43.7 49.5
Depreciation, amortisation and impairment of property, plant, equipment and intangible assets 17.8 18.0
Share-based payment expense 45.6 43.9
Working capital changes:
Increase in trade and other receivables (87.6) (88.7)
Increase/(decrease) in trade and other payables 12.3 (17.7)
(428.2) (435.4)
Proceeds from sale of seed investments 285.6 319.2
Purchase of seed investments (165.9) (312.1)
Purchase of investments (2,960.6) (1,729.7)
Proceeds from sales and maturities of investments 3,117.4 2,233.1
Proceeds from borrowing related to seed investments 47.4 —
Issuance of CLO notes 577.0 —
Redemption of CLO notes (1,085.0) (389.1)
Interest received 520.0 447.2
Dividends received 44.4 47.0
Fee and other operating income received 663.3 496.4
Interest paid (410.9) (379.5)
Cash flows generated from operations 204.5 297.1
Taxes paid (68.4) (41.2)
Net cash flows from operating activities 136.1 255.9
Cash flows as a result of a change in control as presented in Investing
activities in the Consolidated statement of cash flows (page 121) consists of
aggregate cashflows of £260.2m, arising from obtaining control of ICG EURO
CLO 2024-1 DAC, ICG US CLO 2024-1, Ltd. and ICG US CLO 2024-R1. Total cash
consideration paid amounted to £79.3m. At the point control was obtained in
respect of these CLO’s, the net asset value of these interests was £2.8m
which is predominantly comprised of financial assets of £587.1m, cash of
£339.5m and financial liabilities of £923.8m. The Group also obtained
control of ICG Core Private Equity Fund LP during the year. Total cash
consideration paid amounted to £9.3m, at the point control was obtained the
net asset value was £nil and predominantly comprised of cash of £9.3m and
financial liabilities of £9.3m.
During the year the Group ceased to control Infrastructure Asia and no cash
consideration was received as at 31 March 2025. Immediately prior to the
disposal, the net asset value of these interests was £61.6m, predominantly
comprised of financial assets of £68.7m and financial liabilities of £7.1m.
31. Contingent liabilities
The Parent Company and its subsidiaries may be party to legal claims arising
in the course of business. The Directors do not anticipate that the outcome of
any such potential proceedings and claims will have a material adverse effect
on the Group’s financial position and at present there are no such claims
where their financial impact can be reasonably estimated. The Parent Company
and its subsidiaries may be able to recover any monies paid out in settlement
of claims from third parties.
There are no other material contingent liabilities.
32. Post balance sheet events
There have been no material events since the balance sheet date.
Other information
Outstanding debt facilities
Currency Drawn £m Undrawn £m Total £m Interest rate Maturity
Revolving Credit Facility (RCF) GBP — 550.0 550.0 SONIA + 1.15% October-27
Eurobond 2020 EUR 418.6 — 418.6 1.63% February-27
ESG Linked Bond EUR 418.6 — 418.6 2.50% January-30
Total bonds 837.2 — 837.2
PP 2015 – Class C USD 61.9 — 61.9 5.21% May-25
PP 2015 – Class F EUR 36.8 — 36.8 3.38% May-25
Private Placement 2015 98.7 — 98.7
PP 2016 – Class C USD 41.8 — 41.8 4.96% September-26
PP 2016 – Class F EUR 25.1 — 25.1 2.74% January-27
Private Placement 2016 66.9 — 66.9
PP 2019 – Class B USD 77.4 — 77.4 4.99% March-26
PP 2019 – Class C USD 96.8 — 96.8 5.35% March-29
Private Placement 2019 174.2 — 174.2
Total Private Placements 339.8 — 339.9
Total 1,177.0 550.0 1,727.0
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 15.
APM Group profit before tax Group profit before tax adjusted for the impact of the consolidated structured entities (see note 4). As at 31 March, this is calculated as follows:
2025 2024
Profit before tax £530.5m £530.8m
Plus consolidated structured entities £1.7m £67.0m
APM Group profit/(loss) before tax £532.2m £597.8m
APM net asset value per share NAV 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 at 31 March, this is calculated as follows:
2025 2024
Total equity £2,496.0m £2,295.4m
Closing number of ordinary shares (previously reported as 286,699,346 in 2024 updated due to the change as disclosed in the finance review) 290,636,892 290,631,993
Net asset value per share 859p 790p
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.
2025 2024
Third-party AUM $108.4bn $94.5bn
Balance sheet investment portfolio $3.9bn $3.9bn
Total AUM $112.3bn $98.4bn
Available cash Total available cash comprises APM cash less regulatory liquidity requirements.
2025 2024
APM cash £604.8m £627.4m
Regulatory liquidity requirement (£57.0)m (£53.0)m
Available cash £547.8m £574.4m
Balance sheet investment portfolio The balance sheet investment portfolio represents financial assets from the statement of financial position, adjusted for the impact of the consolidated structured entities and excluding derivatives and other financial assets.
2025 2024
Total non-current and current financial assets Note 4 £3,054.9m £3,080.3m
Derivative (assets) (£26.9)m (£10.3)m
Total balance sheet investment portfolio £3,028.0m £3,070.0m
Cash profit PICP Cash profit is defined as internally reported profit before tax and incentive schemes, adjusted for non-cash items
2025 2024
APM profit before tax £532.2m £597.8m
Add back incentive schemes £158.3m £171.9m
Other adjustments £159.2m (£258.8)m
Cash profit £849.7m £510.9m
Earnings per share EPS Profit after tax (annualised when reporting a six-month period’s results) divided by the weighted average number of ordinary shares as detailed in note 15.
EBITDA Earnings before interest, tax, depreciation and amortisation.
Fee Earning AUM FEAUM AUM for which the Group is eligible to be paid a management fee or performance fee.
Group cash flows from operating activities – APM Group cash flows from operating activities – APM is net cash flows from operating activities adjusted for interest paid
2025 2024
Group cash flows from operating activities – APM £537.4m £388.9m
Interest paid (£41.2)m (£49.3)m
Net cash flows from/(used in) operating activities Note 4 £496.2m £339.6m
Term Short Form Definition
Group cash flows from financing activities – APM Group cash flows from financing activities – APM is net cash flows from financing activities adjusted for interest paid and the payment of principal portion of lease liabilities
2025 2024
Group cash flows from financing activities – APM (£495.6)m (£241.6)m
Interest paid £41.2m £49.3m
Payment of principal portion of lease liabilities (£12.2)m (£8.4)m
Net cash flows from/(used in) financing activities Note 4 (£524.6)m (£282.5)m
Net cash flows used in investing activities Other operating cash flows is net cash flows from investing activities adjusted for the payment of principal portion of lease liabilities
2025 2024
Net cash flows used in investing activities £15.8m £22.0m
Payment of principal portion of lease liabilities (£12.2)m (£8.4)m
Other operating cash flows £2.6m £13.6m
Interest expense Interest expense excludes the cost of financing associated with the consolidated structured entities. See note 10 for a full reconciliation.
Net current assets The total of cash, plus current financial assets, plus other current assets, less current liabilities as internally reported. This excludes the consolidated structured entities. As at 31 March, this is calculated as follows:
2025 2024
Cash £604.8m £627.4m
Current financial assets £248.7m £366.6m
Other current assets £270.2m £299.1m
Current financial liabilities (£122.4)m (£268.4)m
Other current liabilities (£271.2)m (£255.8)m
Net current assets £730.1m £768.9m
On an IFRS basis net current assets are as follows:
2025 2024
Cash £860.2m £990.0m
Current financial assets — —
Other current assets £529.0m £486.3m
Disposal groups held for sale — —
Current financial liabilities (£120.1)m (£268.5)m
Other current liabilities (£611.4)m (£567.0)m
Liabilities directly associated with disposal groups held for sale — —
Net current assets £657.7m £640.8m
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, as at 31 March, is calculated as follows:
2025 2024
Total liabilities held at unamortised cost £1,175.9m £1,447.4m
Impact of upfront fees/unamortised discount £1.1m £0.6m
Gross drawn debt (see page 82) £1,177.0m £1,448.0m
Less available cash (£547.8)m (£574.4)m
Net debt £629.2m £873.6m
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. As at 31 March, this is calculated as follows:
2025 2024
Net debt £629.2m £873.6m
Shareholders’ equity £2,496.0m £2,295.4m
Net gearing 0.25x 0.38x
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. See note 4 for a full reconciliation.
Operating profit margin Fund Management Company profit before tax divided by Fund Management Company total revenue. As at 31 March this is calculated as follows:
2025 2024
Fund Management Company profit before tax £461.4m £374.4m
Fund Management Company total revenue £766.0m £652.0m
Operating profit margin 60.2% 57.4%
Term Short Form Definition
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 31 March 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.
Term Short Form Definition
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.
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.
UK Corporate Governance Code The Code Sets out standards of good practice in relation to board leadership and effectiveness, remuneration, accountability and relations with shareholdersRecent news on Intermediate Capital
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