| Intermediate Capital Group plc 16 July 2025 Q1 Trading Statement for the three months ended 30 June 2025 Highlights
Unless otherwise stated the financial results discussed herein are on the basis of alternative performance measures (APM) basis; see full year results 1 On a constant currency basis |
PERFORMANCE REVIEW
| AUM | |||||
| Growth1 | |||||
| 30 June 2025 | Last three months | Year-on-year | Last five years (CAGR) | ||
| AUM | $123bn | 3% | 15% | 18% | |
| Fee-earning AUM | $82bn | 4% | 11% | 14% | |
| 1 On a constant currency basis | |||||
| Business activity | |||||||||
| $bn | Fundraising | Deployment1 | Realisations1,2 | ||||||
| Q1 FY26 | LTM | Q1 FY26 | LTM | Q1 FY26 | LTM | ||||
| Structured Capital and Secondaries | 1.9 | 13.3 | 1.0 | 9.8 | 0.4 | 2.0 | |||
| Real Assets | 1.3 | 3.2 | 0.5 | 2.7 | 0.3 | 1.6 | |||
| Debt3 | 0.2 | 5.8 | 1.3 | 3.8 | 0.4 | 3.9 | |||
| Total | 3.4 | 22.3 | 2.8 | 16.3 | 1.1 | 7.5 | |||
| 1 Direct investment funds; 2 Realisations of fee-earning AUM; 3 Includes Deployment and Realisations for Private Debt only. | |||||||||
PERIOD IN REVIEW
AUM and FY26 fundraising
At 30 June 2025, AUM stood at $123bn, fee-earning AUM at $82bn and dry powder at $34bn. The bridge between AUM and fee-earning AUM is as follows:
| $m | Structured Capital and Secondaries | Real Assets | Debt | Seed investments | Total |
| Fee-earning AUM | 39,347 | 9,375 | 33,472 | 82,194 | |
| AUM not yet earning fees | 3,278 | 1,187 | 14,639 | - | 19,104 |
| Fee-exempt AUM | 10,686 | 5,918 | 1,393 | - | 17,997 |
| Balance sheet investment portfolio1 | 2,412 | 563 | (53) | 360 | 3,282 |
| AUM | 55,723 | 17,043 | 49,451 | 360 | 122,577 |
| 1 Includes elimination of $657m (£479m) within Credit due to how the balance sheet investment portfolio accounts for and invests into CLO's managed by ICG and its affiliates | |||||
AUM of $123bn
| AUM ($m) | Structured Capital and Secondaries | Real Assets | Debt | Seed investments | Total |
| At 1 April 2025 | 51,499 | 12,922 | 47,557 | 379 | 112,357 |
| Fundraising | 1,933 | 1,355 | 154 | - | 3,442 |
| Other additions1 | 202 | 2,050 | 75 | - | 2,327 |
| Realisations | (471) | (233) | (585) | - | (1,289) |
| Market and other movements | 2,607 | 889 | 2,218 | - | 5,714 |
| Balance sheet movement | (47) | 60 | 32 | (19) | 26 |
| At 30 June 2025 | 55,723 | 17,043 | 49,451 | 360 | 122,577 |
| Change $m | 4,224 | 4,121 | 1,894 | (19) | 10,220 |
| Change % | 8% | 32% | 4% | (5) % | 9% |
| Change % (constant exchange rate) | 3% | 21% | (1) % | - | 3% |
| 1 Other additions within Real Assets includes $1.9bn non fee-eligible leverage capacity within certain Real Estate strategies | |||||
Fee-earning AUM of $82bn
| Fee-earning AUM ($m) | Structured Capital and Secondaries | Real Assets | Debt | Total |
| At 1 April 2025 | 36,086 | 7,711 | 31,330 | 75,127 |
| Funds raised: fees on committed capital | 1,470 | 1,242 | - | 2,712 |
| Deployment of funds: fees on invested capital | 281 | 162 | 1,235 | 1,678 |
| Total additions | 1,751 | 1,404 | 1,235 | 4,390 |
| Realisations | (456) | (279) | (774) | (1,509) |
| Net additions / (realisations) | 1,295 | 1,125 | 461 | 2,881 |
| Stepdowns | - | - | - | - |
| FX and other | 1,966 | 539 | 1,681 | 4,186 |
| At 30 June 2025 | 39,347 | 9,375 | 33,472 | 82,194 |
| Change $m | 3,261 | 1,664 | 2,142 | 7,067 |
| Change % | 9% | 22% | 7% | 9% |
| Change % (constant exchange rate) | 4% | 13% | 1% | 4% |
FY26 fundraising1
At 30 June 2025, closed-end funds and associated SMAs that were actively fundraising2 included Europe IX, Asia-Pacific Infrastructure I and Real Estate equity. We anticipate launching LP Secondaries II during FY26.
1 The timings of launches and closes depend on a number of factors, including the prevailing market conditions
2 Excluding Credit (CLOs and Liquid Credit)
Balance sheet
- Balance Sheet Investment Portfolio valued at £2.9bn
- Total available liquidity of £1.1bn (FY25: £1.1bn) and net financial debt of £477m (FY25: £629m)
FOREIGN EXCHANGE RATES
| Average rate | Period end | |||
| Q1 FY25 | Q1 FY26 | 31 March 2025 | 30 June 2025 | |
| GBP:EUR | 1.1753 | 1.1759 | 1.1944 | 1.1652 |
| GBP:USD | 1.2626 | 1.3507 | 1.2918 | 1.3732 |
| EUR:USD | 1.0743 | 1.1488 | 1.0815 | 1.1785 |
COMPANY TIMETABLE
| Half year results announcement | 13 November 2025 |
ENQUIRIES
| Shareholders and debtholders / analysts: | |
| Chris Hunt, Head of Corporate Development and Shareholder Relations, ICG | +44(0)20 3545 2020 |
| Media: | |
| Clare Glynn, Head of Corporate Communications, ICG | +44(0)79 3435 7794 |
This results statement may contain forward looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of this report and should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward looking information.
ABOUT ICG
ICG (LSE: ICG) is a global alternative asset manager with $123bn* in AUM and more than three decades of experience generating attractive returns. We operate from over 20 locations globally and invest our clients' capital across Structured Capital; Private Equity Secondaries; Private Debt; Credit; and Real Assets.
Our exceptional people originate differentiated opportunities, invest responsibly, and deliver long-term value. We partner with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with our expertise and flexible capital. For more information visit our website and follow us on LinkedIn.
*As at 30 June 2025.
