• Q1 Trading Statement for the three months ended 30 June 2025

    Source: Nasdaq GlobeNewswire / 15 Jul 2025 23:00:00   America/Los_Angeles

       
       
     Intermediate Capital Group plc

    16 July 2025

    Q1 Trading Statement for the three months ended 30 June 2025

    Highlights

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


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

    PERFORMANCE REVIEW

     AUM    
       Growth1
      30 June 2025Last three monthsYear-on-yearLast 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 FY26LTM Q1 FY26LTM Q1 FY26LTM
     Structured Capital and Secondaries1.913.3 1.09.8 0.42.0
     Real Assets1.33.2 0.52.7 0.31.6
     Debt30.25.8 1.33.8 0.43.9
     Total3.422.3 2.816.3 1.17.5
              
     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:

    $mStructured Capital and SecondariesReal AssetsDebtSeed investmentsTotal
    Fee-earning AUM39,3479,37533,472 82,194
    AUM not yet earning fees3,2781,18714,639—19,104
    Fee-exempt AUM10,6865,9181,393—17,997
    Balance sheet investment portfolio12,412563(53)3603,282
    AUM55,72317,04349,451360122,577
    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 SecondariesReal AssetsDebtSeed investmentsTotal
    At 1 April 202551,49912,92247,557379112,357
    Fundraising1,9331,355154—3,442
    Other additions12022,05075—2,327
    Realisations(471)(233)(585)—(1,289)
    Market and other movements2,6078892,218—5,714
    Balance sheet movement(47)6032(19)26
    At 30 June 202555,72317,04349,451360122,577
    Change $m4,2244,1211,894(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 SecondariesReal AssetsDebtTotal
    At 1 April 202536,0867,71131,33075,127
    Funds raised: fees on committed capital1,4701,242—2,712
    Deployment of funds: fees on invested capital2811621,2351,678
    Total additions1,7511,4041,2354,390
    Realisations(456)(279)(774)(1,509)
    Net additions / (realisations)1,2951,1254612,881
    Stepdowns————
    FX and other1,9665391,6814,186
    At 30 June 202539,3479,37533,47282,194
    Change $m3,2611,6642,1427,067
    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 ratePeriod end
     Q1 FY25Q1 FY2631 March 202530 June 2025
    GBP:EUR1.17531.17591.19441.1652
    GBP:USD1.26261.35071.29181.3732
    EUR:USD1.07431.14881.08151.1785

    COMPANY TIMETABLE

    Half year results announcement13 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.



Share on,