Intermediate Capital Group plc

16 July 2025

Q1 Trading Statement for the three months ended 30 June 2025

Highlights

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


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

PERFORMANCE REVIEW

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


  Business activity                
                   
  $bn

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

PERIOD IN REVIEW

AUM and FY26 fundraising

At 30 June 2025, AUM stood at $123bn, fee-earning AUM at $82bn and dry powder at $34bn. The bridge between AUM and fee-earning AUM is as follows:

$m Structured Capital and Secondaries Real Assets Debt Seed investments Total
Fee-earning AUM 39,347 9,375 33,472   82,194
AUM not yet earning fees 3,278 1,187 14,639 — 19,104
Fee-exempt AUM 10,686 5,918 1,393 — 17,997
Balance sheet investment portfolio1 2,412 563 (53) 360 3,282
AUM 55,723 17,043 49,451 360 122,577
1 Includes elimination of $657m (£479m) within Credit due to how the balance sheet investment portfolio accounts for and invests into CLO's managed by ICG and its affiliates

AUM of $123bn

AUM ($m) Structured Capital and Secondaries Real Assets Debt Seed investments Total
At 1 April 2025 51,499 12,922 47,557 379 112,357
Fundraising 1,933 1,355 154 — 3,442
Other additions1 202 2,050 75 — 2,327
Realisations (471) (233) (585) — (1,289)
Market and other movements 2,607 889 2,218 — 5,714
Balance sheet movement (47) 60 32 (19) 26
At 30 June 2025 55,723 17,043 49,451 360 122,577
Change $m 4,224 4,121 1,894 (19) 10,220
Change %         8%                 32%                 4%                 (5)        %         9%        
Change % (constant exchange rate)         3%                 21%                 (1)        %         —                 3%        
1 Other additions within Real Assets includes $1.9bn non fee-eligible leverage capacity within certain Real Estate strategies

Fee-earning AUM of $82bn

Fee-earning AUM ($m) Structured Capital and Secondaries Real Assets Debt Total
At 1 April 2025 36,086 7,711 31,330 75,127
Funds raised: fees on committed capital 1,470 1,242 — 2,712
Deployment of funds: fees on invested capital 281 162 1,235 1,678
Total additions 1,751 1,404 1,235 4,390
Realisations (456) (279) (774) (1,509)
Net additions / (realisations) 1,295 1,125 461 2,881
Stepdowns — — — —
FX and other 1,966 539 1,681 4,186
At 30 June 2025 39,347 9,375 33,472 82,194
Change $m 3,261 1,664 2,142 7,067
Change %         9%                 22%                 7%                 9%        
Change % (constant exchange rate)         4%                 13%                 1%                 4%        

FY26 fundraising1

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

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

 
Balance sheet

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.