ICG plc (LSE: ICG), the global alternative asset manager, has published its interim results for the six months ended 30 September 2026, reporting fee-related earnings (FRE) of £199m, up 18% year-on-year, alongside management fees of £374m, up 12%. The firm also confirmed the final close of its Europe IX fund at €12bn, which it describes as the largest structured capital fund ever raised globally. With total AUM reaching $145bn and fee-earning AUM up 9% on a constant currency basis to $90bn, the results highlight ICG's continued scaling across its institutional client franchise.

Key Points

  • ICG plc (LSE: ICG) is a global alternative asset manager operating across Structured Capital, Private Equity Secondaries, Private Debt, Liquid Credit, and Real Assets
  • FRE rose 18% year-on-year to £199m (68p per share) for the six months to 30 September 2026, with a five-year annualised growth rate of 28%
  • Europe IX closed at €12bn, materially oversubscribed; interim dividend declared at 29.0p per share, up from 27.7p in H1 FY26
  • Investors may be watching ICG's Q3 trading statement, scheduled for 20 January 2027, and progress toward its $55bn four-year fundraising target

Europe IX Closes at €12bn as ICG Raises $7.6bn Across All Strategies in Six Months

The headline fundraising development in ICG's interim statement is the final close of Europe IX at €12.1bn, which the firm states was materially oversubscribed and is identified by Preqin data as of 7 September 2026 as the largest structured capital fund ever raised globally. Across all strategies, ICG raised $7.6bn in the six-month period, contributing net additions to fee-earning AUM of $4.7bn. Since 1 April 2024, the firm has raised $48bn against a medium-term target of at least $55bn in aggregate by 31 March 2028, indicating meaningful progress toward that goal.

Management Fees and FRE Margin Expand as ICG's Institutional Franchise Scales

Total management fees for the period reached £373.7m, a 12% year-on-year increase, with FRE rising 18% to £198.6m at a margin of 53.1%, up three percentage points from 50.4% in H1 FY26. FRE operating expenses grew 6% to £175.1m, reflecting higher hiring and IT-related costs. Performance fee income was £23.6m for the period, compared with £97.6m in H1 FY26, though the prior period included a £72m one-off transition impact. Group profit before tax on an APM basis was £287.3m, below the prior-period figure of £351.6m, partly reflecting the absence of that one-off item.

ICG Declares 29.0p Interim Dividend and Targets Zero Net Debt Over Medium Term

ICG's board has declared an interim dividend of 29.0p per share, an increase of 5% on the 27.7p paid in H1 FY26, with payment scheduled for 8 January 2027. The firm's net debt position stood at £93m at 30 September 2026, reduced from £113m at 31 March 2026, while total available liquidity was £1,431m. The company announced a target of maintaining zero net debt over the medium term, stating that excess capital beyond funding organic growth will be returned to shareholders, reinforcing its progressive dividend policy.

New Product Launches and Amundi Partnership Broaden ICG's Client Offering Beyond Institutions

Alongside its financial results, ICG disclosed several strategic developments during the period: the launch of Senior Debt Partners 6 and Strategic Equity VI; the hiring of a European Infrastructure Debt team; and the launch of ICG Global Private Equity Secondaries, its first product in partnership with Amundi. The Amundi partnership is described in the announcement as opening long-term opportunities in the wealth market, complementing ICG's core institutional focus. Investors may note that expanding into new client segments introduces execution risk, while ICG's stated preference for organic growth means the bar for M&A remains high.