How Is ICG Plc (LSE:ICG) Trading Today?

ICG Plc (LSE:ICG) shares eased 1.06% to around 1,860.0p today, following a year in which the alternative asset manager raised $17 billion, well ahead of expectations, and reported fee-related Earnings of £350 million, up 23%.

Fee-earning Assets under management grew 11% to $87 billion, and the group managed $126 billion of assets in total at 31 March 2026. Management fees rose 13% to £685 million, or 17% excluding catch-up fees.

The Board declared an ordinary Dividend of 87p per share for the year, marking the 16th consecutive year of dividend growth.

About ICG Plc

ICG is a global alternative asset manager with a heritage of more than 35 years, investing across structured and secondary capital, Real assets and Debt strategies. It raises funds from institutional investors around the world and invests in companies and assets across Europe, North America and Asia Pacific.

The group is led by Chief Executive and Chief Investment Officer Benoît Durteste, and its model combines recurring management fees with performance income and a Balance Sheet that invests alongside its clients.

LSE:ICG therefore offers exposure to the growth of alternative assets and to a Business with long-dated, fee-earning capital.

ICG's investment approach is built on deep sector expertise, long-term relationships with companies and flexible Capital solutions. This allows it to partner with management teams and sponsors across market cycles, and its funds typically have long investment horizons that give the business visibility on future fee income.

FY26 Fundraising

Fundraising of $17 billion for the year materially exceeded expectations, with structured capital and secondaries raising $7.0 billion, real assets a record $5.5 billion and debt strategies $4.1 billion. Scaling strategies, which include newer areas of the platform, attracted a combined $8.4 billion.

North American investors accounted for 34% of capital raised, reflecting progress in expanding the group's presence in that market. The group said it is on track to meet its four-year fundraising target of at least $55 billion, potentially a year early.

The flagship strategies continue to anchor the platform, with a leading position in structured capital and in secondaries transactions led by general partners. Management described the year as one in which the group expanded its competitive position and its relationships with large institutional investors.

Earnings and Cash Flow

Fee-related earnings rose 23% to £350 million, equivalent to 120p per share, and the group introduced this measure to give shareholders a clearer view of recurring profitability. Group operating Cash Flow increased to £861 million from £533 million a year earlier.

The Chief Financial Officer said the group's financial position is at its best level to date, supported by cash from fees, performance income and the balance sheet portfolio.

The fee-related earnings margin, excluding catch-up fees, has expanded by 14 percentage points over five years, reflecting the scalability of the platform. Management expects this Margin to continue to widen as fee-earning assets grow and as the group's newer strategies mature.

Q1 FY27 Trading Statement

In its trading statement for the three months to 30 June 2026, ICG reported fundraising of $4.1 billion and deployment of $3 billion, broadly balanced across asset classes. The group held $36 billion of dry powder, of which $18 billion is not yet earning fees and could contribute to future income as it is deployed.

A final dividend of 59.3p was paid on 31 July 2026, and half-year results were scheduled for 11 November 2026.

Dividend Record

The ordinary dividend of 87p for the year reflects the group's progressive dividend policy, which has delivered 16 consecutive annual increases. Management has reiterated this policy alongside investment in new strategies and the balance sheet.

The group's capital allocation framework prioritises investment in growth, a progressive dividend and prudent leverage.

Growth Catalysts

Possible catalysts for LSE:ICG include the deployment of existing dry powder, successor funds across its flagship strategies, expansion of real assets into new regions, and distribution through new strategic relationships. Growth in the use of alternative assets by institutions and individuals may provide a supportive long-term backdrop.

Management has pointed to opportunities such as infrastructure in Asia and real estate in the United States as areas for potential expansion.

Over the past five years, fee-earning assets under management have grown at an annual rate of around 14%, and management fees at around 20%. If the group continues to deploy capital at a similar pace, the share of fee-earning assets in the total should rise, supporting recurring income.

Factors to Monitor

Asset managers are influenced by market conditions, fundraising cycles, investment performance, interest rates and currency movements. Fundraising can vary from year to year depending on which funds are in the market.

Investors typically follow fundraising, fee-earning assets under management, fee-related earnings and cash generation.

Conclusion

ICG's 1.06% move to around 1,860.0p today follows a year of $17 billion fundraising, 23% growth in fee-related earnings and a 16th consecutive dividend increase.

Fundraising, deployment, recurring fees and a progressive dividend remain the central themes for LSE:ICG.

For those following LSE:ICG, the half-year results on 11 November 2026 add a further data point on fundraising, deployment and earnings progression.