LONDON (ShareCast) - (Sharecast News) - ICG reported a strong set of annual results on Thursday, with higher fee-related earnings, increased fundraising and a 16th consecutive rise in its ordinary dividend.
The FTSE 100 alternative asset manager said assets under management stood at $126bn at 31 March, while fee-earning assets under management rose 11% on a constant currency basis to $87bn.

Over five years, fee-earning AUM has grown at an annualised rate of 14%.

Fundraising for the year ended 31 March totalled $17bn, ahead of the company's expectations.

ICG said it had now raised $40bn since 1 April 2024, against its medium-term target of at least $55bn by 31 March 2028.

Management fees rose 13% to £684.8m, or 17% excluding catch-up fees.

Fee-related earnings increased 23% to £349.5m, equivalent to 120p per share.

Performance fee income rose to £127.0m from £86.2m, including a £72m one-off transition impact from a change in estimate announced in October 2025.

The balance sheet investment portfolio stood at £2.57bn, down from £2.90bn a year earlier.

Group operating cash flow increased to £861m from £533m, while net debt fell sharply to £113m from £629m.

Total available liquidity increased to £1.46bn from £1.10bn.

ICG declared a total ordinary dividend of 87p per share for the year, up from 83p in 2025.

The final dividend would be paid on 31 July to shareholders on the register on 12 June.

The group said growth was driven by its flagship and scaling strategies, with a continued focus on disciplined investment performance and cash realisations.

Structured capital and secondaries raised $7.0bn during the year, real assets raised $5.5bn and debt strategies raised $4.1bn.

Chief executive and chief investment officer Benoît Durteste said 2026 had been "a strong year" for ICG, during which it reinforced its competitive position, established a strategic relationship with Amundi and maintained financial resilience.

"In an environment where liquidity and selectivity matter more than ever, we have maintained a disciplined approach to investments, with particular focus on cash realisations," he said.

Durteste said strong performance was driving client demand, with Europe IX expected to become ICG's first commingled fund to reach €10bn in size.

He added that Infrastructure II and Metropolitan II had both reached successful final closes, meaning six funds had closed at or above target in the last 24 months.

ICG said it had updated its medium-term financial guidance to reflect a revised financial presentation more closely aligned with global alternative asset management peers.

It replaced fund management company margin guidance with fee-related earnings margin guidance, removed net investment returns guidance, and retained guidance for fundraising and performance fees.

The company continued to expect performance fee income to represent about 10% to 20% of total fee income over time, excluding the FY2026 transition gain.

At 1003 BST, shares in ICG were up 1.36% at 1,858p.

Reporting by Josh White for Sharecast.com

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