ICP Intermediate Capital Group plc

Q3 Trading Statement for the period to 31 December 2025

Q3 Trading Statement for the period to 31 December 2025

21 January 2026

ICG plc

Q3 Trading Statement for the period to 31 December 2025

   
 Highlights



  • AUM of $127bn; fee-earning AUM of $85bn, up 1%1 in the quarter, up 11%1 year-on-year
  • Dry powder of $36bn, of which $19bn is not yet earning fees
  • Fundraising of $4.4bn, including Europe IX ($1.6bn), Metropolitan II ($0.6bn) and LP Secondaries II ($0.3bn). LP Secondaries II expected to be activated and fee-earning in the coming quarters. Remaining fundraising largely due to Credit ($0.8bn)
  • Closed-end funds and associated SMAs that were actively fundraising included Europe IX, LP Secondaries II, Asia-Pacific Infrastructure I and Real Estate equity2
  • Transaction activity continuing to show modest recovery with some variability between asset classes
  • Positive Total Balance Sheet Return at a Group level in the quarter and YTD
  • Total available liquidity of £1.4bn (H1 FY26: £1.3bn) and net financial debt of £239m (H1 FY26: £401m)
1 On a constant currency basis; 2 At 31 December 2025. The timings of launches and closes depend on a number of factors, including the prevailing market conditions.		 

           

Fee-earning AUM     
$mStructured Capital and SecondariesReal AssetsDebtTotal
At 30 September 202540,2859,49134,01383,789
Funds raised: fees on committed capital1,552245—1,797
Deployment of funds: fees on invested capital1203221,9862,428
Total additions1,6725671,9864,225
Realisations(134)(165)(2,598)(2,897)
Net additions / (realisations)1,538402(612)1,328
Stepdowns—(153)—(153)
FX and other32(192)52(108)
At 31 December 202541,8559,54833,45384,856
Q-o-Q change $m1,57057(560)1,067
Q-o-Q change %4%1%(2%)1%
Constant currency growth:    
Q-o-Q change %4%–(2%)1%
Y-o-Y change %22%17%(3%)11%
Last five years change %26%14%6%15%



 Business activity        
          
 $bn



Fundraising Deployment1 Realisations1,2
 Q3 FY26LTM Q3 FY26LTM Q3 FY26LTM
 Structured Capital and Secondaries2.511.4 2.89.4 0.12.2
 Real Assets0.64.5 0.63.0 0.21.7
 Debt31.33.7 1.65.2 1.75.0
 Total4.419.6 5.017.6 2.08.9
          
 1 Direct investment funds; 2 Realisations of fee-earning AUM; 3 Includes Deployment and Realisations for Private Debt only.

FOREIGN EXCHANGE RATES

 Average ratePeriod end
 Q2 FY26Q3 FY2630 September 202531 December 2025
GBP:EUR1.15281.14281.14591.1473
GBP:USD1.33861.32871.34461.3475
EUR:USD1.16121.16261.17341.1745

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.

Unless otherwise stated the financial results discussed herein are on the basis of alternative performance measures (APM) basis; see full year results.

COMPANY TIMETABLE

Shareholder seminar (online):

ICG Real Estate		24 March 2026, 3pm GMT

Register
Full year results announcement21 May 2026

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

ABOUT ICG

ICG (LSE: ICG) is a global alternative asset manager with $127bn* 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 and follow us on .

*As at 31 December 2025.



EN
21/01/2026

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