Key Takeaways
- • ICG reported fee-earning AUM of $90 billion at September 30, up 9% over the past twelve months on a constant-currency basis, per HedgeCo.Net.
- • Europe IX held a final close at €12 billion, which ICG described as materiallly oversubscribed and the largest structured capital fund ever raised globally, citing Preqin data.
- • Fee-related earnings rose 18% to £199 million (68 pence per share), lifting the FRE margin to 53.1%, while management fees grew 12% year on year to £374 million.
- • ICG raised $7.6 billion in the six months to September 30, with net additions to fee-earning AUM of $4.7 billion; it has raised $48 billion toward a $55 billion target for April 2024 to March 2028.
- • Performance fee income fell to £24 million from £98 million, which had included a one-off transition effect, and profit before tax declined 18% to £287 million.
Summary
London-listed ICG reported fee-earning assets under management of $90 billion at September 30, up 9% over the past twelve months on a constant-currency basis, as its Europe IX fund reached a final close at €12 billion. According to HedgeCo.Net, ICG described Europe IX, which was materially oversubscribed, as the largest structured capital fund ever raised globally, citing Preqin data.
In the six months to September 30, ICG raised $7.6 billion, producing net additions to fee-earning AUM of $4.7 billion. Structured capital and secondaries accounted for $4.0 billion of the period's fundraising, real assets $1.4 billion and debt $2.1 billion. Total AUM stood at $145 billion, a figure that now includes unrealized gains and losses on deployed assets following a methodology change.
Management fees rose 12% year on year to £374 million, and fee-related earnings climbed 18% to £199 million, or 68 pence per share, lifting the FRE margin to 53.1%. Performance fee income fell to £24 million from £98 million, a comparison that included a one-off transition effect. Group profit before tax on ICG's alternative performance measures declined 18% to £287 million, and the interim dividend rose to 29.0 pence.
Chief executive Benoît Durteste said the firm has had seven funds close at or above target over the past two years, during a year that could see a fifth consecutive annual decline in global private capital fundraising. ICG reaffirmed its target of raising at least $55 billion between April 2024 and March 2028, with $48 billion raised so far, and said it will reach zero net debt over the medium term and return excess capital to shareholders.
The results underline a widening gap between scaled institutional franchises and the rest of the private markets industry. Investors facing slow distributions are concentrating commitments with managers that can show realized performance, while hybrid strategies such as structured capital are drawing demand as sponsors seek flexible financing short of full buyouts.
In the six months to September 30, ICG raised $7.6 billion, producing net additions to fee-earning AUM of $4.7 billion. Structured capital and secondaries accounted for $4.0 billion of the period's fundraising, real assets $1.4 billion and debt $2.1 billion. Total AUM stood at $145 billion, a figure that now includes unrealized gains and losses on deployed assets following a methodology change.
Management fees rose 12% year on year to £374 million, and fee-related earnings climbed 18% to £199 million, or 68 pence per share, lifting the FRE margin to 53.1%. Performance fee income fell to £24 million from £98 million, a comparison that included a one-off transition effect. Group profit before tax on ICG's alternative performance measures declined 18% to £287 million, and the interim dividend rose to 29.0 pence.
Chief executive Benoît Durteste said the firm has had seven funds close at or above target over the past two years, during a year that could see a fifth consecutive annual decline in global private capital fundraising. ICG reaffirmed its target of raising at least $55 billion between April 2024 and March 2028, with $48 billion raised so far, and said it will reach zero net debt over the medium term and return excess capital to shareholders.
The results underline a widening gap between scaled institutional franchises and the rest of the private markets industry. Investors facing slow distributions are concentrating commitments with managers that can show realized performance, while hybrid strategies such as structured capital are drawing demand as sponsors seek flexible financing short of full buyouts.
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