Key Takeaways
- • ICG's assets under management surged 11% year-over-year to $126 billion (£93.7 billion) in the 12 months ending March 2026, with fee-earning AUM reaching $87 billion.
- • The firm exceeded fundraising expectations by securing $17 billion in new capital during the fiscal year, while maintaining dry powder of $36 billion for deployment.
- • Management fees increased 13% year-over-year to £685 million, and fee-related earnings grew 23% to £350 million, signaling strengthened profitability amid disciplined capital deployment.
- • ICG's Europe IX commingled fund is on track to become the firm's first fund to reach €10 billion in size, with six funds closing at or above target over the past 24 months, demonstrating strong investor demand for the firm's strategies.
- • The alternative asset manager established a strategic relationship with Amundi and remains positioned to capture institutional allocator demand globally, unaffected by challenges facing certain evergreen vehicles in the U.S. market.
Summary
ICG, an alternative asset manager, reported strong fiscal 2026 performance with assets under management climbing to $126 billion, representing 11% growth over the preceding 12-month period ending March 2026. The firm's fee-earning AUM reached $87 billion, providing a substantial revenue base for future earnings expansion. Management fees grew 13% year-over-year to £685 million, while fee-related earnings increased 23% to £350 million, reflecting both AUM expansion and operational efficiency improvements.
Fundraising activity exceeded internal expectations, with ICG closing $17 billion in new capital commitments during the fiscal year. The firm maintains a dry powder position of $36 billion, positioning it for continued deployment across its alternative strategies. Operating performance remained robust, with group operating cashflow reaching £861 million, demonstrating the cash generation capability of the business model.
Chief Executive Benoît Durteste emphasized a disciplined investment approach centered on liquidity and selectivity in a competitive alternative asset environment. He highlighted the firm's strategic relationship with Amundi and noted particular focus on cash realisations. The firm's fund closure record underscores investor confidence: Europe IX is expected to become ICG's first commingled fund to reach €10 billion, while Infrastructure II and Metropolitan II final closes contributed to six funds closing at or above target within the past 24 months.
Durteste stated that ICG is "experiencing clear demand from institutional allocators globally" and remains "unaffected by challenges being faced by certain evergreen vehicles in the U.S." This positioning reflects the firm's diversified geographic presence and the structural demand for its alternative credit and infrastructure strategies among institutional investors navigating a selective market environment. The combination of scaled operations, diversified fundraising, and strong cash generation suggests ICG is well-positioned to sustain its competitive position in the alternative asset management landscape.
Fundraising activity exceeded internal expectations, with ICG closing $17 billion in new capital commitments during the fiscal year. The firm maintains a dry powder position of $36 billion, positioning it for continued deployment across its alternative strategies. Operating performance remained robust, with group operating cashflow reaching £861 million, demonstrating the cash generation capability of the business model.
Chief Executive Benoît Durteste emphasized a disciplined investment approach centered on liquidity and selectivity in a competitive alternative asset environment. He highlighted the firm's strategic relationship with Amundi and noted particular focus on cash realisations. The firm's fund closure record underscores investor confidence: Europe IX is expected to become ICG's first commingled fund to reach €10 billion, while Infrastructure II and Metropolitan II final closes contributed to six funds closing at or above target within the past 24 months.
Durteste stated that ICG is "experiencing clear demand from institutional allocators globally" and remains "unaffected by challenges being faced by certain evergreen vehicles in the U.S." This positioning reflects the firm's diversified geographic presence and the structural demand for its alternative credit and infrastructure strategies among institutional investors navigating a selective market environment. The combination of scaled operations, diversified fundraising, and strong cash generation suggests ICG is well-positioned to sustain its competitive position in the alternative asset management landscape.
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