ICG Revenue Falls to £532.1 Million as Fee-Related Earnings Rise

ICG plc’s revenue and diluted earnings per share fell in the six months ended Sept. 30, 2026, while fee-related earnings and management fees rose, showing diverging trends across the alternative asset manager’s interim results.

ICG's six-month revenue totaled £532.1 million through Sept. 30, down from a re-presented £574.5 million in the year-earlier period. Diluted earnings per share were 81.2 pence, down from 101.9 pence, while basic earnings per share were 82.3 pence, compared with 103.7 pence.

Profit for the period was £235 million, down from £297.4 million a year earlier. Fee-related earnings, a separate performance measure, increased 18% to £199 million from £168 million. Management fees rose 12% to £374 million from £334 million.

Net debt stood at £93 million at Sept. 30, versus £113 million at March 31. The company set a medium-term target of zero net debt. “Zero net financial debt is the medium-term target we are managing to,” Chief Financial Officer David Bicarregui said in a results presentation.

The company approved an interim dividend of 29 pence per share, up from 27.7 pence a year earlier. At Sept. 30, ICG had $145 billion in assets under management, including $90 billion in fee-earning assets under management. The six-month fundraising total was $7.6 billion.