ICG PLC Reports 18% Profit Jump as AUM Hits $145 Billion
ICG PLC reported an 18% year-over-year increase in profit for the six months ending September 30, 2026, reaching £198.6 million (H1 FY26: £168.0 million). This gain was fueled by a 9% increase in fee-earning Assets Under Management (AUM) to $90 billion, and a significant rise in management fees, which grew 12% to £373.7 million.
Total AUM now stands at $145 billion, bolstered by $7.6 billion in fundraising over the period and $4.7 billion in net additions to fee-earning AUM. The company maintains $37 billion in ‘dry powder’ – capital available for new investments – of which $18 billion is not yet generating fees. This positions ICG to capitalize on future investment opportunities, though the continued reliance on deploying this capital remains a key factor in sustaining growth. The increase in AUM was achieved despite the company updating its AUM methodology to include unrealised gains and losses on deployed assets, adding $16 billion to the reported figure.
While performance fee income decreased substantially year-over-year—from £97.6 million to £23.6 million—this decline is largely attributable to a one-off transition impact of £72 million in the prior period. The company’s effective management fee rate on fee-earning AUM increased to 99 basis points, up from 96 basis points in the same period last year, demonstrating pricing power and a shift towards higher-return strategies. This improvement in efficiency is reflected in a FRE margin of 53.1%, up from 50.4% in the first half of FY26.
The company reaffirmed its progressive dividend policy and highlighted its strong financial position. The strong results come amid ongoing geopolitical and economic uncertainty, which the company acknowledges as a principal risk, though they have not materially changed the overall risk profile. ICG’s ability to navigate this environment and continue to attract capital will be crucial for maintaining its growth trajectory, but the current figures demonstrate a resilient business model and effective capital deployment strategy.