From GlobeNewswire: 2024-05-28 02:00:00

ICG reported AUM of $98bn, up 23% from last year, with fee-earning AUM of $70bn, a 11% increase. The LP Secondaries fund reached its hard cap at $1.0bn. Management fees increased by 5% to £505m and performance fees by 276% to £73.7m. Fund Management profit before tax rose by 21% to £375m.

The CEO highlighted ICG’s solid 30-year track record and strategic focus on client service. The company secured $1.5bn in client commitments for new funds in FY24. ICG’s diverse product offerings have led to growth in management fee income and financial profits for 10 consecutive years. Revised medium-term guidance includes a fundraising target of at least $55bn in the next four years.

Financially, ICG saw strong growth in AUM, fee-earning AUM, management fee income, performance fee income, and NAV per share. AUM grew at a CAGR of 20% over the last five years, with profit before tax rising by 132% to £597.8m. The dividend per share increased by 2% to 79.0p. Fundraising, deployment, and realizations were strong in all asset classes.

ICG’s medium-term financial guidance includes a fundraising target of at least $55bn by 2028. Performance fees are expected to represent 10-15% of total fee income, with returns in the balance sheet investment portfolio targeting low double digits %. The company remains committed to being a net zero asset manager by 2040.

Note: The financial results discussed use Alternative Performance Measures (APM). More details can be found on the company’s website. Forward-looking statements should be approached with caution due to inherent uncertainties. The company’s profit before tax on an APM basis was £597.8m, representing growth over the previous period. Total shareholder return since IPO stands at 85.8x, outperforming the FTSE 100 and S&P 500.



Read more at GlobeNewswire:: Final Results for the financial year ended 31 March