ICG Plc (LSE:ICG) jumped more than 8% on Tuesday after the alternative asset manager released first-half fiscal 2026 results that comfortably beat analyst expectations and unveiled a new 10-year global distribution agreement with Amundi.
For the six months to September 30, 2025, the Fund Management Company division delivered pre-tax profit of £325 million — 23% above the consensus forecast of £263 million. The business reported an operating margin of 67.1%, well ahead of expectations of 60.7%. Fundraising totalled $9 billion, significantly surpassing the estimated $5.4 billion, with strong inflows from Europe IX and Infrastructure II, though slightly below the $10 billion raised in the prior-year period.
By strategy, structured capital and secondaries accounted for $4 billion, real assets brought in $3.3 billion and debt strategies added $1.7 billion. Europe IX attracted $2.8 billion in commitments, including $1.3 billion secured in Q2, while Infrastructure II closed at €3.1 billion. The firm also confirmed plans to launch LP Secondaries II later this fiscal year.
Fee-earning AUM reached $83.8 billion, beating the consensus estimate of $81.7 billion and rising from $73 billion a year earlier. Total AUM increased to $124 billion. Management fees advanced 16% year over year to £334 million, 7% above expectations, supported by £38 million in catch-up fees and a 98-basis-point fee margin. Performance fees surged to £98 million, outstripping the forecast £84 million and more than tripling last year’s £32 million, helped by the initial recognition of Mid-Market I, Europe VIII and Strategic Equity IV under the revised fee framework introduced in October.
Operating expenses for the Fund Management Company came in at £159 million — 6% below consensus and unchanged from last year — while divisional revenue reached £484 million, beating expectations of £433 million.
In the Investment Company division, net investment return totalled £72 million, below the forecast £115 million but still higher than last year’s £48 million. The balance sheet investment portfolio was valued at £2.8 billion, slightly below the £3 billion reported in H1 FY25. Returns were positive in structured capital (9%) and real assets (5%), but debt declined 9% and seed investments were down 3%. Pre-tax profit for the segment was £27 million, compared with a consensus expectation of £39 million.
At the group level, pre-tax profit rose to £352 million, ahead of the £299 million forecast and up sharply from £198 million a year earlier. Fully diluted EPS reached 103 pence, easily surpassing the expected 84 pence and improving from 58 pence last year. The interim dividend was declared at 28 pence, matching estimates and up from 26 pence. Net asset value per share rose to 900 pence, ahead of the 890-pence forecast and up from 788 pence.
ICG also announced a major strategic development: a 10-year partnership under which Amundi will serve as the exclusive global distributor for selected ICG products within the wealth channel. As part of the arrangement, Amundi will acquire a 9.9% economic stake through a structured transaction. ICG said it plans to counteract dilution via a share buyback by the first half of 2027.
The group reaffirmed its medium-term targets, including at least $55 billion of fundraising across fiscal 2025–2028, Fund Management Company margins above 54%, performance fees contributing 10–20% of overall fee income and low double-digit returns from balance sheet investments.
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