Final results for the financial year ended 31 March 2025

Core Viewpoint - FY25 was a milestone year for ICG, achieving significant fundraising and growth in assets under management (AUM) while positioning itself for future growth in challenging market conditions [3][5][23]. Fundraising and AUM - ICG raised $24 billion from its global client base, including the world's largest GP-led secondaries fund and Europe's largest direct lending fundraising [4][35]. - AUM increased from $98.4 billion in FY24 to $112.4 billion in FY25, representing a 14% year-on-year growth [8][9]. - Fee-earning AUM rose from $69.7 billion to $75.1 billion, an 8% increase compared to FY24 [9][10]. Financial Performance - Management fees reached £604 million, up 19% from FY24, while performance fee income increased to £86 million [9][10][54]. - Fund Management Company profit before tax was £461 million, a 23% increase year-on-year [9][10][60]. - Group profit before tax decreased to £532 million, down 11% from the previous year [9][10]. Business Activity - Deployment and realisations were notably higher than the average of the previous four years, with structured capital and secondaries driving deployment [26][11]. - Total deployment for FY25 was $17.5 billion, with realisations amounting to $8.9 billion [11][26]. Strategic Positioning - ICG has established leading positions in structured capital, secondaries, and debt, with a real assets platform poised for growth [5][24]. - The company is focused on maintaining strong investment performance and exploring product innovations to enhance client offerings [31][28]. Medium-Term Guidance - ICG reiterated its medium-term financial guidance, aiming for fundraising of at least $55 billion between April 2024 and March 2028 [12][40]. - The effective management fee rate on fee-earning AUM was 0.97%, reflecting a slight increase from the previous year [55].