Final results for the financial year ended 31 March 2025
| Delivering a milestone year for ICG | ||
Highlights
Note: unless otherwise stated the financial results discussed herein are on the basis of Alternative Performance Measures (APM) - see page 3. 1 On a constant currency basis. 2 +8% excluding catch-up fees. 3 Sum of NIR and CLO dividend received. |
| Benoît Durteste | ||||
| CEO and CIO | ||||
| “ | FY25 was a milestone year for ICG during which we made significant progress in delivering on our ambition to offer our clients and shareholders breadth at scale. We raised $24bn from our global client base. Fundraising highlights for the year include closing the world’s largest fund dedicated to GP-led secondaries (Strategic Equity V) and Europe's largest direct lending fundraising (SDP V), as well as having our largest ever vintage-to-vintage upsize (Europe Mid-Market II, 3x larger than the prior vintage). We have therefore secured this fundraising cycle and have anchored management fees and dry powder, materially underpinning our near-term financial performance. Today we have leading positions in structured capital, secondaries and debt, and have a real assets platform that is positioned for growth. Longer-term, ICG has clearly emerged as one of the few global alternative asset managers who are seeing their competitive position strengthened by today’s challenging market conditions. Strategically our track record, product offering, culture and people drive our relevance to clients and our ability to originate differentiated investment opportunities. Financially we are generating substantial earnings. These qualities position us well to deliver further long-term value for our clients and shareholders." | |||
PERFORMANCE OVERVIEW
Unless stated otherwise, the financial results discussed herein are on the basis of alternative performance measures (APM), which the Board believes assists shareholders in assessing the financial performance of the Group. See page 3 for further information.
AUM and fee-earning AUM
The presentation of our AUM has evolved compared to FY24. We are now showing three verticals (Structured Capital and Secondaries, Real Assets, and Debt) and within that, five asset classes (Structured Capital, Private Equity Secondaries, Real Assets, Private Debt, and Credit). The composition of Structured Capital and Secondaries is the same as what was previously called Structured and Private Equity; Real Assets remains unchanged; and Debt combines what was previously called Private Debt and Credit.
| Year ended 31 March 2024 | Year ended 31 March 2025 | Year-on-year growth1 | Last five years CAGR1,2 | |
| AUM | $98.4bn | $112.4bn | 14% | 18% |
| Fee-earning AUM | $69.7bn | $75.1bn | 8% | 14% |
| Structured Capital | Private Equity Secondaries | Structured Capital and Secondaries | Real Assets | Private Debt | Credit | Debt | |
| AUM | $28.4bn | $23.1bn | $51.5bn | $12.9bn | $29.7bn | $17.9bn | $47.6bn |
| Fee-earning AUM | $19.6bn | $16.5bn | $36.1bn | $7.7bn | $13.5bn | $17.8bn | $31.3bn |
| AUM not yet earning fees | $2.3bn | $1.6bn | $3.9bn | $1.2bn | $14.7bn | $0.3bn | $15.0bn |
Note: AUM reported includes $0.4bn of seed investments that are not allocated to asset classes within this table. The bridge between Fee-earning AUM and AUM can be seen on page 6.
Financial performance
| Year ended 31 March 2024 | Year ended 31 March 2025 | Year-on-year growth1 | Last five years CAGR1,2,4 | |
| Management fee income | £505.4m | £603.8m | 19% | 19% |
| Performance fee income | £73.7m | £86.2m | 17% | 30% |
| Total Balance Sheet Return3 | £426.3m | £240.8m | (44) % | 14% |
| Fund Management Company profit before tax | £374.5m | £461.4m | 23% | 20% |
| Group profit before tax | £597.8m | £532.2m | (11) % | 37% |
| Dividend per share | 79.0p | 83.0p | 5% | 10% |
| NAV per share | 790p | 859p | 9% | 14% |
1 AUM on constant currency basis; 2 AUM and per share calculations based on 31 March 2020 to 31 March 2025. Dividend includes FY25 declared dividend; 3 Sum of NIR and CLO dividend received, see page 12. 4 Five year average for Net Investment Return and Total Balance Sheet Return.
Business activity
| Year ended 31 March 2025 | Fundraising | Deployment1 | Realisations1,2 |
| Structured Capital and Secondaries | $13.2bn | $11.6bn | $2.3bn |
| Real Assets | $2.3bn | $2.4bn | $1.4bn |
| Debt3 | $8.2bn | $3.5bn | $5.2bn |
| Total | $23.7bn | $17.5bn | $8.9bn |
1 Direct investment funds; 2 Realisations of fee-earning AUM; 3 Includes Deployment and Realisations for Private Debt only.
| Medium-term financial guidance reiterated | |||||
| Fundraising | FMC Operating margin | Investment performance | |||
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COMPANY PRESENTATION
A presentation for shareholders, debtholders and analysts will be held at 09:00 BST today: join via the link on our website. Alternatively, you can dial in using the following numbers and ask to be connected to the ICG meeting:
- All callers: +44 333 300 1418
- United Kingdom (Toll-Free): 0808 143 3720
A recording and transcript of the presentation will be available on demand from the same location in the coming days.
COMPANY TIMETABLE
| Ex-dividend date | 12 June 2025 |
| Record date | 13 June 2025 |
| Last date to elect for dividend reinvestment | 11 July 2025 |
| AGM and Q1 trading statement | 16 July 2025 |
| Payment of ordinary dividend | 1 August 2025 |
| Half year results announcement | 13 November 2025 |
ENQUIRIES
| Shareholders & Debtholders / Analysts: | |
| Chris Hunt, Head of Corporate Development & Shareholder Relations, ICG | +44(0)20 3545 2020 |
| Media: | |
| Fiona Laffan, Global Head of Corporate Affairs, ICG | +44(0)20 3545 1510 |
This results statement may contain forward looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of this report and should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward looking information.
ABOUT ICG
ICG (LSE: ICG) is a global alternative asset manager with $112bn* in AUM and more than three decades of experience generating attractive returns. We operate from over 20 locations globally and invest our clients’ capital across Structured Capital; Private Equity Secondaries; Private Debt; Credit; and Real Assets.
Our exceptional people originate differentiated opportunities, invest responsibly, and deliver long-term value. We partner with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with our expertise and flexible capital. For more information visit our website and follow us on LinkedIn.
*As at 31 March 2025.
USE OF ALTERNATIVE PERFORMANCE MEASURES
The Board and management monitor the financial performance of the Group on the basis of Alternative Performance Measures (APM), which are non-UK-adopted IAS measures. The APM form the basis of the financial results discussed in this review, which the Board believes assist shareholders in assessing their investment and the delivery of the Group’s strategy through its financial performance.
The substantive difference between APM and UK-adopted IAS is the consolidation of funds, including seeded strategies, and related entities deemed to be controlled by the Group, which are included in the UK-adopted IAS consolidated financial statements at fair value but excluded for the APM in which the Group’s economic exposure to the assets is reported.
Under IFRS 10, the Group is deemed to control (and therefore consolidate) entities where it can make significant decisions that can substantially affect the variable returns of investors. This has the impact of including the assets and liabilities of these entities in the consolidated statement of financial position and recognising the related income and expenses of these entities in the consolidated income statement.
The Group’s profit before tax on a UK-adopted IAS basis was in-line with prior period at £530.5m (FY24: £530.8m). On the APM basis it was below the prior period at £532.2m (FY24: £597.8m).
CHIEF EXECUTIVE OFFICER’S REVIEW
ICG has accomplished a lot in the twelve months covered in this report. FY25 was a milestone year for us, both in terms of the results achieved and in securing visibility on future growth. We are delivering on our ambition of having breadth at scale, which is underpinned by our belief that clients are concentrating their resources on GPs with whom they can deploy significant amounts of capital into a range of private markets strategies, with top-tier investment performance. Managers such as ICG who are able to meet those demands are clearly benefiting and are seeing an increasing proportion of client business.
As I reflect on the year, a number of highlights stand out:
- We attracted $24bn of client capital;
- We launched our first US evergreen strategy (Core Private Equity) and our first Asian Infrastructure fund;
- We opened offices in three new locations; and
- We made a number of important hires across our platform, in particular into our Client Solutions Group and key investment strategies.
Our waterfront of products today enables our clients to access a number of attractive, large and growing private markets asset classes. We have organically built leading positions in structured capital, secondaries and debt, and have a real assets platform that is positioned for growth. This is reflected in our AUM, with Structured Capital and Secondaries accounting for ~46% , Real Assets for ~12% and Debt strategies account for ~42%.
We are proud of the platform that this has created:
- Our flagship strategies (European Corporate, Strategic Equity and Senior Debt Partners) have leading positions in their markets
- Our scaling strategies (Mid-Market, Infrastructure, Real Assets, LP Secondaries and North America Credit Partners) are successfully attracting capital from clients and originating attractive investment opportunities
As a result, in a challenging market environment we are raising more capital from more clients into more strategies. This is visible in our fundraising for FY25, where we attracted 122 new institutional clients and raised 35% of the capital from the Americas. We had a number of final closes during the year including:
- SDP V ($17bn1 fund size, $4.9bn raised in FY25): the largest ever direct lending fund in Europe2
- SE V ($11bn1 fund size, $5.8bn raised in FY25): the world’s largest GP-led secondaries fund focused on single asset continuation vehicles
- Europe Mid-Market II (€3bn1 fund size, €1.3bn raised in FY25): ICG’s largest ever vintage-to-vintage upsize, 3x larger than Europe Mid-Market I
- NACP III ($1.9bn1 fund size, $0.3bn raised in FY25): 50% increase in client capital compared to predecessor fund
From a shareholder perspective, this breadth at scale results in increasingly large and diverse management fees, and significant operating leverage. Management fees have grown at an annualised rate of 19% in the last five years, and were £604m in FY25. Over the same time period, our group operating expenses grew at an annualised rate of 12%.
Transaction levels in the buyout market remained subdued in the year. Against that backdrop, we saw deployment and realisations notably higher than our average over the prior four years. In part this is a reflection of our size, and in part due to the nature of our investment strategies. Structured Capital and Secondaries drove deployment3, accounting for $11.6bn out the total $17.5bn, while Real Assets enjoyed its largest ever year of deployment at $2.4bn. Realisations3 were driven by Private Debt, which accounted for $5.2bn of the total $8.9bn. Competitive leveraged loan markets over the last 12 months along with subdued buyout levels have impacted the private debt landscape. We view this as a natural ebb-and-flow of the credit cycle, and it follows a very attractive period for direct lending in recent years.
Looking ahead, FY26 has started with notably higher levels of volatility and uncertainty. In the face of this we can remain measured and thoughtful, but never complacent, as we reflect on our positioning as a firm. Our fundraising over the last twelve months has anchored our management fees and dry powder for this fundraising cycle; FY26 and potentially FY27 were always going to be low points in our fundraising cycle irrespective of the market environment.
The current geopolitical environment may result in a meaningful long-term shift in economic policy and capital flows. In the short-term, transaction activity is likely to remain relatively low by historical standards, although debt strategies, structured capital and secondaries may be relative bright spots. We will remain very disciplined in our investment process, and are in the fortunate position that none of our strategies are under pressure to deploy capital.
Taking a longer perspective, the range of possible outcomes is wide and I believe the best-positioned private markets managers are those who prioritise investment performance, have strong origination capabilities, and have a range of strategies across asset classes and geographies.
We are proud of our European heritage and of our global presence. We manage capital on behalf of clients from Asia, America and Europe, and today approximately 25% of our capital is deployed in North America and 70% in Europe. Our global footprint combined with our focus on services-centric businesses and our breadth of differentiated investment strategies combine to make ICG an attractive proposition for clients seeking exposure to private markets and for portfolio companies seeking private capital.
I therefore see significant opportunity to grow all our investment strategies in the coming years while maintaining strong investment performance. We are also actively exploring product innovations and other strategic opportunities to enhance our client offering and to generate attractive returns for our shareholders.
Periods of volatility during our 36-year history have always served to prove our ability to raise, invest and deploy capital successfully. In future years, when we look back on today’s environment, I am confident we will be able to say that ICG emerged with its reputation enhanced, its client franchise strengthened, and its competitive positioning reinforced.
Thank you for your continued support,
Benoît Durteste
1 Refers to the total programme, including co-mingled fund, other associated vehicles such as SMAs and annex sidecar vehicles, and the GP and ICG plc commitments.
2 At time of closing.
3 See page 2.
FINANCIAL REVIEW
AUM and FY26 fundraising
Refer to the Datapack for further detail on AUM (including fundraising, realisations and deployment).
At 31 March 2025, AUM stood at $112bn and fee-earning AUM at $75bn. The bridge between AUM and fee-earning AUM is as follows:
| $m | Structured Capital and Secondaries | Real Assets | Debt | Seed investments | Total |
| Fee-earning AUM | 36,086 | 7,711 | 31,330 | — | 75,127 |
| AUM not yet earning fees | 3,882 | 1,222 | 14,970 | — | 20,074 |
| Fee-exempt AUM | 9,073 | 3,487 | 1,314 | — | 13,874 |
| Balance sheet investment portfolio1 | 2,458 | 502 | (57) | 379 | 3,282 |
| AUM | 51,499 | 12,922 | 47,557 | 379 | 112,357 |
AUM is presented across three asset classes (previously four) with no change in measurement.
1 Includes elimination of CLO equity $630m (£488m) held by ICG already included within fee-earning AUM.
At 31 March 2025 we had $32bn of AUM available to deploy in new investments ("dry powder"), of which $20bn was not yet earning fees.
AUM of $112bn
| AUM ($m) | Structured Capital and Secondaries | Real Assets | Debt | Seed investments | Total |
| At 1 April 2024 | 40,872 | 10,815 | 46,246 | 499 | 98,432 |
| Fundraising | 13,247 | 2,256 | 8,149 | — | 23,652 |
| Other additions | 939 | 1,088 | 349 | — | 2,376 |
| Realisations | (2,836) | (831) | (6,715) | — | (10,382) |
| Market and other movements | (899) | (401) | (456) | — | (1,756) |
| Balance sheet movement | 176 | (5) | (16) | (120) | 35 |
| At 31 March 2025 | 51,499 | 12,922 | 47,557 | 379 | 112,357 |
| Change $m | 10,627 | 2,107 | 1,311 | (120) | 13,925 |
| Change % | 26% | 19% | 3% | n/m | 14% |
| Change % (constant exchange rate) | 26% | 18% | 3% | n/m | 14% |
Fee-earning AUM of $75bn
| Fee-earning AUM ($m) | Structured Capital and Secondaries | Real Assets | Debt | Total |
| At 1 April 2024 | 28,334 | 7,733 | 33,591 | 69,658 |
| Funds raised: fees on committed capital | 9,868 | 1,336 | — | 11,204 |
| Deployment of funds: fees on invested capital | 2,114 | 581 | 6,432 | 9,127 |
| Total additions | 11,982 | 1,917 | 6,432 | 20,331 |
| Realisations | (2,276) | (1,407) | (8,540) | (12,223) |
| Net additions / (realisations) | 9,706 | 510 | (2,108) | 8,108 |
| Stepdowns | (1,795) | (218) | — | (2,013) |
| FX and other | (159) | (314) | (153) | (626) |
| At 31 March 2025 | 36,086 | 7,711 | 31,330 | 75,127 |
| Change $m | 7,752 | (22) | (2,261) | 5,469 |
| Change % | 27% | —% | (7) % | 8% |
| Change % (constant exchange rate) | 27% | (2%) | (7) % | 8% |
See page 17 for FX exposure of fee-earning AUM, fee income, FMC expenses and Balance sheet investment portfolio.
FY26 fundraising
At 31 March 2025, closed-end funds and associated SMAs that were actively fundraising included Europe IX; European Infrastructure II; and various other strategies. We expect to hold the final close for European Infrastructure II by June 2025. We anticipate launching LP Secondaries II during FY26. The timings of launches and closes depend on a number of factors, including the prevailing market conditions.
Group financial performance
| £m unless stated | Year ended 31 March 2024 | Year ended 31 March 2025 | Change % |
| Management fees | 505.4 | 603.8 | 19% |
| of which catch-up fees | 4.6 | 61.8 | n/m |
| Performance fees | 73.7 | 86.2 | 17% |
| Third-party fee income | 579.1 | 690.0 | 19% |
| Other Fund Management Company income | 72.9 | 76.0 | 4% |
| Fund Management Company revenue | 652.0 | 766.0 | 17% |
| Fund Management Company operating expenses | (277.5) | (304.6) | 10% |
| Fund Management Company profit before tax | 374.5 | 461.4 | 23% |
| Fund Management Company operating margin | 57.4% | 60.2% | 3% |
| Net investment return | 379.3 | 192.5 | (49) % |
| Other Investment Company Income | (31.3) | (14.6) | (53) % |
| Investment Company operating expenses | (100.4) | (86.7) | (14) % |
| Interest income | 21.5 | 19.2 | (11) % |
| Interest expense | (45.8) | (39.6) | (14) % |
| Investment Company profit before tax | 223.3 | 70.8 | (68) % |
| Group profit before tax | 597.8 | 532.2 | (11) % |
| Tax | (78.5) | (79.8) | 2% |
| Group profit after tax | 519.3 | 452.4 | (13) % |
| Earnings per share | 181.5p | 157.5p | (13) % |
| Dividend per share | 79.0p | 83.0p | 5% |
| Group operating cash flow | 359.0 | 518.0 | 44% |
| Total available liquidity | £1.1bn | £1.1bn | (2) % |
| Balance sheet investment portfolio | £3.1bn | £3.0bn | (1) % |
| Total Balance Sheet Return | £426.3m | £240.8m | (44) % |
| Net gearing | 0.38x | 0.25x | (0.13)x |
| Net asset value per share1 | 790p | 859p | 9% |
1 The number of shares used to calculate NAV per share has been adjusted to include shares held in the EBT, to reflect how the Group uses the EBT to neutralise the impact of share-based payments (a different basis to Group earnings per share). See page 15 for details. Prior period NAV per share figures have been adjusted to reflect this methodology.
Structured Capital and Secondaries
Overview
| Seeding strategies | Scaling strategies | Flagship strategies |
| Life Sciences | European Mid-Market Asia Pacific Corporate LP Secondaries Core Private Equity | European Corporate Strategic Equity |
| Year ended 31 March 2024 | Year ended 31 March 2025 | Year-on-year growth1 | Last five years CAGR1,2,5 | |
| AUM | $40.9bn | $51.5bn | 26% | 29% |
| Structured Capital | $22.7bn | $28.4bn | 25% | 22% |
| Private Equity Secondaries | $18.2bn | $23.1bn | 27% | 43% |
| Fee-earning AUM | $28.3bn | $36.1bn | 27% | 24% |
| Structured Capital | $16.2bn | $19.6bn | 20% | 17% |
| Private Equity Secondaries | $12.1bn | $16.5bn | 36% | 36% |
| Fundraising | $5.4bn | $13.2bn | n/m | |
| Deployment | $1.7bn | $11.6bn | n/m | |
| Realisations3 | $0.8bn | $2.3bn | n/m | |
| Effective management fee rate | 1.24% | 1.25% | +1bps | |
| Management fees | £284m | £366m | 29% | 22% |
| Performance fees | £53m | £84m | 59% | 28% |
| Balance sheet investment portfolio | £1.8bn | £1.9bn | ||
| Total Balance Sheet Return4 | £232.5m | £151.8m | 16% |
1 AUM on constant currency basis.
2 AUM calculation based on 31 March 2020 to 31 March 2025.
3. Realisations of Fee-earning AUM.
4. NIR, including CLO dividends for Debt.
5. Five year average for Total Balance Sheet Return.
Note: Growth calculations are performed using whole numbers for all metrics to ensure an accurate representation of the movements.
Performance of key funds
Refer to the Datapack issued with this announcement for further detail on fund performance
| Vintage | Total fund size1 | Status | % deployed | Gross MOIC | Gross IRR | DPI | |
| Structured Capital | |||||||
| Europe VI | 2015 | €3.0bn | Realising | 2.2x | 23% | 191% | |
| Europe VII | 2018 | €4.5bn | Realising | 2.0x | 18% | 67% | |
| Europe VIII | 2021 | €8.1bn | Realising | 1.3x | 16% | 11% | |
| Europe IX | Fundraising | ||||||
| Europe Mid-Market I | 2019 | €1.0bn | Realising | 1.7x | 25% | 47% | |
| Europe Mid-Market II | 2023 | €2.6bn | Investing | 35% | 1.1x | 25% | — |
| Asia Pacific III | 2014 | $0.7bn | Realising | 2.2x | 18% | 102% | |
| Asia Pacific IV | 2020 | $1.1bn | Investing | 76% | 1.3x | 13% | 1% |
| Private Equity Secondaries | |||||||
| Strategic Secondaries II | 2016 | $1.1bn | Realising | 3.0x | 46% | 200% | |
| Strategic Equity III | 2018 | $1.8bn | Realising | 2.7x | 34% | 76% | |
| Strategic Equity IV | 2021 | $4.3bn | Realising | 1.5x | 22% | 3% | |
| Strategic Equity V | 2023 | $7.7bn | Investing | 39% | 2.9x | >100% | — |
| LP Secondaries I | 2022 | $0.8bn | Investing | 91% | 2.3x | 60% | 31% |
1 Refers to commingled fund size
Key drivers
| Business activity | Fundraising: European Corporate ($6.0bn), Strategic Equity ($5.8bn), Mid Market II ($1.4bn) Deployment: Mostly driven by European Corporate ($6.4bn) and Strategic Equity ($3.7bn) Realisations: European Corporate ($1.4bn), Strategic Equity ($0.7bn) |
| Fee income | Management fees: Increase largely driven by strong fundraising in Strategic Equity and Mid-Market. Catch-up fees of £49m (FY24: £3.7m), driven by Strategic Equity and Mid-Market Performance fees: Additional revenue accrued for Europe VII as it moved closer to its hurdle date |
| Balance sheet investment portfolio | Return largely driven by European Corporate |
| Fund performance | Year-on-year growth across key funds |
Real Assets
Overview
| Seeding strategies | Scaling strategies | Flagship strategies |
| - | European Infrastructure Asia-Pacific Infrastructure Real Estate Equity Europe Real Estate Debt | - |
| Year ended 31 March 2024 | Year ended 31 March 2025 | Year-on-year growth1 | Last five years CAGR1, 2, 5 | |
| AUM | $10.8bn | $12.9bn | 18% | 18% |
| Fee-earning AUM | $7.7bn | $7.7bn | (2) % | 14% |
| Fundraising | $1.0bn | $2.3bn | n/m | |
| Deployment | $2.2bn | $2.4bn | 9% | |
| Realisations3 | $0.9bn | $1.4bn | 56% | |
| Effective management fee rate | 0.94% | 0.97% | +3bps | |
| Management fees | £56m | £77m | 36% | 25% |
| Performance fees | — | — | ||
| Balance sheet investment portfolio | £0.4bn | £0.4bn | ||
| Total Balance Sheet Return4 | £44.2m | £30.0m | 8% |
1 AUM on constant currency basis.
2 AUM calculation based on 31 March 2020 to 31 March 2025.
3. Realisations of Fee-earning AUM.
4. NIR, including CLO dividends for Debt.
5. Five year average for Total Balance Sheet Return.
Note: Growth calculations are performed using whole numbers for all metrics to ensure an accurate representation of the movements.
Performance of key funds
Refer to the Datapack issued with this announcement for further detail on fund performance
| Vintage | Total fund size1 | Status | % deployed | Gross MOIC | Gross IRR | DPI | |
| Real Estate Partnership Capital IV | 2015 | £1.0bn | Realising | 1.1x | 4% | 98% | |
| Real Estate Partnership Capital V | 2018 | £0.9bn | Realising | 1.2x | 7% | 50% | |
| Real Estate Partnership Capital VI | 2021 | £0.6bn | Investing | 83% | 1.2x | 10% | 10% |
| Real Estate Debt Fund VII | Fundraising | ||||||
| European Infra I | 2020 | €1.5bn | Realising | 1.5x | 21% | 57% | |
| European Infra II | Fundraising | ||||||
| Infrastructure Asia | Fundraising | ||||||
| Metropolitan II | Fundraising | ||||||
| Strategic Real Estate I | 2019 | €1.2bn | Realising | 1.2x | 7% | 6% | |
| Strategic Real Estate II | 2022 | €0.7bn | Investing | 70% | 1.1x | 9% | — |
1 Refers to commingled fund size.
Key drivers
| Business activity | Fundraising: Real Estate equity and debt strategies ($0.7bn) and Infrastructure Europe ($1.4bn) Deployment: Real Estate equity and debt strategies ($1.9bn), Infrastructure Europe ($0.5bn) Realisations: Real Estate equity and debt strategies ($1.1bn), Infrastructure Europe ($0.3bn) |
| Fee income | Management fees: Increase largely driven by strong fundraising in European Infrastructure including catch-up fees of £9m (FY24: £0m) Performance fees: No performance fees due to early stage of key carry-eligible funds |
| Balance sheet investment portfolio | Return mainly driven by Infrastructure Equity, positive NIR in Real Estate Equity as well while Real Estate Debt is flat YoY |
| Fund performance | European Infrastructure saw strong value creation in the year, other strategies broadly flat |
Debt
Overview
| Seeding strategies | Scaling strategies | Flagship strategies |
| - | North American Credit Partners ("NACP") Australian Loans Liquid Credit | Senior Debt Partners ("SDP") CLOs |
| Year ended 31 March 2024 | Year ended 31 March 2025 | Year-on-year growth1 | Last five years CAGR1,2,5 | |
| AUM | $46.2bn | $47.6bn | 3% | 10% |
| Private Debt | $28.3bn | $29.7bn | 5% | 17% |
| Credit | $17.9bn | $17.9bn | (1) % | 3% |
| Fee-earning AUM | $33.6bn | $31.3bn | (7) % | 7% |
| Private Debt | $15.9bn | $13.5bn | (15) % | 11% |
| Credit | $17.7bn | $17.8bn | —% | 5% |
| Fundraising | $6.6bn | $8.2bn | 23% | |
| Deployment | $3.8bn | $3.5bn | (8) % | |
| Realisations3 | $4.3bn | $8.5bn | n/m | |
| Effective management fee rate | 0.65% | 0.64% | (1)bps | |
| Management fees | £165m | £161m | (3) % | 12% |
| Performance fees | £21m | £2m | n/m | 28% |
| Balance sheet investment portfolio | £0.4bn | £0.4bn | ||
| Total Balance Sheet Return4 | £57.9m | £27.7m | 9% |
1 AUM on constant currency basis.
2 AUM calculation based on 31 March 2020 to 31 March 2025.
3. Realisations of Fee-earning AUM.
4. NIR, including CLO dividends for Debt.
5. Five year average for Total Balance Sheet Return.
Note: Growth calculations are performed using whole numbers for all metrics to ensure an accurate representation of the movements.
Performance of key funds
Refer to the Datapack issued with this announcement for further detail on fund performance
| Vintage | Total fund size1 | Status | % deployed | Gross MOIC | Gross IRR | DPI | |
| Private Debt | |||||||
| Senior Debt Partners II | 2015 | €1.5bn | Realising | 1.3x | 8% | 100% | |
| Senior Debt Partners III | 2017 | €2.6bn | Realising | 1.2x | 6% | 66% | |
| Senior Debt Partners IV | 2020 | €5.0bn | Realising | 1.2x | 11% | 44% | |
| Senior Debt Partners V | 2022 | €7.3bn | Investing | 49% | 1.1x | 17% | 5% |
| North American Private Debt I | 2014 | $0.8bn | Realising | 1.5x | 16% | 136% | |
| North American Private Debt II | 2019 | $1.4bn | Realising | 1.4x | 12% | 73% | |
| North America Credit Partners III | 2023 | $1.9bn | Investing | 30% | 1.1x | 19% | — |
1 Refers to commingled fund size.
Key drivers
| Business activity | Fundraising: SDP ($4.9bn) and NACP ($0.3bn); CLOs ($1.8bn) and Liquid Credit ($1.0bn) Deployment: SDP ($2.7bn) and NACP ($0.4bn) Realisations: SDP($4.7bn) and NACP ($0.3bn); CLOs ($2.8bn) and Liquid Credit ($ 0.5bn) Net realisations of $2.1bn within Debt drove a reduction in FEAUM for the asset class |
| Fee income | Management fees: Lower than prior year owing to a reduction in FEAUM due to net realisation activity in SDP Performance fees: FY24 benefited from performance fees in Alternative Credit (£13m), which are earned every three years |
| Balance sheet investment portfolio | Includes the impact of the Group moving to a third-party valuer for its CLO equity during Q3, bringing the approach in line with wider market practice. Net effect of the assumptions applied by the third-party valuer increased the value of the CLO equity held on the balance sheet by £20m compared to the assumptions applied by the Company at 31 March 20241 |
| Fund performance | Year-on-year growth across key funds |
1 Further details of assumptions applied and sensitivities of the CLO equity valuation to these assumptions can be found in note 5 (IFRS) and in the Datapack (APM).
Fund Management Company
The Fund Management Company (FMC) is the Group’s principal driver of long-term profit growth. It manages our third-party AUM, which it invests on behalf of the Group’s clients.
Management fees
Management fees for the period totalled £603.8m (FY24: £505.4m), a year-on-year increase of 19% (8% excluding the impact of catch-up fees of £61.8m in FY25 and £4.6m in FY24). On a constant currency basis management fees increased 22% year-on-year.
The effective management fee rate on our fee-earning AUM at the period end was 0.97% (FY24: 0.92%).
Performance fees
Performance fees recognised for the year totalled £86.2m (FY24: £73.7m). The year-on-year increase was largely due to additional revenue accrued for Europe VII as it moved closer to its hurdle date. During the period the Group received realised performance fees of £60.3m and at 31 March 2025 had accrued performance fees receivable on its balance sheet of £108.4m (31 March 2024: £83.7m):
| £m | |
| Accrued performance fees at 31 March 2024 | 83.7 |
| Accruals during period | 86.2 |
| Received during period | (60.3) |
| FX and other movements | (1.2) |
| Accrued performance fees at 31 March 2025 | 108.4 |
Other income
Other income comprises dividend receipts of £48.3m (FY24: £47.0m) from investments on the balance sheet in CLO equity; an intercompany fee of £24.6m for managing the IC balance sheet investment portfolio (FY24: £25.0m); and other income of £2.8m (FY24: £0.9m).
Operating expenses and margin
FMC operating expenses totalled £304.6m, an increase of 10% compared to FY24 (£277.5m)
| £m | Year ended 31 March 2024 | Year ended 31 March 2025 | Change % |
| Salaries | 101.0 | 109.2 | 8% |
| Incentive scheme costs | 113.3 | 128.8 | 14% |
| Administrative costs | 56.8 | 58.5 | 3% |
| Depreciation and amortisation | 6.4 | 8.1 | 27% |
| FMC operating expenses | 277.5 | 304.6 | 10% |
| FMC operating margin | 57.4% | 60.2% | 2.8% |
Within FMC operating expenses (incentive scheme costs), an expense of £43.0m was recorded for stock-based compensation (FY24: £41.0m).
The FMC recorded a profit before tax of £461.4m (FY24: £374.5m), a year-on-year increase of 23% and an increase of 28% on a constant currency basis.
Investment Company
The Investment Company (IC) invests the Group’s balance sheet to seed new strategies, and invests alongside the Group’s scaling and established strategies to align interests between our shareholders, clients and employees. It also supports a number of costs, including teams that have not yet had a first close on a first third-party fund, certain central functions, a part of the Executive Directors’ compensation, and the portion of the investment teams’ compensation linked to the returns of the balance sheet investment portfolio (Deal Vintage Bonus, or DVB).
Balance sheet investment portfolio
The balance sheet investment portfolio was valued at £3.0bn at 31 March 2025 (31 March 2024: £3.1bn). During the period, it generated net realisations and interest income of £172m (FY24: £139m), being net realisations of £69m (FY24: £88m) and cash interest receipts of £103m (FY24: £51m).
We made seed investments totalling £166m.
| £m | As at 31 March 2024 | New investments | Realisations | Gains/ (losses) in valuation | FX & other | As at 31 March 2025 |
| Structured Capital and Secondaries | 1,807 | 373 | (390) | 152 | (36) | 1,906 |
| Real Assets | 402 | 79 | (118) | 30 | (6) | 387 |
| Debt1 | 467 | 97 | (90) | (20) | (11) | 443 |
| Seed Investments | 394 | 166 | (289) | 31 | (10) | 292 |
| Total Balance Sheet Investment Portfolio | 3,070 | 715 | (887) | 193 | (63) | 3,028 |
1. Of which £228m is in CLO equity.
Net Investment Returns
For the five years to 31 March 2025, Net Investment Returns (NIR) have been in line with our medium-term guidance, averaging 12%. For the twelve months to 31 March 2025, NIR were 6% (FY24: 13%).
NIR of £192.5m were comprised of interest of £140.6m from interest-bearing investments (FY24: £124.9m) and capital gains of £51.9m (FY24: £252.4m). NIR were split between asset classes as follows:
| Year ended 31 March 2024 | Year ended 31 March 2025 | |||
| NIR (£m) | Annualised NIR (%) | NIR (£m) | Annualised NIR (%) | |
| Structured Capital and Secondaries | 232.5 | 13% | 151.8 | 8% |
| Real Assets | 44.2 | 9% | 30.0 | 8% |
| Debt | 10.9 | 2% | (20.5) | (5) % |
| Seed Investments | 91.7 | 25% | 31.2 | 9% |
| Total net investment returns | 379.3 | 13% | 192.5 | 6% |
Total balance sheet return including CLO dividends (which are recognised in the FMC), was £240.8m (FY24: £426.3).
For further discussion on balance sheet investment performance by asset class, refer to pages 8 to 10 of this announcement.
In addition to the NIR, the other adjustments to IC revenue were as follows:
| £m | Year ended 31 March 2024 | Year ended 31 March 2025 | Change |
| Changes in fair value of derivatives1 | (7.3) | 8.3 | n/m |
| Inter-segmental fee | (25.0) | (24.6) | (2) % |
| Other | 1.0 | 1.7 | 70% |
| Other IC revenue | (31.3) | (14.6) | (53) % |
- See page 17 for FX exposure of fee-earning AUM, fee income, FMC expenses and Balance sheet investment portfolio.
As a result, the IC recorded total revenues of £177.9m (FY24: £348m).
Investment Company expenses
Operating expenses in the IC of £86.7m decreased by 14% compared to FY24 (£100.4m), with increases in salaries and administrative costs being more than offset by a decrease in incentive scheme costs:
| £m | Year ended 31 March 2024 | Year ended 31 March 2025 | Change % |
| Salaries | 21.4 | 30.0 | 40% |
| Incentive scheme costs | 58.6 | 29.5 | (50) % |
| Administrative costs | 18.1 | 26.8 | 48% |
| Depreciation and amortisation | 2.3 | 0.4 | (83) % |
| IC operating expenses | 100.4 | 86.7 | (14) % |
Incentive scheme costs included DVB accrual of £9.4m (FY24: £35.1m). The reduction compared to FY24 was predominantly due to a change in the anticipated timing of when DVB is likely to be realised, which led the DVB accrual in H1 FY25 of £0.2m (H2 FY25: £9.2m).
The directly-attributable costs within the IC for teams that have not had a first close of a third-party fund during the period were £13.9m (FY24: £21.1m). During the period no costs have been transferred to the FMC.
Interest expense was £39.6m (FY24: £45.8m) and interest earned on cash balances was £19.2m (FY24: £21.5m).
The IC recorded a profit before tax of £70.8m (FY24: £223.3m).
Group
Operating expenses
The Group's operating expenses in aggregate were £391.3m, compared to FY24 these increased by 4%. For more detailed commentary on the changes in the operating expenses, see pages 11 and 13 of this announcement.
| £m | Year ended 31 March 2024 | Year ended 31 March 2025 | Change % |
| Salaries | 122.4 | 139.2 | 14% |
| Incentive scheme costs | 171.9 | 158.3 | (8) % |
| Administrative costs | 74.9 | 85.3 | 14% |
| Depreciation and amortisation | 8.7 | 8.5 | (2) % |
| Group operating expenses | 377.9 | 391.3 | 4% |
Within the Group operating expenses (incentive scheme costs), an expense of £52.3m was recorded for stock-based compensation (FY24: £53.6m).
Tax
The Group recognised a tax charge of £(79.8)m (FY24: £(78.5)m), resulting in an effective tax rate for the period of 14.9% (FY24: 13.2%).
As detailed in note 13, the Group has a structurally lower effective tax rate than the statutory UK rate. This is largely driven by the Investment Company, where certain forms of income benefit from tax exemptions. The effective tax rate will vary depending on the income mix.
Dividend and share count
ICG has a progressive dividend policy. Over the long term the Board intends to increase the dividend per share by at least mid-single digit percentage points on an annualised basis.
The Board has proposed a final dividend of 56.7p per share which, combined with the interim dividend of 26.3p per share, results in total dividends for the year of 83.0p (FY24: 79.0p). This marks the 15th consecutive year of increases in our ordinary dividend per share, which over the last five years has grown at an annualised rate of 10%. We continue to make the dividend reinvestment plan available.
At 31 March 2025 the Group had 290,636,892 shares outstanding (31 March 2024: 290,631,993). During the year the Group recognised £52.3m in stock-based compensation. The Group has a policy of neutralising the dilutive impact of stock-based compensation through the purchase of shares by an Employee Benefit Trust ('EBT').
Balance sheet and cash flow
Our growing earnings and cash generation are resulting in an increasingly valuable asset base, which we use to enhance our client offering and shareholder value while maintaining an appropriately capitalised balance sheet. We do this through:
- investing alongside clients in our existing strategies to align interests;
- making investments to grow the strategies and products we offer our clients; and
- returning appropriate capital to our shareholders.
During the year we made gross investments of £549m alongside existing strategies and £166m in seed investments, and maintained our progressive dividend policy. See page 12 for more information on the performance of our balance sheet investment portfolio during the period and page 14 for information on our dividend.
To support this use of our balance sheet, we maintain a robust capitalisation and a strong liquidity position:
| £m | 31 March 2024 | 31 March 2025 |
| Balance sheet investment portfolio | 3,070 | 3,028 |
| Cash and cash equivalents | 627 | 605 |
| Other assets | 476 | 447 |
| Total assets | 4,173 | 4,080 |
| Financial debt | (1,448) | (1,177) |
| Other liabilities | (430) | (407) |
| Total liabilities | (1,878) | (1,584) |
| Net asset value | 2,295 | 2,496 |
| Net asset value per share1 | 790p | 859p |
1 The number of shares used to calculate NAV per share include shares held in the EBT (a different basis to Group earnings per share), The Group uses the EBT to purchase and hold shares to offset the impact of share-based payments. Prior period NAV per share figures have been adjusted to reflect this methodology.
Liquidity and net debt
For FY25 we are reporting operating cashflow of £518m (FY24: £359m). This increase is due both to higher cashflow from fee income and higher cash generation from our balance sheet.
At 31 March 2025 the Group had total available liquidity of £1,098m (FY24: £1,124m), net financial debt of £629m (FY24: £874m) and net gearing of 0.25x (FY24: 0.38x).
During the period, available cash decreased by £26m from £574m to £548m, including the repayment of £241m of borrowings that matured.
The table below sets out movements in cash:
| £m | FY24 | FY25 |
| Opening cash | 550 | 627 |
| Operating activities | ||
| Fee and other operating income | 492 | 656 |
| Net cash flows from investment activities and investment income1 | 180 | 253 |
| Expenses and working capital | (272) | (323) |
| Tax paid | (41) | (68) |
| Group cash flows from operating activities - APM2,3 | 359 | 518 |
| Financing activities | ||
| Interest paid | (49) | (41) |
| Interest received on cash balances | 29 | 20 |
| Purchase of shares by EBT | — | (43) |
| Dividends paid | (223) | (229) |
| Net repayment of borrowings | (51) | (241) |
| Group cash flows from financing activities - APM2 | (294) | (534) |
| Other cash flow4 | 14 | 4 |
| FX and other movement | (2) | (10) |
| Closing cash | 627 | 605 |
| Regulatory liquidity requirement | (53) | (57) |
| Available cash | 574 | 548 |
| Available undrawn RCF | 550 | 550 |
| Cash and undrawn debt facilities (total available liquidity) | 1,124 | 1,098 |
1The aggregate cash (used)/received from balance sheet investment portfolio (additions), realisations, and cash proceeds received from assets within the balance sheet investment portfolio.
2 Interest paid, which is classified as an Operating cash flow under UK-adopted IAS, is reported within Group cash flows from financing activities - APM.
3 Per note 30 of the Financial Statements, Operating cash flows under UK-adopted IAS of £136.1m (FY24: £255.9m) include consolidated credit funds. This difference to the APM measure is driven by cash consumption within consolidated credit funds as a result of their investing activities during the period.
4 Cash flows in respect of purchase of intangible assets, purchase of property, plant and equipment and net cash flow from derivative financial instruments.
At 31 March 2025, the Group had drawn debt of £1,177m (FY24: £1,448m). The change is due to the repayment of certain facilities as they matured, along with changes in FX rates impacting the translation value:
| £m | |
| Drawn debt at 31 March 2024 | 1,448 |
| Debt (repayment) / issuance | (241) |
| Impact of foreign exchange rates | (30) |
| Drawn debt at 31 March 2025 | 1,177 |
Net financial debt therefore reduced by £245m to £629m (FY24: £874m):
| £m | 31 March 2024 | 31 March 2025 |
| Drawn debt | 1,448 | 1,177 |
| Available cash | 574 | 548 |
| Net financial debt | 874 | 629 |
During the period, S&P upgraded ICG plc to BBB+. At 31 March 2025 the Group had credit ratings of BBB (positive outlook) and BBB+ (stable outlook) from Fitch and S&P, respectively.
The Group’s debt is provided through a range of facilities. All facilities except the RCF are fixed-rate instruments. The weighted-average pre-tax cost of drawn debt at 31 March 2025 was 2.84% (FY24: 3.07%). The weighted-average life of drawn debt at 31 March 2025 was 2.9 years (FY24: 3.3 years). The maturity profile of our term debt is set out below:
| £m | FY26 | FY27 | FY28 | FY29 | FY30 |
| Term debt maturing | 176 | 486 | — | 97 | 419 |
During FY25, the Group entered into a new Revolving Credit Facility (RCF), replacing the previous facility. The RCF, which matures in October 2027, remains at £550m and has more favourable economic terms compared to the previous facility. For further details of our debt facilities see Other Information (page 82).
Net gearing
The movements in the Group’s balance sheet investment portfolio, cash balance, debt facilities and shareholder equity resulted in net gearing decreasing to 0.25x at 31 March 2025 (FY24: 0.38x).
| £m | 31 March 2024 | 31 March 2025 | Change % |
| Net financial debt (A) | 874 | 629 | (28) % |
| Net asset value (B) | 2,295 | 2,496 | 9% |
| Net gearing (A/B) | 0.38x | 0.25x | (0.13)x |
Board evolution
Sonia Baxendale joined the Board as a Non Executive Director in January 2025 and will join the Audit Committee and Risk Committee. The Board has also announced that Robin Lawther has been appointed as a Non-Executive Director of the Company, joining on 1 November 2025.
Name change
Intermediate Capital Group plc will seek shareholder approval at its 2025 Annual General Meeting to change its name to “ICG plc”. The change is to reflect our brand and how we are known in the market.
A subsequent announcement will be made when the Company's name change becomes effective, which is expected to be shortly after the Annual General Meeting.
Foreign exchange rates
The following foreign exchange rates have been used throughout this review:
| Average rate for FY24 | Average rate for FY25 | Year ended 31 March 2024 | Year ended 31 March 2025 | |
| GBP:EUR | 1.1609 | 1.1919 | 1.1697 | 1.1944 |
| GBP:USD | 1.2572 | 1.2773 | 1.2623 | 1.2918 |
| EUR:USD | 1.0829 | 1.0751 | 1.0792 | 1.0815 |
The table below sets out the currency exposure for certain reported items:
| USD | EUR | GBP | Other | |
| Fee-earning AUM | 35% | 55% | 9% | 1% |
| Fee income | 34% | 58% | 7% | 1% |
| FMC expenses | 18% | 14% | 59% | 9% |
| Balance sheet investment portfolio | 29% | 49% | 14% | 8% |
The table below sets out the indicative impact on our reported management fees, FMC PBT and NAV per share had sterling been 5% weaker or stronger against the euro and the dollar in the period (excluding the impact of any hedges):
| Impact on FY25 management fees1 | Impact on FY25 FMC PBT1 | NAV per share at 31 March 20252 | |
| Sterling 5% weaker against euro and dollar | +£29.0m | +£30.9m | +14p |
| Sterling 5% stronger against euro and dollar | -£(26.3)m | -£(28.0)m | -(13)p |
1Impact assessed by sensitising the average FY25 FX rates.
2NAV / NAV per share reflects the total indicative impact as a result of a change in FMC PBT and net currency assets.
Where noted, this review presents changes in AUM, fee income and FMC PBT on a constant currency exchange rate basis. For the purposes of these calculations, prior period numbers have been translated from their underlying fund currencies to the reporting currencies at the respective FY25 period end exchange rates. This has then been compared to the FY25 numbers to arrive at the change on a constant currency exchange rate basis.
The Group does not hedge its net currency income as a matter of course, although this is kept under review. The Group does hedge its net balance sheet currency exposure, with the intention of broadly insulating the NAV from FX movements. Changes in the fair value of the balance sheet hedges are reported within the IC.
MANAGING RISK
Our approach
The Board is accountable for the overall stewardship of the Group’s Risk Management Framework (RMF), internal control assurance, and for determining the nature and extent of the risks it is willing to take in achieving the Group’s strategic objectives. In doing so the Board sets a preference for risk within a strong control environment to generate a return for investors and shareholders and protect their interests.
The Risk Committee is provided with management information regularly and monitors performance against set thresholds and limits. The Board also promotes a strong risk management culture by encouraging acceptable behaviours, decisions, and attitudes toward taking and managing risk throughout the Group.
Managing risk
Risk management is embedded across the Group through the RMF, to ensure current and emerging risks are identified, assessed, monitored, controlled, and appropriately governed based on a common risk taxonomy and methodology. The Group’s RMF operates under the principles of the ‘three lines of defence’ model. The RMF is designed to protect the interests of stakeholders and meet our responsibilities as a UK-listed company, and the parent company of a number of regulated entities.
The Board’s oversight of risk management is proactive, ongoing and integrated into the Group’s governance processes. The Board receives regular reports on the Group’s risk management and internal control systems. These reports set out any significant risks facing the Group.
The evaluation of risk events and corrective actions assists the Board in its assessment of the Group’s risk profile. The Board also meets regularly with the internal and external auditors to discuss their findings and recommendations, which enables it to gain insight into areas that may require improvement. The Board reviews the RMF regularly, and it forms the basis on which the Board reaches its conclusions on the effectiveness of the Group’s system of internal controls.
Taking controlled risk opens up opportunities to innovate and further enhance our business, for example new investment strategies or new approaches to managing our client relationships. Therefore, the Group maintains a risk culture that provides entrepreneurial leadership within a framework of prudent and effective controls to enable effective risk management.
Risk appetite
Risk appetite is defined as the level of risk which the Group is prepared to accept in the conduct of our activities. The risk appetite strategy is implemented through the Group’s operational policies and procedures and internal controls and supported by limits to control exposures and activities that have material risk implications. The current risk profile is within our risk appetite and tolerance range.
Principal and emerging risks
The Group’s principal risks are individual risks, or a combination of risks, materialisation of which could result in events or circumstances that might threaten our business model, future performance, solvency, or liquidity and reputation. Reputational risk is not in itself a principal risk; however, it is an important consideration and is actively managed and mitigated as part of the wider RMF. Similarly, sustainability risk is not defined as a principal risk but is considered across the Group’s activities as an embedded value. The Group has determined that the most significant impact from climate change relates to the underlying portfolio investments. Climate-related risk for both the Group’s own operations and ICG’s fund management activity are addressed in greater detail in note 1 of the financial statements (see page 33).
The Group uses a principal and emerging risks process to provide a forward-looking view of the potential risks that can threaten the execution of the Group’s strategy or operations over the medium to long term.
The Group’s RMF identifies nine principal risks which are accompanied by associated responsibilities and expectations around risk management and control. Each of the principal risks is overseen by an accountable Executive Director, who is responsible for the framework, policies and standards that detail the related requirements.
Emerging risks are identified through regular interactions with stakeholders throughout the business, attendance at industry events, review of external publications, and horizon scanning performed by the relevant functions, including Group Risk and Compliance. Emerging risks are continuously monitored to ensure that they are appropriately managed and mitigated by the Group.
Directors’ Confirmation
The Directors confirm that they have reviewed the effectiveness of the Group’s risk management and internal control system and confirm that no significant failings or weaknesses have been identified. This is supported by an annual Material Controls assessment and Fraud Risk Assessment, facilitated by the Group Risk Function, which provides the Directors with a detailed assessment of related internal controls.
The Directors confirm that they have undertaken a robust assessment of the principal and emerging risks facing the business, in line with the requirements of the UK Corporate Governance Code.
External environment risk
Risk appetite: High
Executive Director Responsible: Benoît Durteste
Risk Description
Geopolitical, macroeconomic concerns, and global events (e.g. pandemics, natural disasters) beyond our control may impact our profitability, operating environment and our fund portfolio companies. These events can lead to financial market volatility, affecting fundraising, investment performance, exit opportunities, and the ability to deploy capital.
Key Controls and Mitigation
Our business model is primarily based on long-term illiquid funds, providing stability during market downturns. Additionally, given the nature of closed-end funds, they are not subject to redemptions.
A range of complementary approaches are used to inform strategic planning and risk mitigation, including active management of the Group’s fund portfolios, profitability and balance sheet scenario planning and stress testing to ensure resilience across a range of outcomes.
The Board, the Risk Committee and the Risk function monitor emerging risks, trends, and changes in the likelihood of impact. This assessment informs the universe of principal risks faced by the Group.
Trend and Outlook
The investing environment remains uncertain and potentially volatile, with geopolitical shifts, high interest rates, and weak economic growth.
As noted in the Finance review on page 6, we have substantial dry powder across a range of strategies, stable management fee income, are not under pressure to deploy or realise, and can capitalise on opportunities that emerge across our asset classes.
We monitor the macroeconomic and geopolitical landscape, but do not anticipate increased risk to our operations, strategy, performance, or client demand.
Fundraising risk
Risk appetite: Medium
Executive Director Responsible: Benoît Durteste
Risk Description
The Group's long-term growth and profitability rely on successfully raising third-party funds. Failure to attract new investors, grow existing investments, and launch new strategies could impact future management fee income and restrict expansion into new markets and asset classes, limiting economies of scale. This risk has significant strategic and financial implications, including reduced profitability, loss of market share, and challenges in attracting and retaining top talent.
Key Controls and Mitigation
The Group’s Client Solutions Group function is dedicated to continually growing and diversifying our client base and supporting the Group’s fundraising efforts. The diverse product offerings provide a range of solutions to match client requirements.
Monitoring of possible new fund structures and client bases is conducted on a regular basis to assess new opportunities.
Trend and Outlook
Despite a challenging fundraising environment, we have continued to exceed our fundraising targets. The Group’s track record and reputation remain strong with sustained momentum across the investment platform, for both flagship and scaling strategies. We saw final closes for Senior Debt Partners V, Strategic Equity V and Europe Mid-Market II, as well as North American Capital Partners III.
Our diverse product offering and client base, coupled with continued strong performance and strategic hires to support the growth of our Client Solutions Group, positions ICG for successful fundraising to continue scaling AUM.
Fund performance risk
Risk appetite: Medium
Executive Director Responsible: Benoît Durteste
Risk Description
Current and potential clients continually assess our investment fund performance. There is a risk that our funds may not deliver consistent performance and erode our track record. Poor fund performance may hinder our ability to raise subsequent vintages or new strategies, impacting competitiveness, profitability and growth plans.
Key Controls and Mitigation
A robust and disciplined investment process is in place where investments are selected and regularly monitored by the Investment Committees for fund performance, delivery of investment objectives, and asset performance.
All proposed investments are subject to a thorough due diligence and approval process during which all key aspects of the transaction are discussed and assessed. Regular monitoring of investment and divestment pipelines is undertaken on an ongoing basis.
Monitoring of all portfolio investments is undertaken on a quarterly basis focusing on the operating performance and liquidity of the portfolio.
Material sustainability and climate-related risks are assessed for each potential investment opportunity and presented to, and considered by, the Investment Committees of all investment strategies.
Trend and Outlook
Amidst a rapidly changing global economy, we have effectively managed our clients’ assets. Our focus on downside protection has resulted in attractive performance, particularly in our debt strategies.
During this period, fund valuations have remained stable, supported by the strong performance of our portfolio companies and income from interest-bearing investments. Our disciplined approach to realisations has helped maintain the performance of key vintages, despite the market's reduced transaction activity.
While the market environment is challenging, the outlook remains positive. We have a powerful local sourcing network and a diversified product offering of successful investment strategies that enable us to navigate dynamic market conditions, which helps to mitigate this risk.
Market and liquidity risk
Risk appetite: Medium
Executive Director Responsible: David Bicarregui
Risk Description
The Group is exposed to market and liquidity risks. Adverse market conditions could negatively impact the carrying value of the Group's investments, resulting in financial losses and constraining the Group's ability to launch new funds or meet co-investment obligations. This risk stems from the Group's strategy of co-investing alongside clients in its funds, seeding assets in preparation for fund launches, and holding investments in Collateralised Loan Obligations to meet regulatory requirements.
Liquidity risk refers to the possibility that the Group may not have sufficient financial resources to meet its obligations, including debt maturities and co-investment commitments, as they fall due.
Key Controls and Mitigation
Debt funding for the Group is obtained from diversified sources and the repayment profile is managed to minimise material repayment events. The profile of the debt facilities available to the Group is reviewed frequently by the Treasury Committee.
Market and liquidity exposures are reported monthly and reviewed by the Group’s Treasury Committee. Liquidity projections and stress tests are prepared to assess the Group’s future liquidity as well as compliance with the regulatory capital requirements.
Investment Company commitments are reviewed and approved by the CEO and the CFO on a case-by-case basis assessing the risks and return on capital.
Valuation of the balance sheet investment portfolio is reviewed quarterly by the Group Valuation Committee, which includes assessing the assumptions used in valuations of underlying investments.
Trend and Outlook
Global markets remain susceptible to volatility from a number of macroeconomic factors, specifically related to global interest rates, and geopolitical factors. We continue to implement measures to mitigate the impact of market volatility and interest rate fluctuations in line with Group policy, and respond to the prevailing market environment where appropriate.
Our balance sheet remains strong and well capitalised, with net gearing of 0.25x, and with £1,098bn of available liquidity as of 31 March 2025. In addition, the Group has significant headroom to its debt covenants. All of the Group’s drawn debt is fixed rate, with the only floating rate debt being the Group’s committed £550m revolving credit facility, which was undrawn as of 31 March 2025. This facility is only intended to provide short-term working capital for the Group.
The Group’s liquidity, gearing and headroom are detailed in the Finance Review on page 15.
Key Personnel Risk
Risk appetite: Low
Executive Director Responsible: Antje Hensel-Roth
Risk Description
The Group depends upon the experience, skill and reputation of our senior executives and investment professionals, and their continued service is vital to our success. Breaching the governing agreements of our funds in relation to ‘Key Person’ provisions could disrupt investment activities or hinder our ability to raise new funds, if not resolved promptly.
As such, the departure of key personnel may have a significant adverse impact on our long-term prospects, revenues, profitability, and cash flows. It could also impede our ability to maintain or grow assets under management in existing funds and hinder our ability to raise new funds.
Key Controls and Mitigation
We employ an active and comprehensive approach to attract, retain, and develop talent. This includes a well-defined recruitment process, succession planning, competitive long-term compensation and incentives, and advancement opportunities through performance appraisals and dedicated development programmes.
Regular reviews of resourcing and key person exposures are undertaken as part of business line reviews and the fund and portfolio company review processes.
We maintain a focus on our organisational culture, implementing initiatives to promote appropriate behaviours that lead to optimal long-term outcomes for our employees, clients, and shareholders.
The Remuneration Committee oversees the Directors’ Remuneration Policy and its application to senior employees, and reviews and approves incentive arrangements to ensure they are appropriate and in line with market practice.
Trend and Outlook
Attracting, developing and retaining key personnel remains a significant priority for the Group. We continue to invest in emerging and high potential talent through focused and individual tailored development plans. After a successful pilot, we are launching a firm-wide mentoring programme during FY26 to foster connections across our business and support innovation. Additionally, having developed and piloted a new Manager-focused programme in FY25, we are now deploying the programme globally to inspire team vision, drive performance, ensure effective communication, and promote career development.
We remain committed to strategic and considered hiring and have welcomed senior professionals to the firm across client-facing, investment and operational roles. Notably, we onboarded a new Global Head of Client Solutions Group, who will continue to build upon our strong relationships with our sophisticated clients and our markets. Additionally, as part of our ongoing investment in our platform, Warsaw and India remain key strategic growth locations.
Legal, Regulatory and Tax Risk
Risk appetite: Low
Executive Director Responsible: David Bicarregui
Risk Description
Regulations establish the framework for the marketing distribution and investment management of our strategies, along with supporting our business operations. Non-compliance with professional conduct rules and legal requirements could result in censure, penalties, or legal action.
Additionally, the increase in demand for tax-related transparency means that tax rules are continuing to evolve. This raises a complex mix of tax implications for the Group, in particular for transfer pricing, permanent establishment and fund structuring processes. The tax authorities could challenge the Group’s interpretation of tax rules, resulting in additional tax liabilities.
Changes in the legal, regulatory, and tax framework can disrupt the markets we operate in and impact our business operations. This may result in increased costs, reduced competitiveness, lower future revenues and profitability, or require the Group to hold more regulatory capital.
Key Controls and Mitigation
The Compliance and Legal functions are responsible for understanding and meeting regulatory and legal requirements on behalf of the Group. They provide guidance to, and oversight of, the business in relation to regulatory and legal obligations.
Compliance conducts routine monitoring and in-depth assessments to evaluate adherence to relevant regulations and legislation.
The Tax function has close involvement with significant Group transactions, fund structuring and business activities, both to proactively plan the most tax efficient strategy and to manage the impact of business transactions on previously taken tax positions.
Trend and Outlook
ICG operates within a continually evolving and complex global regulatory environment. Against this backdrop the Group consistently adapts to meet its regulatory obligations. Throughout FY25, ICG has focused on internal initiatives, including further establishing the EU branch structure and development of the global regulatory footprint, to maintain a stable regulatory risk profile.
Legal risk continues to be impacted by the regulatory focus on the sector, which may lead to an evolution of the existing applicable legal framework for the business. It also remains the case that the Group is subject to litigation risk, which may increase as the Group’s business expands and becomes more complex.
The Pillar One and Two Model rules apply to the Group from 1 April 2024. The Group’s trading activities within FMC are subject to tax at the relevant statutory rates in the jurisdictions in which income is earned. As expected, Pillar One did not apply to the Group for FY25 and we do not anticipate it will apply for the foreseeable future. The implementation of Pillar Two was closely modelled by the Group and we do not expect material impact for FY25 or beyond, but we continue to monitor closely.
The Group remains responsive to increasing scrutiny around private markets and continues to invest in its Compliance, Legal, and Tax teams to ensure appropriate and relevant coverage.
External reporting risk
Risk appetite: Low
Executive Director Responsible: David Bicarregui
Risk Description
External reporting risk refers to the potential adverse consequences arising from inaccurate, incomplete, or untimely reporting of the Group’s financial and non-financial information to external stakeholders, including investors, regulators, and the public.
This risk encompasses the possibility of misstatements, omissions, or misleading disclosures in the Group’s financial statements, regulatory filings, and other communications. Ineffective management of external reporting risk can lead to reputational damage, loss of investor confidence, regulatory scrutiny, and potential legal liabilities.
Key Controls and Mitigation
The Group’s financial reporting practices are aligned to external reporting and industry standards.
Financial reporting controls are in place and are subject to rigorous internal reviews.
Developments in accounting standards are continually monitored to ensure the impact of new or changed standards are properly assessed.
Sustainability disclosures are benchmarked against relevant standards from the Sustainability Accounting Standards Board and the Global Reporting Initiative.
Trend and Outlook
ICG continues to rigorously review changes to regulatory and legislative requirements and client expectations in respect to external reporting, to ensure the Group meets stakeholder expectations and provides confidence to investors.
Sustainability has seen particular focus from regulators, with the EU Sustainable Finance Framework and the UK Sustainable Disclosure Requirements both increasing the rigour of ICG’s reporting requirements related to sustainability-related information.
Updates to the UK Corporate Governance Code have enhanced ICG’s reporting requirements in relation to our internal controls framework. The Group has conducted an assessment of the updated Code to ensure continued compliance with reporting standards.
The Group remains alert to developments in reporting requirements and standards, across an increasingly complex global business, and continues to ensure appropriate resource are in place to keep up with stakeholder expectations.
Information technology and security risk
Risk appetite: Medium
Executive Director Responsible: David Bicarregui
Risk Description
The Group relies on information technology systems to conduct its operations and serve its clients. A failure to maintain a secure, reliable, and resilient IT environment could expose the Group to unauthorised access, breaches of data confidentiality, and disruptions to system availability. Cyberattacks, system failures, or other technology-related incidents could compromise sensitive information, hinder the Group's ability to make investment decisions, disrupt operations, and damage the Group's reputation.
Key Controls and Mitigation
Operational resilience, in particular cyber security, is a key focus of the Group’s Board and Leadership agenda, and the adequacy of the Group’s response is reviewed on an ongoing basis.
Business Continuity and Disaster Recovery plans are reviewed and approved on at least an annual basis by designated plan owners, and preparedness exercises are complemented by an automated Business Continuity Planning tool.
The Group’s technology environment is continually maintained and subject to regular testing, such as penetration testing, vulnerability scans and patch management. Technology processes and controls are also upgraded where appropriate to ensure ongoing technology performance and resilience.
An externally managed security operations centre supplies the Group with skilled security experts and technology to proactively detect and prevent potential threats and to recover from security incidents, including cyber attacks.
Trend and Outlook
To maintain pace with the ever-evolving threat landscape, the Group continues to invest in our platform and systems to support the increasing breadth and scale of our business and to position ICG for future growth.
As part of the Group’s commitment to cyber and information security, ICG certifies against the ISO27001 framework. Up-to-date and maintained cyber hygiene, vulnerability scanning, technical surveillance countermeasures alongside user education make up the core components of the Group’s cyber security with external threat intelligence used to inform investments in solutions to ensure our data is protected and secure.
ICG is responsive to technological enhancements, including the growing presence of Artificial Intelligence, to ensure that we are properly equipped to mitigate evolving cyber security risks, as well as positioning the Group to utilise new tools to support our continued growth.
Third Party Provider Risk
Risk appetite: Medium
Executive Director Responsible: David Bicarregui
Risk Description
The Group relies on third-party providers for certain functions as part of our business model, including managing service provider arrangements for our funds. The most significant relationships are with Third Party Administrators (TPAs).
There is a risk that TPAs may not fulfil their contractual obligations, which could impact our operations and hinder our ability to meet client and stakeholder expectations.
Additionally, failure of the Group to maintain sufficient knowledge, understanding and oversight of the controls and processes in place to proactively manage our TPAs could damage the quality and reliability of these TPA relationships.
Key Controls and Mitigation
The TPA oversight framework consists of policies, procedures, and tools to govern the oversight of key suppliers, including our approach to selection, contracting and on-boarding, management and monitoring, and termination and exit.
Ongoing monitoring of the services delivered by our TPAs is undertaken through regular oversight interactions where service levels are compared to the expected standards documented in service agreements and agreed-upon standards.
Trend and Outlook
The Group has continued to embed the TPA Governance and Oversight Framework, gathering consistent evidence of the ongoing performance of our TPAs. This has allowed the operational oversight teams to identify trends and themes that impact service levels and provides a guide to where additional oversight activities are required. The teams work in partnership with our TPAs to ensure consistent performance levels are maintained and issues are remediated on a timely basis.
The KPI reporting allows the Group to benchmark the performance of our TPAs against each other, thereby providing information to support a decision around potential rationalisation of the portfolio. The Group has assessed the potential for improved operational efficiency and streamlined investor experience in reaching a decision on the appropriate number of TPAs to utilise. As a result, the Group is currently undertaking a programme to reduce the number of key TPA relationships.
RESPONSIBILITY STATEMENT
The responsibility statement below has been prepared in connection with the Company's full annual report for the year ending 31 March 2025. Certain parts thereof are not included within this announcement.
We confirm to the best of our knowledge:
- the financial statements, prepared in accordance with UK-adopted international accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and
- the management report, which is incorporated into the directors' report, includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties they face.
This responsibility statement was approved by the Board of Directors on 20 May 2025 and is signed on its behalf by:
| Benoît Durteste | David Bicarregui | |
| CEO | CFO |
CONSOLIDATED INCOME STATEMENT
for the year ended 31 March 2025
| Year ended 31 March 2025 | Year ended 31 March 2024 | ||
| Notes | £m | £m | |
| Fee and other operating income | 3 | 676.0 | 554.8 |
| Finance income/(loss) | 5 | 10.2 | (10.5) |
| Net gains on investments | 9 | 284.7 | 405.3 |
| Total Revenue | 970.9 | 949.6 | |
| Other income | 8 | 19.5 | 21.6 |
| Finance costs | 10 | (43.7) | (49.5) |
| Administrative expenses | 11 | (416.2) | (390.5) |
| Share of results of joint ventures accounted for using the equity method | 28 | — | (0.4) |
| Profit before tax from continuing operations | 530.5 | 530.8 | |
| Tax charge | 13 | (79.3) | (62.4) |
| Profit after tax from continuing operations | 451.2 | 468.4 | |
| Profit after tax on discontinued operations | — | 6.0 | |
| Profit for the year | 451.2 | 474.4 | |
| Attributable to: | |||
| Equity holders of the parent | 451.2 | 473.4 | |
| Non-controlling interests | 0.0 | 1.0 | |
| 451.2 | 474.4 | ||
| Earnings per share attributable to ordinary equity holders of the parent | |||
| Basic (pence) | 15 | 157.1p | 165.5p |
| Diluted (pence) | 15 | 153.8p | 162.1p |
| Earnings per share for profit from continuing operations attributable to ordinary equity holders of the parent | |||
| Basic (pence) | 15 | 157.1p | 163.4p |
| Diluted (pence) | 15 | 153.8p | 160.1p |
The accompanying notes 1 to 32 are an integral part of these financial statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2025
| Year ended 31 March 2025 | Year ended 31 March 2024 | |
| Group | £m | £m |
| Profit after tax | 451.2 | 474.4 |
| Items that may be subsequently reclassified to profit or loss if specific conditions are met | ||
| Exchange differences on translation of foreign operations | (11.6) | (4.6) |
| Deferred tax on equity investments translation | 1.5 | (0.2) |
| Total comprehensive income for the year | 441.1 | 469.6 |
| Attributable to: | ||
| Equity holders of the parent | 441.1 | 468.6 |
| Non-controlling interests | 0.0 | 1.0 |
| 441.1 | 469.6 |
The accompanying notes 1 to 32 are an integral part of these financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 March 2025
| 31 March 2025 Group | 31 March 2024 Group | ||
| Notes | £m | £m | |
| Non-current assets | |||
| Intangible assets | 16 | 15.6 | 15.0 |
| Property, plant and equipment | 17 | 70.7 | 79.2 |
| Investment property | 18 | 122.3 | 82.7 |
| Trade and other receivables | 19 | 29.3 | 36.1 |
| Financial assets at fair value | 5 | 7,679.9 | 7,391.5 |
| Derivative financial assets | 5 | — | 4.9 |
| Deferred tax asset | 13 | 35.6 | 36.4 |
| 7,953.4 | 7,645.8 | ||
| Current assets | |||
| Trade and other receivables | 19 | 442.8 | 389.6 |
| Current tax debtor | 10.1 | 19.1 | |
| Financial assets at fair value | 5 | 49.8 | 73.2 |
| Derivative financial assets | 5 | 26.3 | 4.4 |
| Cash and cash equivalents | 6 | 860.2 | 990.0 |
| 1,389.2 | 1,476.3 | ||
| Total assets | 9,342.6 | 9,122.1 | |
| Non-current liabilities | |||
| Trade and other payables | 20 | 50.3 | 66.0 |
| Financial liabilities at fair value | 5, 7 | 4,858.2 | 4,602.3 |
| Financial liabilities at amortised cost | 7 | 1,074.0 | 1,197.0 |
| Other financial liabilities | 7 | 131.1 | 99.2 |
| Deferred tax liabilities | 13 | 6.7 | 22.4 |
| 6,120.3 | 5,986.9 | ||
| Current liabilities | |||
| Trade and other payables | 20 | 559.3 | 529.2 |
| Current tax creditor | 52.1 | 37.8 | |
| Financial liabilities at amortised cost | 7 | 101.9 | 250.4 |
| Other financial liabilities | 7 | 9.8 | 8.9 |
| Derivative financial liabilities | 5, 7 | 8.3 | 9.2 |
| 731.4 | 835.5 | ||
| Total liabilities | 6,851.7 | 6,822.4 | |
| Equity and reserves | |||
| Called up share capital | 22 | 77.3 | 77.3 |
| Share premium account | 22 | 181.3 | 181.3 |
| Other reserves | 29.4 | 55.8 | |
| Retained earnings | 2,203.0 | 1,987.5 | |
| Equity attributable to owners of the Company | 2,491.0 | 2,301.9 | |
| Non-controlling interest | (0.1) | (2.2) | |
| Total equity | 2,490.9 | 2,299.7 | |
| Total equity and liabilities | 9,342.6 | 9,122.1 |
The accompanying notes 1 to 32 are an integral part of these financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the year ended 31 March 2025
| 31 March 2025 Group | 31 March 2024 Group | ||
| £m | £m | ||
| Cash flows generated from operations | 204.5 | 297.1 | |
| Taxes paid | (68.4) | (41.2) | |
| Net cash flows from operating activities | 30 | 136.1 | 255.9 |
| Investing activities | |||
| Purchase of intangible assets | 16 | (5.9) | (6.3) |
| Purchase of property, plant and equipment | 17 | (0.7) | (3.2) |
| Net cash flow from derivative financial instruments | 22.4 | 31.5 | |
| Cash flow as a result of change in control of subsidiary | 260.3 | 49.5 | |
| Net cash flows from investing activities | 276.1 | 71.5 | |
| Financing activities | |||
| Purchase of own shares | 23 | (42.4) | — |
| Payment of principal portion of lease liabilities | 7 | (12.2) | (8.4) |
| Repayment of long-term borrowings | (241.1) | (50.7) | |
| Dividends paid to equity holders of the parent | 14 | (228.9) | (223.4) |
| Net cash flows used in financing activities | (524.6) | (282.5) | |
| Net (decrease)/increase in cash and cash equivalents | (112.4) | 44.9 | |
| Effects of exchange rate differences on cash and cash equivalents | (17.4) | (12.4) | |
| Cash and cash equivalents at 1 April | 6 | 990.0 | 957.5 |
| Cash and cash equivalents at 31 March | 6 | 860.2 | 990.0 |
The Group’s cash and cash equivalents include £255.4m (2024: £362.6m) of restricted cash held principally by structured entities controlled by the Group (see note 6).
The accompanying notes 1 to 32 are an integral part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2025
| Other reserves | ||||||||||
| Share capital (note 22) | Share premium (note 22) | Capital redemption reserve | Share-based payments reserve (note 24) | Own shares2 (note 23) | Foreign currency translation reserve1 | Retained earnings | Total | Non-controlling interests | Total equity | |
| Group | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m |
| Balance at 1 April 2024 | 77.3 | 181.3 | 5.0 | 90.7 | (79.2) | 39.3 | 1,987.5 | 2,301.9 | (2.2) | 2,299.7 |
| Profit after tax | — | — | — | — | — | — | 451.2 | 451.2 | 0.0 | 451.2 |
| Exchange differences on translation of foreign operations | — | — | — | — | — | (11.6) | — | (11.6) | — | (11.6) |
| Deferred tax on equity investments translation | — | — | — | — | — | 1.5 | — | 1.5 | — | 1.5 |
| Total comprehensive income/(expense) for the year | — | — | — | — | — | (10.1) | 451.2 | 441.1 | 0.0 | 441.1 |
| Adjustment of non-controlling interest on disposal of subsidiary | — | — | — | — | — | — | (2.1) | (2.1) | 2.1 | — |
| Issue of share capital | 0.0 | — | — | — | — | — | — | 0.0 | — | 0.0 |
| Own shares acquired in the year | — | — | — | — | (42.4) | — | — | (42.4) | — | (42.4) |
| Options/awards exercised 2 | — | 0.0 | — | (39.0) | 17.7 | — | (4.7) | (26.0) | — | (26.0) |
| Tax on options/awards exercised | — | — | — | 1.8 | — | — | — | 1.8 | — | 1.8 |
| Credit for equity settled share schemes | — | — | — | 45.6 | — | — | — | 45.6 | — | 45.6 |
| Dividends paid (note 14) | — | — | — | — | — | — | (228.9) | (228.9) | — | (228.9) |
| Balance at 31 March 2025 | 77.3 | 181.3 | 5.0 | 99.1 | (103.9) | 29.2 | 2,203.0 | 2,491.0 | (0.1) | 2,490.9 |
| Other reserves | ||||||||||
| Share capital (note 22) | Share premium (note 22) | Capital redemption reserve | Share-based payments reserve (note 24) | Own shares2 (note 23) | Foreign currency translation reserve1 | Retained earnings | Total | Non-controlling interests | Total equity | |
| Group | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m |
| Balance at 1 April 2023 | 77.3 | 180.9 | 5.0 | 73.3 | (103.4) | 44.1 | 1,742.6 | 2,019.8 | 25.4 | 2,045.2 |
| Profit after tax | — | — | — | — | — | — | 473.4 | 473.4 | 1.0 | 474.4 |
| Exchange differences on translation of foreign operations | — | — | — | — | — | (4.6) | — | (4.6) | — | (4.6) |
| Deferred tax on equity investments translation | — | — | — | — | — | (0.2) | — | (0.2) | — | (0.2) |
| Total comprehensive (expense) for the year | — | — | — | — | — | (4.8) | 473.4 | 468.6 | 1.0 | 469.6 |
| Adjustment of non-controlling interest on disposal of subsidiary | — | — | — | — | — | — | — | — | (28.6) | (28.6) |
| Issue of share capital | 0.0 | — | — | — | — | — | — | 0.0 | — | 0.0 |
| Options/awards exercised 2 | — | 0.4 | — | (33.7) | 24.2 | — | (5.1) | (14.2) | — | (14.2) |
| Tax on options/awards exercised | — | — | — | 7.2 | — | — | — | 7.2 | — | 7.2 |
| Credit for equity settled share schemes | — | — | — | 43.9 | — | — | — | 43.9 | — | 43.9 |
| Dividends paid (note 14) | — | — | — | — | — | — | (223.4) | (223.4) | — | (223.4) |
| Balance at 31 March 2024 | 77.3 | 181.3 | 5.0 | 90.7 | (79.2) | 39.3 | 1,987.5 | 2,301.9 | (2.2) | 2,299.7 |
- Other comprehensive income/(expense) reported in the foreign currency translation reserve represents foreign exchange gains and losses on the translation of subsidiaries reporting in currencies other than sterling.
- The movement in the Group Own shares reserve in respect of Options/awards exercised, represents the employee shares vesting net of personal taxes and social security. The associated personal taxes and social security liabilities are settled by the Group with the equivalent value of shares retained in the Own shares reserve.
The accompanying notes 1 to 32 are an integral part of these financial statements.
NOTES TO THE FINANCIAL STATEMENTS
1. General information and basis of preparation
General information
Intermediate Capital Group plc (the ‘Parent Company’, ‘Company’ or ‘ICG plc’) is a public company limited by shares, incorporated, domiciled and registered in England and Wales under the Companies Act, with the company registration number 02234775. The registered office is Procession House, 55 Ludgate Hill, New Bridge Street, London EC4M 7JW.
The consolidated financial statements for the year to 31 March 2025 comprise the financial statements of the Parent Company and its consolidated subsidiaries (collectively, the ‘Group’). The nature of the Group’s operations and its principal activities are detailed in the Strategic Report.
Basis of preparation
The consolidated financial statements of the Group and Company are prepared in accordance with UK-adopted international accounting standards (‘UK-adopted IAS’) and, as regards the Parent Company financial statements, as applied in accordance with the provisions of the Companies Act 2006. The Company has taken advantage of section 408 of the Companies Act 2006 not to present the Parent Company profit and loss account.
The financial statements have been prepared on a going concern basis.
In the application of the Group’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The judgements, estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Details of the critical judgements made, and key sources of estimation uncertainty, are included in note 1 and in the note to which the critical judgement or source of estimation uncertainty relates.
In preparing the financial statements, the Directors have considered the impact of potential climate-related risks on a number of key estimates within the financial statements, including:
- the valuation of financial assets; and
- the application of the Group’s revenue recognition policy, primarily the impact on the net asset value (‘NAV’) of funds on which performance-related fees are generated.
Overall, the Directors concluded that climate-related risks do not have a material impact on the financial reporting judgements and estimates in the current year. This reflects the conclusion that climate change is not expected to have a significant impact on the Group’s short-term cash flows including those considered in the going concern and viability assessments.
Basis of consolidation
The Group’s financial statements consolidate the results of Intermediate Capital Group plc and entities controlled by the Company for the period to 31 March each year. Control is achieved when the Company has power over the relevant activities of the investee, exposure to variable returns from the investee, and the ability to affect those returns through its power over the investee.
The assessment of control is based on all relevant facts and circumstances and the Group reassesses its conclusion if there is an indication that there are changes in facts and circumstances. Subsidiaries are included in the consolidated financial statements from the date that control commences, until the date that control ceases. See note 27 which lists the Group’s subsidiaries and controlled structured entities.
Each component of other comprehensive income and profit or loss is attributed to the owners of the Company.
Adjustments are made where required to the financial statements of subsidiaries for consistency with the accounting policies of the Group. All intra-group transactions, balances, unrealised income and expenses are eliminated on consolidation.
1. General information and basis of preparation continued
Key accounting judgements and estimates in the application of accounting policies
Key accounting judgements
In preparing the financial statements, two key accounting judgements have been made by the Directors in the application of the Group’s accounting policies which have the most significant effect on the amounts recognised in the consolidated financial statements:
- The Group’s assessment as to whether it controls certain investee entities, including third-party funds and carried interest partnerships, and is therefore required to consolidate the investee, as detailed above. The Group’s assessment of this critical judgement is discussed further in note 27.
- The application of the Group’s revenue recognition policy in respect of the performance fee component of management fees. Judgement is primarily applied in considering the timings of when expected performance conditions will be met and the appropriate constraint to be applied. The Group’s assessment of this key accounting judgement is discussed further in note 3.
Key sources of estimation uncertainty
The key sources of estimation uncertainty at the reporting date, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, results from the Group’s assessment of fair value of its financial assets and liabilities (discussed further in note 5 and note 7) and the impact of this assessment on trade and other payables related to the Deal Vintage Bonus (‘DVB’) - see notes 12 and 20.
Key accounting judgements and the Group’s assessment of fair value of its financial assets and liabilities are reviewed by the Audit Committee during the year and its involvement in the process is included in its report.
Foreign currencies
The functional currency of the Company is sterling as the Company’s shares are denominated in sterling and the Company’s costs are primarily incurred in sterling. The Group has determined the presentational currency of the Group is the functional currency of the Company. Information is presented to the nearest million (£m).
Transactions denominated in foreign currencies are translated using the exchange rates prevailing at the date of the transactions. At each reporting date, monetary assets and liabilities denominated in a foreign currency are retranslated at the rates prevailing at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated at the rate prevailing at the date the fair value was determined. Non-monetary items that are measured at historical cost are translated using rates prevailing at the date of the transaction.
The assets and liabilities of the Group’s foreign operations are translated using the exchange rates prevailing at the reporting date. Income and expense items are translated using the average exchange rates during the year. Exchange differences arising from the translation of foreign operations are taken directly to the foreign currency translation reserve. On disposal of a foreign operation, exchange differences previously recognised in other comprehensive income are reclassified to the income statement.
Going concern
The financial statements are prepared on a going concern basis, as the Board is satisfied that the Group have the resources to continue in business for a period of at least 18 months from approval of the financial statements.
In assessing the Group’s ability to continue in its capacity as a going concern, the Board considered a wide range of information relating to present and future projections of profitability and liquidity. The assessment also incorporates internally generated stress tests, including reverse stress testing, on key areas including fund performance risk and external environmental risk. The stress tests used were based upon an assessment of reasonably possible downside economic scenarios that the Group could be exposed to.
The review showed the Group has sufficient liquidity in place to support its business operations for the foreseeable future. Accordingly, the Directors have a reasonable expectation the Group has resources to continue as a going concern to 30 November 2026, an 18-month period from the date of approval of the financial statements.
2. Changes in accounting policies and disclosures
New and amended standards and interpretations
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective. These new standards are not expected to have a material impact on the Group. The implementation of IFRS 18 is not expected to have a material impact on the results or net assets of the Group and the impact on the presentation of the consolidated financial statements is still being assessed. No new standard implemented during the year had a material impact on the Group financial statements.
| IFRS/IAS | Accounting periods commencing on or after | |
| IAS 21 | Lack of Exchangeability | 1 January 2025 |
| IFRS 9 | Amendment to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments | 1 January 2026 |
| IFRS 18 | Presentation and Disclosure in Financial Statements | 1 January 2027 |
| IFRS 19 | Subsidiaries without Public Accountability: Disclosures | 1 January 2027 |
Changes in material accounting policy information
No changes to material accounting policies were implemented. The accounting policies as set out in the notes to the accounts have been applied consistently to all periods presented in these consolidated financial statements.
3. Revenue
Revenue and its related cash flows, within the scope of IFRS 15 ‘Revenue from Contracts with Customers’, are derived from the Group’s fund management company activities and are presented net of any consideration payable to a customer in the form of rebates. The significant components of the Group’s fund management revenues are as follows:
| Year ended 31 March 2025 | Year ended 31 March 2024 | |
| Type of contract/service | £m | £m |
| Management fees | 580.6 | 476.5 |
| Performance-related management fees | 87.4 | 76.2 |
| Other income | 8.0 | 2.1 |
| Fee and other operating income | 676.0 | 554.8 |
Management fees
The Group earns management fees from its investment management services. Management fees are charged on third-party capital managed by the Group and are based on an agreed percentage of either committed capital, invested capital or NAV, dependent on the fund. Management fees comprise both non-performance and performance-related fee elements related to one contract obligation. Non-performance-related management fees for the year of £580.6m (2024: £476.5m) are charged in arrears and are recognised in the period services are performed.
Performance-related management fees (‘performance fees’) are recognised only to the extent it is highly probable that there will not be a significant reversal of the revenue recognised in the future. This is generally towards the end of the contract period or upon early liquidation of a fund. The estimate of performance fees is made with reference to the liquidation profile of the fund, which factors in portfolio exits and timeframes. For certain funds the estimate of performance fees is made with reference to specific requirements. A constraint is applied to the estimate to reflect uncertainty of future fund performance. Performance fees of £87.4m (2024: £76.2m) have been recognised in the year. Performance fees reported within Revenue will only be crystallised and received in cash when the relevant fund performance hurdle is met. For certain funds cash may be received before the fund performance hurdle is met, these amounts are recognised within Revenue when the conditions set out above are met.
There are no other individually significant components of revenue from contracts with customers.
Key accounting judgement
A key judgement for the Group is whether performance fees will meet their expected performance conditions within the expected timeframes. The Group bases its assessment on the best available information pertaining to the funds and the activity of the underlying assets within that fund. The valuation of the underlying assets within a fund will be subject to fluctuations in the future, including the impact of macroeconomic factors outside the Group’s control. The information on which this judgement is based is the liquidation NAV of the relevant funds (which are subject to annual audit).
The Directors base their projected views on a 24-month look-forward basis, the ‘forecast period’, from the year end. The Directors believe they have a reasonable basis on which to judge expected exits and value within a 24-month horizon, but not beyond that.
Within this forecast period, the Directors will consider funds that have either reached their hurdle rate or are expected to reach the hurdle rate in the forecast period. In determining whether a fund is expected to reach the hurdle rate, the key inputs are the latest expected repayment dates of the underlying assets and expected proceeds on realisation, as approved by the Fund Investment Committees.
Where the hurdle date is expected to be reached within 24 months of the year end but performance fees are not yet paid, a constraint will be applied within the determination of the performance fee receivable. Application of the constraint limits the revenue recognised. This is assessed on a case-by-case basis.
The weighted-average constraint at the reporting date is 53% (2024: 56%). If the average constraint were to increase by 10 percentage points to 63% (2024: 66%) this would result in a reduction in revenue of £3.68m (2024: £15.88m). Conversely, a 10% decrease in constraint would result in an increase in revenue of £3.68m (2024: £15.88m) being recognised in the income statement. In certain limited circumstances performance fees received may be subject to clawback provisions if the performance of the fund deteriorates materially following the receipt of performance fees.
4. Segmental reporting
For management purposes, the Group is organised into two operating segments, the Fund Management Company (‘FMC’) and the Investment Company (‘IC’) which are also reportable segments. In identifying the Group’s reportable segments, management considered the basis of organisation of the Group’s activities, the economic characteristics of the operating segments, and the type of products and services from which each reportable segment derives its revenues. Total reportable segment figures are alternative performance measures (‘APM’).
The Executive Directors, the chief operating decision makers, monitor the operating results of the FMC and the IC for the purpose of making decisions about resource allocation and performance assessment. The Group does not aggregate the FMC and IC as those segments do not have similar economic characteristics. Information about these segments is presented below.
The FMC earns fee income for the provision of investment management services and incurs the majority of the Group’s costs in delivering these services, including the cost of the investment teams and the cost of support functions, primarily marketing, operations, information technology and human resources.
The IC is charged a management fee of 1% of the carrying value of the average balance sheet investment portfolio by the FMC and this is shown below as the Inter-segmental fee. It also recognises the fair value movement on any hedging derivatives. The costs of finance, treasury and legal teams, and other Group costs primarily related to being a listed entity, are allocated to the IC. The remuneration of the Executive Directors is allocated equally to the FMC and the IC.
The amounts reported for management purposes in the tables below are reconciled to the UK-adopted IAS reported amounts on the following pages.
| Year ended 31 March 2025 | Year ended 31 March 2024 | ||||||
| FMC | IC | Reportable segments | FMC | IC | Reportable segments | ||
| £m | £m | £m | £m | £m | £m | ||
| External fee income | 690.0 | — | 690.0 | 579.1 | — | 579.1 | |
| Inter-segmental fee | 24.6 | (24.6) | — | 25.0 | (25.0) | — | |
| Other operating income | 2.8 | 1.7 | 4.5 | 0.9 | 1.0 | 1.9 | |
| Fund management fee income | 717.4 | (22.9) | 694.5 | 605.0 | (24.0) | 581.0 | |
| Net investment returns | — | 192.5 | 192.5 | — | 379.3 | 379.3 | |
| Dividend income | 48.3 | — | 48.3 | 47.0 | — | 47.0 | |
| Finance gain/(loss) | — | 8.3 | 8.3 | — | (7.3) | (7.3) | |
| Total revenue | 765.7 | 177.9 | 943.6 | 652.0 | 348.0 | 1,000.0 | |
| Interest income | 0.3 | 19.2 | 19.5 | — | 21.5 | 21.5 | |
| Interest expense | (2.5) | (39.6) | (42.1) | (2.2) | (45.8) | (48.0) | |
| Staff costs | (109.2) | (30.0) | (139.2) | (101.0) | (21.4) | (122.4) | |
| Incentive scheme costs | (128.8) | (29.5) | (158.3) | (113.3) | (58.6) | (171.9) | |
| Other administrative expenses | (64.1) | (27.2) | (91.3) | (61.0) | (20.4) | (81.4) | |
| Profit before tax and discontinued operations | 461.4 | 70.8 | 532.2 | 374.5 | 223.3 | 597.8 | |
Reconciliation of APM amounts reported for management purposes to the financial statements reported under UK-adopted IAS
The impact of the following statutory adjustments on profit before tax, included within Consolidated entities, are shown in the table on the next page:
- All income generated from the balance sheet investment portfolio is presented as net investment returns for Reportable segments purposes, under UK-adopted IAS it is presented within gains on investments and other operating income.
- Structured entities controlled by the Group are presented as fair value investments for Reportable segments, these entities are consolidated under UK-adopted IAS within Consolidated entities.
- Seed investments are presented as current financial assets for Reportable segments, these assets are presented under UK-adopted IAS as current financial assets, non-current financial assets or investment property within Consolidated entities.
- Other adjustments necessary to comply with UK-adopted IAS, including in respect of a fair value gain of £60m recognised in FY23 within Consolidated entities and subsequently recognised in FY24 within Reportable segments as this asset is now expected to be sold to a third party and not transferred to a fund.
4. Segmental reporting continued
Consolidated income statement
| Reportable segments | Consolidated entities | Financial statements | |
| Year ended 31 March 2025 | £m | £m | £m |
| Fund management fee income | 690.0 | (22.0) | 668.0 |
| Other operating income | 4.5 | 3.5 | 8.0 |
| Fee and other income | 694.5 | (18.5) | 676.0 |
| Dividend income | 48.3 | (48.3) | — |
| Finance gain | 8.3 | 1.9 | 10.2 |
| Finance income/(loss) | 56.6 | (46.4) | 10.2 |
| Net investment returns/gains on investments | 192.5 | 92.2 | 284.7 |
| Total revenue | 943.6 | 27.3 | 970.9 |
| Other income | 19.5 | — | 19.5 |
| Finance costs | (42.1) | (1.6) | (43.7) |
| Staff costs | (139.2) | — | (139.2) |
| Incentive scheme costs | (158.3) | — | (158.3) |
| Other administrative expenses | (91.3) | (27.4) | (118.7) |
| Administrative expenses | (388.8) | (27.4) | (416.2) |
| Profit before tax and discontinued operations | 532.2 | (1.7) | 530.5 |
| Tax charge | (79.8) | 0.5 | (79.3) |
| Profit after tax and discontinued operations | 452.4 | (1.2) | 451.2 |
| Reportable segments | Consolidated entities | Financial statements | |
| Year ended 31 March 2024 | £m | £m | £m |
| Fund management fee income | 579.1 | (26.4) | 552.7 |
| Other operating income | 1.9 | 0.2 | 2.1 |
| Fee and other income | 581.0 | (26.2) | 554.8 |
| Dividend income | 47.0 | (47.0) | — |
| Finance loss | (7.3) | (3.2) | (10.5) |
| Finance income/(loss) | 39.7 | (50.2) | (10.5) |
| Net investment returns/gains on investments | 379.3 | 26.0 | 405.3 |
| Total revenue | 1,000.0 | (50.4) | 949.6 |
| Other income | 13.9 | 1.6 | 5.0 |
| Finance costs | (48.0) | (1.5) | (49.5) |
| Staff costs | (122.4) | — | (122.4) |
| Incentive scheme costs | (171.9) | — | (171.9) |
| Other administrative expenses | (81.4) | (14.8) | (96.2) |
| Administrative expenses | (375.7) | (14.8) | (390.5) |
| Share of results of joint ventures accounted for using equity method | — | (0.4) | (0.4) |
| Profit before tax and discontinued operations | 597.8 | (67.0) | 530.8 |
| Tax charge | (78.5) | 16.1 | (62.4) |
| Profit after tax from discontinued operations | — | 6.0 | 6.0 |
| Profit after tax and discontinued operations | 519.3 | (44.9) | 474.4 |
4. Segmental reporting continued
Consolidated statement of financial position
| 2025 | |||
| Reportable segments | Consolidated entities | Financial statements | |
| Year ended 31 March 2025 | £m | £m | £m |
| Non-current financial assets | 2,806.2 | 4,873.7 | 7,679.9 |
| Other non-current assets | 150.0 | 123.5 | 273.5 |
| Cash | 604.8 | 255.4 | 860.2 |
| Current financial assets | 248.7 | (172.6) | 76.1 |
| Other current assets | 270.2 | 182.7 | 452.9 |
| Total assets | 4,079.9 | 5,262.7 | 9,342.6 |
| Non-current financial liabilities | 1,136.1 | 4,927.2 | 6,063.3 |
| Other non-current liabilities | 54.2 | 2.8 | 57.0 |
| Current financial liabilities | 122.4 | (2.4) | 120.0 |
| Other current liabilities | 271.2 | 340.2 | 611.4 |
| Total liabilities | 1,583.9 | 5,267.8 | 6,851.7 |
| Equity | 2,496.0 | (5.1) | 2,490.9 |
| Total equity and liabilities | 4,079.9 | 5,262.7 | 9,342.6 |
| 2024 | |||
| Reportable segments | Consolidated entities | Financial statements | |
| Year ended 31 March 2024 | £m | £m | £m |
| Non-current financial assets | 2,713.7 | 4,682.7 | 7,396.4 |
| Other non-current assets | 166.5 | 82.9 | 249.4 |
| Cash | 627.4 | 362.6 | 990.0 |
| Current financial assets | 366.6 | (289.0) | 77.6 |
| Other current assets | 299.1 | 109.6 | 408.7 |
| Total assets | 4,173.3 | 4,948.8 | 9,122.1 |
| Non-current financial liabilities | 1,266.4 | 4,632.1 | 5,898.5 |
| Other non-current liabilities | 87.3 | 1.1 | 88.4 |
| Current financial liabilities | 268.4 | 0.1 | 268.5 |
| Other current liabilities | 255.8 | 311.2 | 567.0 |
| Total liabilities | 1,877.9 | 4,944.5 | 6,822.4 |
| Equity | 2,295.4 | 4.3 | 2,299.7 |
| Total equity and liabilities | 4,173.3 | 4,948.8 | 9,122.1 |
4. Segmental reporting continued
Consolidated statement of cash flows
| 2025 | |||
| Reportable segments | Consolidated entities | Financial Statements | |
| £m | £m | £m | |
| Profit/(loss) before tax from continuing operations | 532.2 | (1.7) | 530.5 |
| Adjustments for non-cash items: | |||
| Fee and other operating (income)/expense | (694.4) | 18.4 | (676.0) |
| Net investment returns | (192.5) | (92.2) | (284.7) |
| Net fair value gain on derivatives | (38.4) | — | (38.4) |
| Impact of movement in foreign exchange rates | 30.1 | (2.0) | 28.1 |
| Dividend income | (48.3) | 48.3 | — |
| Interest income | (19.5) | — | (19.5) |
| Interest expense | 42.1 | 1.6 | 43.7 |
| Depreciation, amortisation and impairment of property, plant, equipment and intangible assets | 17.8 | — | 17.8 |
| Share-based payment expense | 45.6 | — | 45.6 |
| Working capital changes: | |||
| Decrease/(increase) in trade receivables | 29.9 | (117.5) | (87.6) |
| (Decrease)/increase in trade and other payables | (27.2) | 39.5 | 12.3 |
| (322.6) | (105.6) | (428.2) | |
| Proceeds from sale of seed investments | 285.6 | — | 285.6 |
| Purchase of seed investments | (165.9) | — | (165.9) |
| Purchase of investments | (519.7) | (2,440.9) | (2,960.6) |
| Proceeds from sales and maturities of investments | 500.3 | 2,617.1 | 3,117.4 |
| Proceeds from borrowing related to seed investments | — | 47.4 | 47.4 |
| Issuance of CLO notes | — | 577.0 | 577.0 |
| Redemption of CLO notes | — | (1,085.0) | (1,085.0) |
| Interest and dividend income received | 172.0 | 392.4 | 564.4 |
| Fee and other operating income received | 656.1 | 7.2 | 663.3 |
| Interest paid | (41.2) | (369.7) | (410.9) |
| Cash flow generated from/(used in) operations | 564.6 | (360.1) | 204.5 |
| Taxes paid | (68.4) | — | (68.4) |
| Net cash flows from/(used in) operating activities | 496.2 | (360.1) | 136.1 |
| Investing activities | |||
| Purchase of intangible assets | (5.9) | — | (5.9) |
| Purchase of property, plant and equipment | (0.7) | — | (0.7) |
| Net cash flow from derivative financial instruments | 22.4 | — | 22.4 |
| Cash flow as a result of change in control of subsidiary | — | 260.3 | 260.3 |
| Net cash flows from investing activities | 15.8 | 260.3 | 276.1 |
| Financing activities | |||
| Purchase of Own Shares | (42.4) | — | (42.4) |
| Payment of principal portion of lease liabilities | (12.2) | — | (12.2) |
| Repayment of long-term borrowings | (241.1) | — | (241.1) |
| Dividends paid to equity holders of the parent | (228.9) | — | (228.9) |
| Net cash flows used in financing activities | — | — | — |
| Net decrease in cash and cash equivalents | (12.6) | (99.8) | (112.4) |
| Effects of exchange rate differences on cash and cash equivalents | (9.8) | (7.6) | (17.4) |
| Cash and cash equivalents at 1 April | 627.2 | 362.8 | 990.0 |
| Cash and cash equivalents at 31 March | 604.8 | 255.4 | 860.2 |
4. Segmental reporting continued
| 2024 | |||
| Reportable segments | Consolidated entities | Financial Statements | |
| £m | £m | £m | |
| Profit/(loss) before tax from continuing operations | 597.8 | (67.0) | 530.8 |
| Adjustments for non-cash items: | |||
| Fee and other operating (income)/expense | (581.0) | 26.2 | (554.8) |
| Net investment returns | (379.3) | (26.0) | (405.3) |
| Net fair value (gain)/loss on derivatives | (23.5) | 0.7 | (22.8) |
| Impact of movement in foreign exchange rates | 30.9 | 2.4 | 33.3 |
| Interest income | (68.5) | 46.9 | (21.6) |
| Interest expense | 48.0 | 1.5 | 49.5 |
| Depreciation, amortisation and impairment of property, plant, equipment and intangible assets | 18.0 | — | 18.0 |
| Share-based payment expense | 43.9 | — | 43.9 |
| Working capital changes: | |||
| Increase in trade receivables | (8.5) | (80.2) | (88.7) |
| Increase/(decrease) in trade and other payables | 50.5 | (68.2) | (17.7) |
| (271.7) | (163.7) | (435.4) | |
| Proceeds from sale of seed investments | 319.2 | — | 319.2 |
| Purchase of seed investments | (312.1) | — | (312.1) |
| Purchase of investments | (322.5) | (1,407.2) | (1,729.7) |
| Proceeds from sales and maturities of investments | 403.0 | 1,830.1 | 2,233.1 |
| Issuance of CLO notes | — | — | — |
| Redemption of CLO notes | — | (389.1) | (389.1) |
| Interest and dividend income received | 122.2 | 372.0 | 494.2 |
| Fee and other operating income received | 492.0 | 4.4 | 496.4 |
| Interest paid | (49.3) | (330.2) | (379.5) |
| Cash flow generated from/(used in) operations | 380.8 | (83.7) | 297.1 |
| Taxes paid | (41.2) | — | (41.2) |
| Net cash flows from/(used in) operating activities | 339.6 | (83.7) | 255.9 |
| Investing activities | |||
| Purchase of intangible assets | (6.3) | — | (6.3) |
| Purchase of property, plant and equipment | (3.2) | — | (3.2) |
| Net cash flow from derivative financial instruments | 31.5 | — | 31.5 |
| Cash flow as a result of acquisition of subsidiaries | — | 49.5 | 49.5 |
| Net cash flows from investing activities | 22.0 | 49.5 | 71.5 |
| Financing activities | |||
| Payment of principal portion of lease liabilities | (8.4) | — | (8.4) |
| Repayment of long-term borrowings | (50.7) | — | (50.7) |
| Dividends paid to equity holders of the parent | (223.4) | — | (223.4) |
| Net cash flows used in financing activities | (282.5) | — | (282.5) |
| Net increase/decrease in cash and cash equivalents | 79.1 | (34.2) | 44.9 |
| Effects of exchange rate differences on cash and cash equivalents | (1.7) | (10.7) | (12.4) |
| Cash and cash equivalents at 1 April | 550.0 | 407.5 | 957.5 |
| Cash and cash equivalents at 31 March | 627.4 | 362.6 | 990.0 |
4. Segmental reporting continued
Geographical analysis of non-current assets
| Year ended 31 March 2025 | Year ended 31 March 2024 | |
| Asset Analysis by Geography | £m | £m |
| Europe (including UK) | 97.4 | 132.5 |
| Asia Pacific | 127.2 | 62.5 |
| North America | 48.9 | 54.4 |
| Total | 273.5 | 249.4 |
Geographical analysis of Group revenue
| Year ended 31 March 2025 | Year ended 31 March 2024 | |
| Income Analysis by Geography | £m | £m |
| Europe (including UK) | 672.5 | 726.5 |
| Asia Pacific | 103.2 | 87.2 |
| North America | 195.2 | 135.9 |
| Total | 970.9 | 949.6 |
5. Financial assets and liabilities
| Accounting policy Financial assets Financial assets can be classified into the following categories: Amortised Cost, Fair Value Through Profit and Loss (‘FVTPL’) and Fair Value Through Other Comprehensive Income (‘FVOCI’). The Group has classified all invested financial assets as FVTPL. Financial assets at FVTPL are initially recognised and subsequently measured at fair value and transaction costs are recognised in the consolidated income statement immediately. A valuation assessment is performed on a recurring basis with gains or losses arising from changes in fair value recognised through net gains on investments in the consolidated income statement. Dividends or interest earned on the financial assets are also included in the net gains on investments. Exchange differences are included within finance income/(loss). Where the Group holds investments in a number of financial instruments such as debt and equity in a portfolio company, the Group views their entire investment as a unit of account for valuation purposes. Industry standard valuation guidelines such as the International Private Equity and Venture Capital (’IPEV’) Valuation Guidelines – December 2022, allow for a level of aggregation where there are a number of financial instruments held within a portfolio company. Derecognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when substantially all the risks and rewards of ownership of the asset are transferred to another party. On derecognition of a financial asset in its entirety, the difference between the asset’s carrying value amount and the sum of the consideration received and receivable, is recognised in profit or loss. Key sources of estimation uncertainty on financial assets Fair value is the amount for which an asset could be exchanged, or liability settled, between knowledgeable, willing parties in an arm’s length transaction at the reporting date. The fair value of investments is based on quoted prices, where available. Where quoted prices are not available, the fair value is estimated in line with IFRS and industry standard valuation guidelines such as IPEV for direct investments in portfolio companies, and the Royal Institute of Chartered Surveyors Valuation – Global Standards 2024 for investment property. These valuation techniques can be subjective and include assumptions which are not supportable by observable data. Details of the valuation techniques and the associated sensitivities are further disclosed in this note on page 48. Given the subjectivity of valuing investments in private companies, senior and subordinated notes of Collateralised Loan Obligation vehicles and investments in investment property, these are key sources of estimation uncertainty, and as such the valuations are approved by the relevant Fund Investment Committees and Group Valuation Committee. The unobservable inputs relative to these investments are further detailed below. |
5. Financial assets and liabilities continued
Fair value measurements recognised in the statement of financial position
The information set out below provides information about how the Group and Company determines fair values of various financial assets and financial liabilities, grouped into Levels 1 to 3 based on the degree to which the fair value is observable.
- Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities
- Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
- Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs)
The following table summarises the valuation of the Group’s financial assets and liabilities by fair value hierarchy:
| As at 31 March 2025 | As at 31 March 2024 | |||||||
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
| Group | £m | £m | £m | £m | £m | £m | £m | £m |
| Financial assets | ||||||||
| Investment in or alongside managed funds1 | 3.7 | 2.3 | 2,417.4 | 2,423.4 | 5.7 | 3.6 | 2,300.7 | 2,310.0 |
| Consolidated CLOs and credit funds | — | 4,533.1 | 443.2 | 4,976.3 | — | 4,154.9 | 462.6 | 4,617.5 |
| Derivative assets | — | 26.3 | — | 26.3 | — | 9.3 | — | 9.3 |
| Investment in private companies2 | — | — | 210.8 | 210.8 | — | — | 401.7 | 401.7 |
| Investment in public companies | 4.3 | — | — | 4.3 | 4.5 | — | — | 4.5 |
| Non-consolidated CLOs and credit funds | — | 86.1 | 28.8 | 114.9 | — | 111.3 | 19.7 | 131.0 |
| Total financial assets3 | 8.0 | 4,647.8 | 3,100.2 | 7,756.0 | 10.2 | 4,279.1 | 3,184.7 | 7,474.0 |
| Financial liabilities | ||||||||
| Liabilities of consolidated CLOs and credit funds | — | (4,560.3) | (297.9) | (4,858.2) | — | (4,415.6) | (186.7) | (4,602.3) |
| Derivative liabilities | — | (8.3) | — | (8.3) | — | (9.2) | — | (9.2) |
| Total financial liabilities | — | (4,568.6) | (297.9) | (4,866.5) | — | (4,424.8) | (186.7) | (4,611.5) |
- Level 3 investments in or alongside managed funds includes £1,325.5m Corporate Investments (2024: £1,212.3m), £508.0m Strategic Equity, LP Secondaries, Recovery Fund, Life Sciences and CPE (2024: £517.9m), £42.3m Senior Debt Partners (2024: £58.2m), £64.4m North America Credit Partners (2024: £82.1m), £384.8m real asset funds (2024: £399.6m), £60.8m Seed and £31.4m credit funds (2024: £16.8m).
- Level 3 Investment in private companies includes £172.0m Structured Capital and Secondaries (2024: £359.9m) and £38.8m of real estate funds (2024: £41.8m).
- Total financial assets correspond to the sum of non-current and current financial assets at fair value and the sum of current derivative assets on the face of the balance sheet.
Valuations
Valuation process
The Group Valuation Committee (‘GVC’) is responsible for reviewing and concluding on the fair value of the Group’s balance sheet investment positions in accordance with the Group’s Valuation Policy. This includes consideration of the valuations received from the underlying funds. The GVC reviews the fair values on a quarterly basis and reports to the Audit Committee semi-annually. The GVC is independent of the boards of directors of the funds, and no member of the GVC is a member of either the Group’s investment teams or fund Investment Committees (‘ICs’).
The ICs are responsible for the review, challenge, and approval of the underlying funds’ valuations of their assets. Sources of the valuation reviewed by the ICs include the ICG investment team, third-party valuation services and third-party fund administrators as appropriate. The IC’s provide those valuations to the Group, as an investor in the fund assets. The IC’s are also responsible for escalating significant events regarding the valuation to the Group), for example change in valuation methodologies, potential impairment events, or material judgements.
The table on page 48 outlines in more detail the range of valuation techniques, as well as the key unobservable inputs for each category of Level 3 assets and liabilities.
5. Financial assets and liabilities continued
Investment in or alongside managed funds
When fair values of publicly traded closed-ended funds and open-ended funds are based on quoted market prices in an active market for identical assets without any adjustments, the instruments are included within Level 1 of the hierarchy. The Group values these investments at bid price for long positions.
The Group also co-invests with funds, including credit and private equity secondary funds, which are not quoted in an active market. The Group assesses the valuation techniques and inputs used by these funds to ensure they are reasonable, appropriate and consistent with the principles of fair value. The latest available NAV of these funds are generally used as an input into measuring their fair value. The NAV of the funds are adjusted, as necessary, to reflect restrictions on redemptions, and other specific factors relevant to the funds. In measuring fair value, consideration is also given to any transactions in the interests of the funds. The Group classifies these funds as Level 3.
Investment in private companies
The Group takes debt and equity stakes in companies that are, other than on very rare occasions, not quoted in an active market and uses either a market-based valuation technique or a discounted cash flow technique to value these positions.
The Group’s investments in private companies are held at fair value using the most appropriate valuation technique based on the nature, facts and circumstances of the private company. The first of two principal valuation techniques is a market comparable companies technique. The enterprise value (‘EV’) of the portfolio company is determined by applying an earnings multiple, taken from comparable companies, to the profits of the portfolio company. The Group determines comparable private and public companies, based on industry, size, location, leverage and strategy, and calculates an appropriate multiple for each comparable company identified. The second principal valuation technique is a discounted cash flow (‘DCF’) approach. Fair value is determined by discounting the expected future cash flows of the portfolio company to the present value. Various assumptions are utilised as inputs, such as terminal value and the appropriate discount rate to apply. Typically, the DCF is then calibrated alongside a market comparable companies approach. Alternate valuation techniques may be used where there is a recent offer or a recent comparable market transaction, which may provide an observable market price and an approximation to fair value of the private company. The Group classified these assets as Level 3.
Investment in public companies
Quoted investments are held at the last traded bid price on the reporting date. When a purchase or sale is made under contract, the terms of which require delivery within the timeframe of the relevant market, the contract is recognised on the trade date.
Investment in loans held in consolidated structured entities
The loan asset portfolios of the consolidated structured entities are valued using observable inputs such as recently executed transaction prices in securities of the issuer or comparable issuers and from independent loan pricing sources. To the extent that the significant inputs are observable the Group classifies these assets as Level 2 and assets with unobservable inputs are classified as Level 3. Level 3 assets are valued using a discounted cash flow technique and the key inputs under this approach are detailed on page 48.
Derivative assets and liabilities
The Group uses market-standard valuation models for determining fair values of over-the-counter interest rate swaps, currency swaps and forward foreign exchange contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including both credit and debit valuation adjustments for counterparty and own credit risk, foreign exchange spot and forward rates and interest rate curves. For these financial instruments, significant inputs into models are market observable and are included within Level 2.
Senior and subordinated notes of CLO vehicles
The Group holds investments in the senior and subordinated notes of the CLOs it manages, predominately driven by European Union risk-retention requirements. The Group employs DCF analysis to fair value these investments, using several inputs including constant annual default rates, prepayments rates, reinvestment rates, recovery rates and discount rates. The DCF analysis at the reporting date shows that the senior notes are typically expected to recover all contractual cash flows, including under stressed scenarios, over the life of the CLOs. Observable inputs are used in determining the fair value of senior notes and these instruments are therefore classified as Level 2. Unobservable inputs are used in determining the fair value of subordinated notes, which are therefore classified as Level 3 instruments.
5. Financial assets and liabilities continued
Liabilities of consolidated CLO vehicles
Rated debt liabilities of consolidated CLOs are generally valued at par plus accrued interest, which we assess as fair value. This is supported by an assessment of the valuation of the CLO loan asset portfolio. As a result we deem these liabilities as Level 2.
Unrated/subordinated debt liabilities of consolidated CLOs are valued directly in line with the fair value of the CLO loan asset portfolios. These underlying assets mostly comprise observable loan securities traded in active markets. The underlying assets are reported in both Level 2 and Level 3. As a result of this methodology of deriving the valuation of unrated/subordinated debt liabilities from a combination of Level 2 and Level 3 asset values, we deem these liabilities to be Level 3.
Real assets
To the extent that the Group invests in real estate assets, whether through an investment in a managed fund or an investment in a private company, the assets may be classified as either a financial asset (investment in a managed fund) or investment property (investment in a controlled private company) in accordance with IAS 40 ‘Investment Property’. The fair values of the directly held material investment properties have been recorded based on independent valuations prepared by third-party real estate valuation specialists in line with the Royal Institution of Chartered Surveyors Valuation – Global Standards 2024. At the end of each reporting period, the Group reviews its assessment of the fair value of each property, taking into account the most recent independent valuations. The Directors determine a property value within a range of reasonable fair value estimates, based on information provided.
All resulting fair value estimates for investment properties are included in Level 3.
Reconciliation of Level 3 fair value measurement of financial assets
The following tables set out the movements in recurring financial assets valued using the Level 3 basis of measurement in aggregate. Within the income statement, realised gains and fair value movements are included within gains on investments, and foreign exchange gains/(losses) are included within finance income/(loss). Transfers between levels take place when there are changes to the observability of inputs used in the valuation of these assets. This is determined based on the year-end valuation and transfers therefore take place at the end of the reporting period.
| Investment in or alongside managed funds | Investment in loans held in consolidated entities | Investment in private companies | Subordinated notes of CLO vehicles | Total | |
| Group | £m | £m | £m | £m | £m |
| At 1 April 2024 | 2,300.7 | 462.6 | 401.7 | 19.7 | 3,184.7 |
| Total gains or losses in the income statement | |||||
| – Net investment return2 | 177.1 | 16.1 | 30.1 | (1.3) | 222.0 |
| – Foreign exchange | (41.8) | (10.0) | (10.1) | (0.2) | (62.1) |
| Purchases | 534.7 | 319.5 | 4.8 | 37.3 | 896.3 |
| Exit proceeds | (565.4) | (233.2) | (203.6) | (26.7) | (1,028.9) |
| Transfers in1 | — | 42.7 | — | — | 42.7 |
| Transfers out1 | — | (154.5) | — | — | (154.5) |
| Reclassification3 | 12.1 | — | (12.1) | — | — |
| At 31 March 2025 | 2,417.4 | 443.2 | 210.8 | 28.8 | 3,100.2 |
- During the year certain assets in Investments in loans held in consolidated entities were reassessed as Level 3 (from Level 2) or Level 2 (from Level 3) and these changes are reported as a transfers in or transfers out in the year.
2. Included within net investment returns are £183.6m of unrealised gains (which includes accrued interest).
3. During the year the Group reclassified certain investments in private companies into investments in or alongside managed funds.
5. Financial assets and liabilities continued
| Investment in or alongside managed funds | Investment in loans held in consolidated entities | Investment in private companies | Subordinated notes of CLO vehicles | Disposal groups held for sale | Total | |
| Group | £m | £m | £m | £m | £m | £m |
| At 1 April 2023 | 2,144.3 | 567.7 | 100.4 | 7.5 | 163.2 | 2,983.1 |
| Total gains or losses in the income statement | ||||||
| – Net investment return2 | 284.0 | 11.5 | 14.4 | 2.9 | 63.3 | 376.1 |
| – Foreign exchange | (50.7) | (14.0) | (4.3) | (0.4) | 3.4 | (66.0) |
| Purchases | 301.8 | 234.2 | 74.5 | 9.7 | 213.1 | 833.3 |
| Exit proceeds | (378.7) | (195.6) | (19.1) | — | (207.2) | (800.6) |
| Transfers in1 | — | 96.9 | — | — | — | 96.9 |
| Transfers out1 | — | (238.1) | — | — | — | (238.1) |
| Reclassification3 | — | — | 235.8 | — | (235.8) | — |
| At 31 March 2024 | 2,300.7 | 462.6 | 401.7 | 19.7 | — | 3,184.7 |
1. During the year certain assets in Investments in loans held in consolidated entities were reassessed as Level 3 (from Level 2) and these changes are reported as a transfer in the year.
2. Included within net investment returns are £345.1m of unrealised gains (which includes accrued interest).
- During the year the Group reclassified all its financial assets previously included in disposal groups held for sale into investments in private companies.
Reconciliation of Level 3 fair value measurements of financial liabilities
The following tables sets out the movements in reoccurring financial liabilities valued using the Level 3 basis of measurement in aggregate. Within the income statement, realised gains and fair value movements are included within gains on investments, and foreign exchange gains/(losses) are included within finance income/(loss). Transfers in and out of Level 3 financial liabilities were due to changes to the observability of inputs used in the valuation of these liabilities. During the year ended 31 March 2025 changes in the fair value of the assets of consolidated credit funds resulted in a reduction in the fair value of the financial liabilities of those consolidated credit funds, reported as a ‘fair value gain’ in the table below.
| 2025 | 2024 | |
| Financial liabilities designated as FVTPL | Financial liabilities designated as FVTPL | |
| Group | £m | £m |
| At 1 April | 186.7 | 64.7 |
| Total gains or losses in the income statement | ||
| – Fair value gains | 10.6 | 102.3 |
| – Foreign exchange gain | (3.9) | (1.7) |
| Purchases | 68.9 | 21.4 |
| Transfer between levels | 35.6 | — |
| At 31 March | 297.9 | 186.7 |
5. Financial assets and liabilities continued
Valuation inputs and sensitivity analysis
The following table summarises the inputs and estimates used for items categorised in Level 3 of the fair value hierarchy together with a quantitative sensitivity analysis:
| 31 March 2025 | 31 March 2024 | ||||||||||
| Fair Value | Fair Value | Primary Valuation Techniques1 | Key Unobservable Inputs | Range | Weighted Average/ Fair Value Inputs | Sensitivity/ Scenarios | Effect on Fair Value 31 March 2025 | Range | Weighted Average/ Fair Value Inputs | Effect on Fair Value 31 March 2024 | |
| Group assets | As at 31 March 2025 | As at 31 March 2024 | |||||||||
| £m | £m | £m | £m | ||||||||
| Structured Capital: Corporate Investments | 1,466.9 | 1,490.6 | Market comparable companies | Earnings multiple | 7.5x – 27.5x | 14.0x | +10% Earnings multiple³ | 135.2 | 5.0x – 29.0x | 15.1x | 187.6 |
| Discounted cash flow calibrated to market comparable companies2 | Discount rate | 7.6% - 20.9% | 10.6% | -10% Earnings multiple³ | (138.8) | 7.5% - 20.5% | 11.2% | (187.6) | |||
| Earnings multiple | 4.9x – 23.1x | 13.3x | 6.1x – 21.5x | 11.8x | |||||||
| Structured Capital & Secondaries: Strategic Equity, LP Secondaries, Recovery Fund, Life Sciences, CPE | 537.4 | 482.6 | Third-party valuation / funding round value | N/A | N/A | N/A | +10% valuation | 53.7 | N/A | N/A | 48.3 |
| -10% valuation | (53.7) | (48.3) | |||||||||
| Seed Investments | 120.8 | 149.4 | Various | +10% valuation | 12.1 | 14.9 | |||||
| -10% valuation | (12.1) | (14.9) | |||||||||
| Debt: Private Debt: North American Credit Partners | 65.7 | 91.7 | Market comparable companies | Earnings multiple | 9.5x – 21.0x | 14.3x | +10% Earnings multiple³ | 5.9 | 5.5x – 29.0x | 14.1x | 9.7 |
| -10% Earnings multiple³ | (5.9) | (9.7) | |||||||||
| Debt: Private Debt: Senior Debt Partners | 42.3 | 58.2 | Discounted cash flow | Probability of default | 0.8%-2.1% | 1.0% | Upside case | — | 1.0%-2.2% | 1.0% | — |
| Loss given default | 36.0% | 36.0% | Downside case | (0.3) | 32.2% | 32.2% | (0.5) | ||||
| Maturity of loan | 3 years | 3 years | 3 years | 3 years | |||||||
| Effective interest rate | 9.7%-9.8% | 9.8% | 9.6%-11.5% | 11.2% | |||||||
| Debt: Credit: Non-consolidated CLOs and credit funds | 7.7 | 19.7 | Third-party valuation: Discounted cash flow | Discount rate | 10.5% - 38.5% | 20.0% | 15.0% - 15.5% | 15.1% | |||
| Default rate | 2.0% | 2.0% | Upside case3 | 21.6 | 3.0% - 4.5% | 3.3% | 22.8 | ||||
| Prepayment rate % | 15.0%-25.0% | 21.0% | Downside case3 | (19.9) | 15.0% -20.0% | 19.5% | (23.8) | ||||
| Recovery rate % | 65.0% | 65.0% | 75.0% | 75.0% | |||||||
| Reinvestment price | 99.0%-99.5% | 99.4% | 99.5% | 99.5% | |||||||
| Debt: Credit: Consolidated CLOs and credit funds | 443.2 | 462.6 | Third-party valuation | N/A | N/A | N/A | +10% Third-party valuation | 44.3 | N/A | N/A | 46.3 |
| -10% Third-party valuation | (44.3) | (46.3) | |||||||||
| Debt: Credit: Liquid Funds | 31.4 | 30.6 | Third-party valuation | N/A | N/A | N/A | +10% Third-party valuation | 3.1 | N/A | N/A | 3.1 |
| -10% Third-party valuation | (3.1) | (3.1) | |||||||||
| Real Assets | 384.8 | 399.3 | Third-party valuation | N/A | N/A | N/A | +10% Third-party valuation | 38.5 | N/A | N/A | 39.9 |
| LTV-based impairment model | N/A | N/A | N/A | -10% Third-party valuation | (38.5) | N/A | N/A | (39.9) | |||
| Total financial assets | 3,100.2 | 3,184.7 | Total Upside sensitivity | 314.4 | 372.5 | ||||||
| Total Downside sensitivity | (316.6) | (374.1) | |||||||||
| Liabilities of Consolidated CLOs and credit funds | (297.9) | (186.7) | Third-party valuation | N/A | N/A | N/A | +10% Third-party valuation | (29.8) | N/A | N/A | (18.7) |
| -10% Third-party valuation | 29.8 | 18.7 | |||||||||
| Total financial liabilities | (297.9) | (186.7) | |||||||||
- Where the Group has co-invested with its managed funds, it is the type of the underlying investment, and the valuation techniques used for these underlying investments, that is set out here.
- Where both discounted cash flow (“DCF”) and market comparable companies’ valuation techniques are performed, the valuation models are calibrated, and an earnings multiple is implied by the DCF valuation. Where this methodology is applied, the sensitivity has been applied to the implied earnings multiple, using the market comparable companies’ valuation technique.
- Investments in the following strategies are sensitised using the actual or implied earnings multiple to provide a consistent and comparable basis for this analysis: Corporate Investments, US Mid-Market, North America Credit Partners.
- The sensitivity analysis is performed on the entire portfolio of subordinated notes of CLO vehicles that the Group has invested in with total value of £214.9m (2024: £187.7m). This value includes investments in CLOs that are not consolidated £7.7m (2024: £19.7m) and investments in CLOs which are consolidated £207.2m (2024: £168.0m). The default rate applied was set at 2.0% until maturity, across the entire portfolio. The upside case is based on the default rate being lowered to 1.0% to maturity, keeping all other parameters consistent .The downside case is based on the default rate being increased to 3.0% to maturity, keeping all other parameters consistent.
5. Financial assets and liabilities continued
Derivative financial instruments
| Accounting policy Derivative financial instruments for economic hedging The Group holds derivative financial instruments to hedge foreign currency and interest rate exposures. Derivatives are recognised at fair value determined using independent third-party valuations or quoted market prices. Changes in fair values of derivatives are recognised immediately in Finance loss in the Income Statement. A derivative with a positive fair value is recognised as a financial asset while a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a non-current asset or non-current liability if the remaining maturity of the instrument is more than 12 months from the reporting date, otherwise a derivative will be presented as a current asset or current liability. |
| 2025 | 2024 | |||||
| Contract or underlying principal amount | Fair values | Contract or underlying principal amount | Fair values | |||
| Group | Asset | Liability | Asset | Liability | ||
| £m | £m | £m | £m | £m | £m | |
| Cross currency swaps | 100.6 | 3.9 | (6.1) | 118.8 | 6.2 | (5.5) |
| Foreign exchange forward contracts and swaps | 1,592.4 | 22.4 | (2.2) | 1,201.8 | 3.1 | (3.7) |
| Total | 1,693.0 | 26.3 | (8.3) | 1,320.6 | 9.3 | (9.2) |
The Group holds £6.1m of cash pledged as collateral by its counterparties as at 31 March 2025 (31 March 2024: £5.5m). All the Credit Support Annexes that have been agreed with our counterparties are fully compliant with European Market Infrastructure Regulation ‘EMIR’.
The foreign exchange movements net of fair value gains/(losses) in derivatives during the year is £10.2m (2024: £(10.5)m). There was no change in fair value related to credit risk in relation to derivatives as at 31 March 2025 (31 March 2024: £nil).
Within the International Swaps and Derivatives Association (‘ISDA’) Master Agreements in place with our counterparties, in the event of a default, the close-out netting provision would result in all obligations under a contract being terminated with a subsequent combining of positive and negative replacement values into a single net payable or receivable.
6. Cash and cash equivalents
| 2025 | 2024 | |
| £m | £m | |
| Cash and cash equivalents | ||
| Cash at bank and in hand | 860.2 | 990.0 |
Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets approximates to their fair value. Cash and cash equivalents at the end of the reporting period as shown in the consolidated statement of cash flows can be reconciled to the related items in the consolidated statement of financial position as shown above.
The Group’s cash and cash equivalents include £255.4m (2024: £362.6m) of restricted cash, held principally by structured entities controlled by the Group. The Group does not have legal recourse to these balances as their sole purpose is to service the interests of the investors in these structured entities.
7. Financial liabilities
| Accounting policy Financial liabilities, which include borrowings and listed notes and bonds (with the exception of financial liabilities designated as FVTPL), are initially recognised at fair value net of transaction costs and subsequently measured at amortised cost using the effective interest rate method. Arrangement and commitment fees are included within the carrying value of financial liabilities. Lease liabilities are initially measured at the present value of all the future lease payments. The present value at the inception of the lease is determined by discounting all future lease payments at the Group’s centrally determined incremental borrowing rate at the date of inception of the lease. In calculating the present value of lease payments, the Group uses its incremental borrowing rate because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Financial liabilities designated at fair value are initially recognised and subsequently measured at fair value on a recurring basis. Gains or losses arising from changes in fair value of derivative financial liabilities are recognised in Finance loss in the income statement. Gains or losses arising from changes in fair value of liabilities of Structured entities controlled by the Group recognised through gains on investments in the income statement. The Group has designated financial liabilities at fair value relating to consolidated structured entities to eliminate or significantly reduce an accounting mismatch. The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or expire. |
| 2025 | 2024 | |||||
| Interest rate % | Maturity | Current | Non-current | Current | Non-current | |
| Group | £m | £m | £m | £m | ||
| Liabilities held at amortised cost | ||||||
| – Private placement | 3.04% - 5.35% | 2025 - 2029 | 100.0 | 240.6 | 248.7 | 346.4 |
| – Listed notes and bonds | 1.63% - 2.50% | 2027 - 2030 | 2.3 | 834.4 | 2.5 | 851.3 |
| – Unsecured bank debt¹ | SONIA +1.15% | 2027 | (0.4) | (1.0) | (0.8) | (0.7) |
| Total Liabilities held at amortised cost | 101.9 | 1,074.0 | 250.4 | 1,197.0 | ||
| Lease liabilities | 2.85% - 7.09% | 2025 - 2034 | 9.8 | 62.1 | 8.9 | 69.3 |
| Borrowings related to seed investments | 1.77% - 6.20% | 2026 - 2029 | — | 69.0 | — | 29.9 |
| Liabilities held at FVTPL: | ||||||
| – Derivative financial liabilities | 8.3 | — | 9.2 | — | ||
| - Structured entities controlled by the Group | 0.65% - 9.58% | 2030 - 2038 | — | 4,858.2 | — | 4,602.3 |
| 120.0 | 6,063.3 | 268.5 | 5,898.5 | |||
- Unsecured bank debt represents the value of associated fees which are amortised over the life of the facility.
7. Financial liabilities continued
The fair value of the Listed notes and bonds, being the market price of the outstanding bonds is £802.7m (2024: £788.9m). Listed notes and bonds at amortised cost would be classified as Level 2 and are valued using observable market prices sourced from broker quotes, inter-dealer prices or other reliable pricing sources.
Details of the cash outflows related to leases are in the Consolidated statement of cash flows, interest expenses associated with lease liabilities are in note 10, the Right of Use (‘ROU’) assets and the income from subleasing ROU assets are in note 17 and the maturity analysis of the lease liabilities are in note 21.
Movement in financial liabilities arising from financing activities
The following table sets out the movements in total liabilities held at amortised cost arising from financing activities undertaken during the year.
| 2025 | 2024 | |
| £m | £m | |
| At 1 April | 1,525.6 | 1,622.1 |
| Repayment of long term borrowings | (241.1) | (50.7) |
| Payment of principal portion of lease liabilities | (12.2) | (8.4) |
| Establishment of lease liability | 4.6 | 1.2 |
| Net interest movement | (0.1) | 1.7 |
| Foreign exchange movement | (29.0) | (40.3) |
| At 31 March | 1,247.8 | 1,525.6 |
8. Other income
| Accounting policy The Group earns interest on its cash balances, excluding balances within structured entities controlled by the Group. These amounts are recognised as income in the period in which it is earned. |
| 2025 | 2024 | |
| £m | £m | |
| Interest income on cash deposits | 19.5 | 21.6 |
| 19.5 | 21.6 |
9. Net gains on investments
| Accounting policy The Group recognises net gains and losses on investments comprising realised and unrealised gains and losses from disposals and revaluations of financial assets and financial liabilities measured at fair value. Dividends or interest earned on the financial assets are also included in the net gains on investments. |
| 2025 | 2024 | |
| £m | £m | |
| Financial assets | ||
| Change in fair value of financial instruments mandatorily at FVTPL | 644.6 | 933.5 |
| Financial liabilities | ||
| Change in fair value of financial instruments designated at FVTPL | (359.9) | (528.2) |
| Net gains arising on investments | 284.7 | 405.3 |
10. Finance costs
| Accounting policy Interest expense on the Group’s debt, excluding financial liabilities within structured entities controlled by the Group, is recognised using the effective interest rate method based on the expected future cash flows of the liabilities over their expected life. Financial liabilities within structured entities controlled by the Group are accounted for within Net gains and losses arising on investment (see note 9). Interest expense associated with lease obligations represents the unwinding of the lease liability discount, are accounted for in accordance with IFRS 16 (see note 17). |
| Finance costs | 2025 | 2024 |
| £m | £m | |
| Interest expense recognised on financial liabilities held at amortised cost | 36.5 | 42.2 |
| Arrangement and commitment fees | 4.7 | 4.6 |
| Interest expense associated with lease obligations | 2.5 | 2.7 |
| 43.7 | 49.5 |
11. Administrative expenses
Further detail in respect of material administrative expenses reported on the income statement is set out below:
| 2025 | 2024 | |
| £m | £m | |
| Staff costs | 297.4 | 294.3 |
| Amortisation and depreciation | 17.8 | 17.9 |
| Operating lease expenses | 3.7 | 1.9 |
| Auditor's remuneration | 2.7 | 2.5 |
Auditor’s remuneration includes fees for audit and non-audit services payable to the Group’s auditor, Ernst and Young LLP, and are analysed as below.
| 2025 | 2024 | |
| £m | £m | |
| ICG Group | ||
| Audit fees | ||
| Group audit of the annual accounts | 1.8 | 1.7 |
| Audit of subsidiaries' annual accounts | 0.4 | 0.3 |
| Audit of controlled CLOs | 0.1 | 0.1 |
| Total audit fees | 2.3 | 2.1 |
| Non-audit fees | ||
| Audit-related assurance services | 0.2 | 0.2 |
| Other assurance services | 0.2 | 0.2 |
| Total non-audit fees | 0.4 | 0.4 |
| Total auditor's remuneration incurred by the Group | 2.7 | 2.5 |
12. Employees and Directors
| Accounting policy The Deal Vintage Bonus (‘DVB’) scheme forms part of the Group’s Remuneration Policy for investment executives. DVB is reported within Wages and salaries. Payments of DVB are made in respect of plan years, which are aligned to the Group’s financial year. Payments of DVB are made only when the performance threshold for the plan year has been achieved on a cash basis and proceeds are received by the Group. An estimate of the DVB liability for a plan year is developed based on the following inputs: expected realisation proceeds; expected timing of realisations; and allocations of DVB to qualifying investment professionals. The Group accrues the estimated DVB cost associated with that plan year evenly over five years on average, reflecting the average holding period for the underlying investments and therefore the period over which services are provided by the scheme participants. |
| 2025 | 2024 | |
| £m | £m | |
| Directors’ emoluments | 5.2 | 5.1 |
| Employee costs during the year including Directors: | ||
| Wages and salaries | 256.2 | 253.4 |
| Social security costs | 31.1 | 30.7 |
| Pension costs | 10.1 | 10.2 |
| Total employee costs (note 11) | 297.4 | 294.3 |
| The monthly average number of employees (including Executive Directors) was: | ||
| Investment Executives | 300 | 289 |
| Marketing and support functions | 392 | 350 |
| Executive Directors | 3 | 3 |
| 695 | 642 |
ICG plc, the Company, does not have any employees but relies on the expertise and knowledge of employees of ICG FMC Limited, Intermediate Capital Group Inc., Intermediate Capital Group SAS, Intermediate Capital Asia Pacific Limited, ICG (Singapore) Pte Ltd, ICG Beratungsgesellschaft GmbH, ICG Europe S.a.r.l, Intermediate Capital Managers (Aus) PTY Ltd and Intermediate Capital Group Polska Sp. z.o.o, subsidiaries of ICG plc.
Contributions to the Group’s defined contribution pension schemes are charged to the consolidated income statement as incurred.
The performance-related element included in employee costs is £158.3m (2024: £171.9m) which represents the annual bonus scheme, Omnibus Scheme, the Growth Incentive Scheme and the DVB Scheme.
In addition, during the year, third-party funds have paid £40.4m (2024: £43.7m) to former employees and £115.7m (2024: £46.0m) to current employees, including Executive Directors, relating to carried interest distributions from investments in funds made by these employees in prior periods. Such amounts become due over time if, and when, specified performance targets are ultimately realised in cash by the funds and paid by the funds (see note 27). As these funds and CIPs are not consolidated, these amounts are not included in the Group’s consolidated income statement.
13. Tax expense
| Accounting policy The tax expense comprises current and deferred tax. Current tax assets and liabilities comprise those obligations to, or claims from, tax authorities relating to the current or prior reporting periods, that are unpaid at the reporting date. Deferred tax is provided in respect of temporary differences between the carrying amounts of assets and liabilities and their tax bases. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deferred tax assets can be utilised. Deferred tax is not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities in a transaction, other than a business combination, that affects neither the tax nor the accounting profit. Deferred tax assets and liabilities are calculated at the tax rates that are expected to be applied to their respective period of realisation, provided they are enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset when there is a legally enforceable right of set off, when they relate to income taxes levied by the same tax authority and the Group intends to settle on a net basis. Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statement, except where they relate to items that are charged or credited directly to equity, in which case the related deferred tax is also charged or credited directly to equity. |
| 2025 | 2024 | |
| £m | £m | |
| Current tax: | ||
| Current year | 108.0 | 86.0 |
| Prior year adjustment | (12.7) | 15.4 |
| 95.3 | 101.4 | |
| Deferred tax: | ||
| Current year | (21.6) | (28.1) |
| Prior year adjustments | 5.6 | (10.9) |
| (16.0) | (39.0) | |
| Tax on profit on ordinary activities | 79.3 | 62.4 |
The Group is an international business and operates across many different tax jurisdictions. Income and expenses are allocated to these jurisdictions based on transfer pricing methodologies set out both (i) in the laws of the jurisdictions in which the Group operates, and (ii) under guidelines set out by the Organisation for Economic Co-operation and Development (‘OECD’).
The effective tax rate reported by the Group for the period ended 31 March 2025 of 14.9% (2024: 11.7%) is lower than the statutory UK corporation tax rate of 25% (2024: 25%).
The FMC activities are subject to tax at the relevant statutory rates ruling in the jurisdictions in which the income is earned. The lower effective tax rate compared to the statutory UK rate is largely driven by the IC activities. The IC benefits from statutory UK tax exemptions on certain forms of income arising from both foreign dividend receipts and gains from assets qualifying for the substantial shareholdings exemption. The effect of these exemptions means that the effective tax rate of the Group is highly sensitive to the relative mix of IC income, and composition of such income, in any one period.
Due to the application of tax law requiring a degree of judgement, the accounting thereon involves a level of estimation uncertainty which tax authorities may ultimately dispute. Tax liabilities are recognised based on the best estimates of probable outcomes and with regard to external advice where appropriate. The principal factors which may influence the Group’s future tax rate are changes in tax legislation in the territories in which the Group operates, the relative mix of FMC and IC income, the mix of income and expenses earned and incurred by jurisdiction and the timing of recognition of available deferred tax assets and liabilities.
13. Tax expense continued
A reconciliation between the statutory UK corporation tax rate applied to the Group’s profit before tax and the reported effective tax rate is provided below.
| 2025 | 2024 | |
| £m | £m | |
| Profit on ordinary activities before tax | 530.5 | 530.8 |
| Tax at 25% (2024:25%) | 132.6 | 132.7 |
| Effects of | ||
| Prior year adjustment to current tax | (12.7) | 15.4 |
| Prior year adjustment to deferred tax | 5.6 | (10.9) |
| 125.5 | 137.2 | |
| Non-taxable and non-deductible items | 3.1 | 1.7 |
| Non-taxable investment company income | (38.1) | (59.9) |
| Trading income generated by overseas subsidiaries subject to different tax rates | (11.1) | (16.6) |
| FX adjustment | (0.1) | — |
| Tax charge for the period | 79.3 | 62.4 |
Deferred tax
| Deferred tax (asset)/liability | Investments | Share-based payments and compensation deductible as paid | Tax losses carried forward | Other temporary differences | Total |
| Group | £m | £m | £m | £m | £m |
| As at 31 March 2023 | 45.8 | (36.3) | (0.4) | 8.8 | 17.9 |
| Reclassification between categories | 2.7 | 1.7 | — | (4.4) | — |
| Reclassification of deferred tax liability out of discontinued operations | 14.0 | — | — | — | 14.0 |
| Prior year adjustment | (4.1) | — | (1.6) | (5.2) | (10.9) |
| Charge/(credit) to equity | 0.2 | (6.9) | — | (6.7) | |
| Charge/(credit) to income | (11.4) | (10.0) | (5.3) | (1.4) | (28.1) |
| As at 31 March 2024 | 47.2 | (51.5) | (7.3) | (2.4) | (14.0) |
| Prior year adjustment | 2.1 | — | 1.7 | 1.9 | 5.7 |
| Charge/(credit) to equity | (1.1) | 2.3 | — | 1.3 | |
| Charge/(credit) to income | (14.7) | 2.0 | (3.1) | (5.7) | (21.6) |
| Movement in foreign exchange on retranslation | (0.8) | — | 0.2 | 0.3 | (0.3) |
| As at 31 March 2025 | 32.7 | (47.1) | (8.5) | (5.9) | (28.9) |
After offsetting deferred tax assets and liabilities where appropriate within territories, the net deferred tax asset of £28.9m (FY24: £14.0m) comprises of deferred tax assets totalling £35.6m (FY24: £36.4m) and deferred tax liabilities totalling £6.7m (FY24: £22.4m).
As set out in the table above in column ‘Investments’, deferred tax liabilities at the start of the reporting period were solely due to investments held by the Group. During the period, investments were realised, reducing the deferred tax liability. The deferred tax assets held by the Group at the reporting date were substantially due to employee remuneration schemes in the UK and US.
The Group has undertaken a review of the level of recognition of deferred tax assets and is satisfied they are recoverable and therefore have been recognised in full. .
In December 2021, the Organisation for Economic Co-operation and Development (OECD) issued model rules for a new global minimum tax framework (Pillar Two), and various Governments around the world have issued, or are in the process of issuing, legislation relating to Pillar Two. This aims to address base erosion and profit shifting by introducing a global minimum tax rate (15%) and ensuring fair taxation for entities which are part of a multinational group of enterprises.
From 1 April 2024, the Group became subject to the global minimum top-up tax rate under Pillar Two legislation. There is no material amount of top-up tax recognised in respect of the Group’s operations for the period.
13. Tax expense continued
The Group has applied the mandatory IAS 12 temporary exemption from the recognition and disclosure of deferred taxes arising from implementation of the OECD’s Pillar Two model rules.
14. Dividends
| Accounting policy Dividends are distributions of profit to holders of Intermediate Capital Group plc’s share capital and as a result are recognised as a deduction in equity. Final dividends are announced with the Annual Report and Accounts and are recognised when they have been approved by shareholders. Interim dividends are announced with the Half Year Results and are recognised when they are paid. |
| 2025 | 2024 | |||
| Per share pence | £m | Per share pence | £m | |
| Ordinary dividends paid | ||||
| Final | 53.2 | 153.3 | 52.2 | 149.5 |
| Interim | 26.3 | 75.6 | 25.8 | 73.9 |
| 79.5 | 228.9 | 78.0 | 223.4 | |
| Proposed final dividend | 56.7 | 162.8 | 53.2 | 152.6 |
| Total dividend for the financial year ended 31 March | 83.0 | 238.4 | 79.0 | 226.5 |
Of the £228.9m (2024: £223.4m) of ordinary dividends paid during the year, £1.5m (2024: £1.8m) were reinvested under the dividend reinvestment plan offered to shareholders.
15. Earnings per share
| Year ended 31 March 2025 | Year ended 31 March 2024 | |
| Earnings | £m | £m |
| Earnings for the purposes of basic and diluted earnings per share being net profit attributable to equity holders of the Parent | ||
| Continuing operations | 451.2 | 467.4 |
| Discontinued operations | — | 6.0 |
| 451.2 | 473.4 | |
| Number of shares | ||
| Weighted average number of ordinary shares for the purposes of basic earnings per share | 287,221,959 | 286,123,236 |
| Effect of dilutive potential ordinary share options | 6,176,750 | 5,888,040 |
| Weighted average number of ordinary shares for the purposes of diluted earnings per share | 293,398,709 | 292,011,276 |
| Earnings per share for continuing operations | ||
| Basic, profit from continuing operations attributable to equity holders of the parent (pence) | 157.1p | 163.4p |
| Diluted, profit from continuing operations attributable to equity holders of the parent (pence) | 153.8p | 160.1p |
| Earnings per share for discontinued operations | ||
| Basic, profit from discontinued operations attributable to equity holders of the parent (pence) | — | 2.1p |
| Diluted, profit from discontinued operations attributable to equity holders of the parent (pence) | — | 2.0p |
16. Intangible assets
| Accounting policy Business combinations Business combinations are accounted for using the acquisition method. The acquisition method involves the recognition of all assets, liabilities and contingent liabilities of the acquired business at their fair value at the acquisition date. The excess of the fair value at the date of acquisition of the cost of investments in subsidiaries over the fair value of the net assets acquired which is not allocated to individual assets and liabilities is determined to be goodwill. Goodwill is reviewed at least annually for impairment. Computer software Research costs associated with computer software are expensed as they are incurred. Other expenditure incurred in developing computer software is capitalised only if all of the following criteria are demonstrated:
|
Impairment of non-financial assets and goodwill
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
| Computer software | Goodwill1 | Investment management contracts | Total | |||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Group | £m | £m | £m | £m | £m | £m | £m | £m |
| Cost | ||||||||
| At 1 April | 17.9 | 25.0 | 4.3 | 4.3 | 1.1 | 19.1 | 23.3 | 48.4 |
| Reclassified3 | (0.6) | (0.8) | — | — | — | — | (0.6) | (0.8) |
| Additions | 5.9 | 6.3 | — | — | — | — | 5.9 | 6.3 |
| Derecognised2 | — | (12.5) | — | — | — | (18.3) | — | (30.8) |
| Exchange differences | — | (0.1) | — | — | — | 0.3 | — | 0.2 |
| At 31 March | 23.2 | 17.9 | 4.3 | 4.3 | 1.1 | 1.1 | 28.6 | 23.3 |
| Amortisation | ||||||||
| At 1 April | 7.3 | 16.4 | — | — | 1.0 | 17.1 | 8.3 | 33.5 |
| Charge for the year | 4.6 | 3.4 | — | — | 0.1 | 2.2 | 4.7 | 5.6 |
| Derecognised2 | — | (12.5) | — | — | — | (18.3) | — | (30.8) |
| At 31 March | 11.9 | 7.3 | — | — | 1.1 | 1.0 | 13.0 | 8.3 |
| Net book value | 11.3 | 10.6 | 4.3 | 4.3 | — | 0.1 | 15.6 | 15.0 |
- Goodwill was acquired in the ICG-Longbow Real Estate Capital LLP business combination and represents a single cash generating unit. The recoverable amount of the real estate cash generating unit is based on fair value less costs to sell where the fair value equates to a multiple of adjusted net income, in line with the original consideration methodology. The significant headroom on the recoverable amount is not sensitive to any individual assumption.
- Investment management contracts and Computer Software derecognised represented fully amortised balances.
- During the year, assets previously classified as computer software were determined to relate to furniture and equipment (FY24: leasehold improvements). These assets were transferred at book value and there was no profit or loss arising on transfer.
During the financial year ended 31 March 2025, the Group recognised an expense of £0.4m (2024: £0.1m) in respect of research and development expenditure.
17. Property, plant and equipment
| Accounting policy The Group’s property, plant and equipment provide the infrastructure to enable the Group to operate. Assets are initially stated at cost, which includes expenditure associated with acquisition. The cost of the asset is recognised in the income statement as an amortisation charge on a straight-line basis over the estimated useful life, determined as three years for furniture and equipment and five years for short leasehold premises. Right of Use (‘ROU’) assets and associated leasehold improvements are amortised over the full contractual lease term. Group as a lessee Included within the Group’s property, plant and equipment are its ROU assets. ROU assets are the present value of the Group’s global leases and comprise all future lease payments, and all expenditure associated with acquiring the lease. The Group’s leases are primarily made up of its global offices. The Group has elected to capitalise initial costs associated with acquiring a lease before commencement as a ROU asset. The cost of the ROU asset is recognised in the income statement as an amortisation charge on a straight line basis over the life of the lease term. Short-term leases and leases of low value assets The Group applies the short-term lease recognition exemption to its short-term leases (those that have a lease term of 12 months or less from the commencement date which do not contain a purchase option). The Group also applies the recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as administrative expenses on a straight-line basis over the lease term. |
| Furniture and equipment | ROU asset | Leasehold improvements | Total | ||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||
| Group | £m | £m | £m | £m | £m | £m | £m | £m | |||
| Cost | |||||||||||
| At 1 April | 5.9 | 7.5 | 89.1 | 90.0 | 16.8 | 14.7 | 111.8 | 112.2 | |||
| Reclassified1 | 0.6 | — | — | — | — | 0.8 | 0.6 | 0.8 | |||
| Additions | 0.4 | 1.3 | 4.6 | 1.2 | 0.3 | 1.9 | 5.3 | 4.4 | |||
| Disposals | — | (2.9) | — | (1.2) | — | (0.6) | — | (4.7) | |||
| Exchange differences | (0.1) | — | (1.0) | (0.9) | (0.2) | — | (1.3) | (0.9) | |||
| At 31 March | 6.8 | 5.9 | 92.7 | 89.1 | 16.9 | 16.8 | 116.4 | 111.8 | |||
| Depreciation | |||||||||||
| At 1 April | 2.8 | 4.2 | 25.7 | 16.8 | 4.1 | 3.0 | 32.6 | 24.0 | |||
| Charge for the year | 2.2 | 1.7 | 9.3 | 9.2 | 1.6 | 1.5 | 13.1 | 12.4 | |||
| Disposals | — | (3.1) | — | (0.3) | — | (0.4) | — | (3.8) | |||
| At 31 March | 5.0 | 2.8 | 35.0 | 25.7 | 5.7 | 4.1 | 45.7 | 32.6 | |||
| Net book value | 1.8 | 3.1 | 57.7 | 63.4 | 11.2 | 12.7 | 70.7 | 79.2 | |||
During the year, assets previously classified as computer software were determined to relate to furniture and equipment (FY24: leasehold improvements). These assets were transferred at book value and there was no profit or loss arising on transfer.
Group as Lessor
| Accounting policy Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease term and is included in other income in the consolidated income statement due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and amortised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned. The Group has entered into sub-lease agreements of certain office buildings (see Note 17 above). These leases have terms of between two and five years. Rental income recognised by the Group during the year was £0.4m (2024: £0.4m). Future minimum rentals receivable under non-cancellable operating leases as at 31 March are as follows: |
| 2025 | 2024 | |
| Group | £m | £m |
| Within one year | 0.4 | 0.4 |
| After one year but not more than five years | — | 0.4 |
| At 31 March | 0.4 | 0.8 |
18. Investment property
| Accounting policy The Group holds investment property for the development of the Group’s long-term real assets strategy. Properties are being held with a purpose to earn rental income and/or for capital appreciation and are not occupied by the Group. IAS 40 Investment Property requires that the property be measured initially at cost, including transaction costs, and subsequently measured at fair value. Gains or losses from changes in the fair values of investment properties are included in the profit or loss in the period in which they arise. The fair value of the investment properties (Level 3) has been recorded based on independent valuations prepared by Jones Lang LaSalle (JLL), Kroll and Pacific Appraisal Co. Ltd., third-party real estate valuation specialists in line with the Royal Institution of Chartered Surveyors Valuation – Global Standards 2020. A market and income approach was performed to estimate the fair value of the Group’s investments. These valuation techniques can be subjective and include assumptions which are not supportable by observable data. Details of the valuation techniques and the associated sensitivities are further disclosed in note 5. |
| 2025 | 2024 | |
| Group | £m | £m |
| Investment property at fair value | ||
| At 1 April | 82.7 | 0.8 |
| Additions | 59.9 | 51.9 |
| Disposals | (33.1) | — |
| Reclassified1 | — | 54.5 |
| Fair value gain / (loss) | 12.8 | (24.5) |
| At 31 March | 122.3 | 82.7 |
- Prior to the financial year end, the Group reclassified £nil (2024: £54.5m) of disposal groups held for sale to investment property.
The gains arising from investment properties carried at fair value is £12.8m (2024: loss £24.5m).
The Group has no restrictions on the realisability of its investment properties and no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance and enhancements.
19. Trade and other receivables
| Accounting policy Trade and other receivables represent amounts the Group is due to receive in the normal course of business and are held at amortised cost. Trade and other receivables excluding those held in structured entities controlled by the Group include performance and management fees, which are considered contract assets under IFRS 15 and will only be received after realisation of the underlying assets, see note 3 and note 29. Trade and other receivables within structured entities controlled by the Group relate principally to unsettled trades on the sale of financial assets. Amounts owed by Group companies are repayable on demand. To the extent that amounts are owed by Group companies engaged in investment activities the Company has assessed these receivables as non-current, reflecting the illiquidity of the underlying investments. Trade and other receivables from Group entities are considered related party transactions as stated in note 26. The carrying value of trade and other receivables reported within current assets approximates fair value as these are short-term and do not contain any significant financing components. The carrying value of trade and other receivables reported within non-current assets approximates fair value as these do not contain any significant financing components. The Company has adopted the simplified approach to measuring the loss allowance as lifetime Expected Credit Loss (‘ECL’), as permitted under IFRS 9. The ECL of trade and other receivables arising from transactions with Group entities or its affiliates are expected to be nil or close to nil. The assets do not contain any significant financing components, therefore the simplified approach is deemed most appropriate. |
| 2025 | 2024 | |
| £m | £m | |
| Trade and other receivables within structured entities controlled by the Group | 181.8 | 107.6 |
| Trade and other receivables excluding those held in structured entities controlled by the Group | 250.4 | 240.2 |
| Prepayments | 10.6 | 41.8 |
| Total current assets | 442.8 | 389.6 |
| Non-current assets | ||
| Trade and other receivables excluding those held in structured entities controlled by the Group | 29.3 | 36.1 |
| Total non-current assets | 29.3 | 36.1 |
19. Trade and other receivables continued
Current trade and other receivables excluding those held in structured entities controlled by the group includes £136.5m of management fees receivable (2024: £131.3m) and £79.1m of performance fees receivable (2024: £72.6m).
Non-current trade and other receivables excluding those held in structured entities controlled by the Group comprises performance-related fees (see note 3).
20. Trade and other payables
| Accounting policy Trade and other payables within structured entities controlled by the Group relate principally to unsettled trades on the purchase of financial assets within structured entities controlled by the Group. Trade and other payables excluding those held in structured entities controlled by the Group are held at amortised cost and represent amounts the Group is due to pay in the normal course of business. Amounts owed to Group companies are repayable on demand. The carrying value of trade and other payables approximates fair value as these are short term and do not contain any significant financing components. Trade and other payables from Group entities are considered related party transactions as stated in note 26. Key sources of estimation uncertainty on trade and other payables excluding structured entities controlled by the Group. Payables related to the DVB scheme are key estimates based on the inputs described in note 12. The sensitivity of the DVB to a 10% increase in the fair value of the underlying investments is an increase of £9.8m (2024: £13.1m) and to a decrease of 10% is a decrease of £9.7m (2023: £13.1m). |
| 2025 | 2024 | |
| £m | £m | |
| Trade and other payables within structured entities controlled by the Group | 340.4 | 316.3 |
| Trade and other payables excluding those held in structured entities controlled by the Group | 214.1 | 209.6 |
| Amounts owed to Group companies | — | — |
| Social security tax | 4.8 | 3.3 |
| Total current trade and other payables | 559.3 | 529.2 |
| Non-current liabilities | ||
| Trade and other payables excluding those held in structured entities controlled by the Group | 50.3 | 66.0 |
| Total non-current trade and other payables | 50.3 | 66.0 |
Current trade and other payables excluding those held in structured entities controlled by the Group includes £88.7m (2024: £78.0m) in respect of other compensation costs and £71.3m (2024: £65.3m) in respect of DVB, (see note 12) and non-current Trade and other payables excluding those held in structured entities controlled by the Group is entirely comprised of amounts payable in respect of DVB (2024: all DVB).
21. Financial risk management
The Group has identified financial risk, comprising market and liquidity risk, as a principal risk. Further details are set out on page 21. The Group has exposure to market risk (including exposure to interest rates and foreign currency), and liquidity risk arising from financial instruments.
Interest rate risk
The Group’s assets include both fixed and floating rate loans.
The Group’s operations are financed with a combination of its shareholders’ funds, bank borrowings, private placement notes, public bonds, and fixed and floating rate notes. The Group manages its exposure to market interest rate movements by matching, to the extent possible, the interest rate profiles of assets and liabilities and by using derivative financial instruments.
21. Financial risk management continued
The sensitivity of floating rate financial assets to a 100 basis points interest rate increase is £58.0m (2024: £56.0m) and to a decrease is £(58.0)m (2024: £(56.0)m). The sensitivity of financial liabilities to a 100 basis point interest rate increase is £49.3m (2024: £46.9m) and to a decrease is £(49.3)m (2024: £(46.9)m). These amounts would be reported within Net gains on investments. There is an indirect exposure to interest rate risk through the impact on the performance of the portfolio companies of the funds that the Group has invested in, and therefore the fair valuations.
Exposure to interest rate risk
| 2025 | 2024 | |||||
| Floating | Fixed | Total | Floating | Fixed | Total | |
| Group | £m | £m | £m | £m | £m | £m |
| Financial assets (excluding investments in loans held in consolidated entities) | 1,065.7 | 3,092.0 | 4,157.7 | 839.5 | 3,023.4 | 3,862.9 |
| Investments in loans held in consolidated entities | 4,730.6 | 245.8 | 4,976.4 | 4,762.4 | 319.9 | 5,082.3 |
| Financial liabilities (excluding borrowings and loans held in consolidated entities) | — | (1,786.4) | (1,786.4) | — | (1,734.6) | (1,734.6) |
| Borrowings and loans held in consolidated entities | (4,928.9) | (136.6) | (5,065.5) | (4,688.9) | (391.2) | (5,080.1) |
| 867.4 | 1,414.8 | 2,282.2 | 913.0 | 1,217.5 | 2,130.5 | |
Foreign exchange risk
The Group is exposed to currency risk in relation to non-sterling currency transactions and the translation of non-sterling net assets. The Group’s most significant exposures are to the euro and the US dollar. Exposure to currency risk is managed by matching assets with liabilities to the extent possible and through the use of derivative instruments.
The Group regards its interest in overseas subsidiaries as long-term investments. Consequently, it does not hedge the translation effect of exchange rate movements on the financial statements of these businesses.
The Group is also exposed to currency risk arising on the translation of fund management fee income receipts, which are primarily denominated in euro and US dollar.
The effect of fluctuations in other currencies is considered by the Directors to be insignificant in the current and prior year. The net assets/(liabilities) by currency and the sensitivity of the balances to a strengthening of foreign currencies against sterling are shown below:
| Market risk - Foreign exchange risk | 2025 | ||||
| Net statement of financial Position exposure | Forward exchange contracts | Net exposure | Sensitivity to strengthening | Increase in net assets | |
| £m | £m | £m | % | £m | |
| Sterling | 482.2 | 1,503.3 | 1,985.5 | — | — |
| Euro | 918.1 | (688.5) | 229.6 | 15% | 34.4 |
| US dollar | 820.5 | (484.3) | 336.2 | 20% | 67.2 |
| Other currencies | 258.1 | (312.6) | (54.5) | 10-25% | — |
| 2,478.9 | 17.9 | 2,496.8 | 101.6 | ||
| Market risk - Foreign exchange risk | 2024 | ||||
| Net statement of financial Position exposure | Forward exchange contracts | Net exposure | Sensitivity to strengthening | Increase in net assets | |
| £m | £m | £m | % | £m | |
| Sterling | 401.7 | 1,121.1 | 1,522.8 | — | — |
| Euro | 804.0 | (450.7) | 353.3 | 15% | 53.0 |
| US dollar | 710.3 | (492.1) | 218.2 | 20% | 43.6 |
| Other currencies | 206.7 | (178.2) | 28.5 | 10-25% | — |
| 2,122.7 | 0.1 | 2,122.8 | 96.6 | ||
The weakening of the above currencies would have resulted in an equal but opposite impact, being a decrease in net assets.
21. Financial risk management continued
Liquidity risk
The Group makes commitments to its managed funds in advance of that capital being invested. These commitments are typically drawn over a five-year investment period (see note 25 for outstanding commitments). Funds typically have a 10-year contractual life. The Group manages its liquidity risk by maintaining headroom on its financing facilities.
The table below shows the liquidity profile of the Group’s financial liabilities, based on contractual repayment dates of principal and interest payments. Future interest and principal cash flows have been calculated based on exchange rates and floating rate interest rates as at 31 March 2025. It is assumed that Group borrowings under its senior debt facilities remain at the same level as at 31 March 2025 until contractual maturity. All financial liabilities, excluding structured entities controlled by the Group, are held by the Company.
Liquidity profile
| Contractual maturity analysis | |||||
| Less than one year | One to two years | Two to five years | More than five years | Total | |
| As at 31 March 2025 | £m | £m | £m | £m | £m |
| Financial liabilities | |||||
| Private placements | 190.2 | 73.8 | 107.1 | 0.0 | 371.1 |
| Listed notes and bonds | 17.3 | 435.9 | 450.0 | 0.0 | 903.2 |
| Debt issued by controlled structured entities | 604.5 | 610.0 | 1,003.9 | 4,864.3 | 7,082.7 |
| Derivative financial instruments | 19.6 | — | — | 0.0 | 19.6 |
| Lease liabilities | 9.8 | 9.7 | 27.6 | 24.8 | 71.9 |
| Other financial liabilities | 2.7 | 28.9 | 28.8 | — | 60.4 |
| 844.1 | 1,158.3 | 1,617.4 | 4,889.1 | 8,508.9 | |
As at 31 March 2025 the Group has liquidity of £1,154.8m (2024: £1,177.4m) which consists of undrawn debt facility of £550m (2024: £550m) and £604.8m (2024: £627.4m) of unencumbered cash. Unencumbered cash excludes £255.4m (2024: £362.6m) of restricted cash held principally by structured entities controlled by the Group.
| Contractual maturity analysis | |||||
| Less than one year | One to two years | Two to five years | More than five years | Total | |
| As at 31 March 2024 | £m | £m | £m | £m | £m |
| Financial liabilities | |||||
| Private placements | 267.0 | 194.7 | 185.2 | 0.0 | 646.9 |
| Listed notes and bonds | 17.6 | 17.6 | 466.5 | 438.1 | 939.8 |
| Debt issued by controlled structured entities | 576.8 | 262.6 | 2,065.3 | 4,362.8 | 7,267.5 |
| Derivative financial instruments | 0.9 | (4.8) | — | 0.0 | (3.9) |
| Lease liabilities | 10.8 | 10.4 | 30.1 | 34.6 | 85.9 |
| Other financial liabilities | 9.2 | 1.4 | 23.2 | — | 33.8 |
| 882.3 | 481.9 | 2,770.3 | 4,835.5 | 8,970.0 | |
The Group’s policy is to maintain continuity of funding. Due to the long-term nature of the Group’s assets, the Group seeks to ensure that the maturity of its debt instruments is matched to the expected maturity of its assets.
Credit risk
Credit risk is the risk of financial loss to the Group as a result of a counterparty failing to meet its contractual obligations. This risk is principally in connection with the Group’s investments.
This risk is mitigated by the disciplined credit procedures that the relevant Fund Investment Committees have in place prior to making an investment and the ongoing monitoring of investments throughout the ownership period. In addition, the risk of significant credit loss is further mitigated by the Group’s diversified investment portfolio in terms of geography and industry sector. The Group is exposed to credit risk through its financial assets (see note 5) and investment in associates and joint ventures reported at fair value.
The Group manages its operational cash balance by the regular forecasting of cash flow requirements, debt management and cash pooling arrangements. Credit risk exposure on cash and derivative instruments is managed in accordance with the Group’s treasury policy which provides limits on exposures with any single financial institution. The majority of the Group’s surplus cash is held in AAA rated Money Market funds. Other credit exposures arise from outstanding derivatives with financial institutions rated from A- to A+.
21. Financial risk management continued
The Group is exposed to credit risk as a result of financing guarantees provided. The maximum exposure to guarantees is £4.3m (2024: £7.3m). No liability has been recognised in respect of these guarantees.
The Directors consider the Group’s credit risk exposure to cash balances and trade and other receivables to be low and as such no further analysis has been presented.
Capital management
Managing capital is the ongoing process of determining and maintaining the quantity and quality of capital appropriate for the Group and ensuring capital is deployed in a manner consistent with the expectations of our stakeholders. The primary objectives of the Group’s capital management are (i) align the Group’s interests with its clients, (ii) grow third-party fee income in the FMC and (iii) maintain robust capitalisation, including ensuring that the Group complies with externally imposed capital requirements by the Financial Conduct Authority (the FCA). The Group’s strategy has remained unchanged from the year ended 31 March 2025.
(i) Regulatory capital requirements
The Group is required to hold capital resources to cover its regulatory capital requirements and has complied with these requirements throughout the year. The Group’s capital for regulatory purposes comprises the capital and reserves of the Company, comprising called up share capital, reserves and retained earnings as disclosed in the Statement of Changes in Equity (see page 32). The full Pillar 3 disclosures are available on the Group’s website: www.icgam.com.
(ii) Capital and risk management policies
The formal procedures for identifying and assessing risks that could affect the capital position of the Group are described in the Strategic Report. The capital structure of the Group under UK-adopted IAS consists of cash and cash equivalents, £860.2m (2024: £990.0m) (see note 6); debt, which includes borrowings, £1,175.9m, (2024: £1,447.4m) (see note 7) and the capital and reserves of the Company, comprising called up share capital, reserves and retained earnings as disclosed in the Statement of Changes in Equity, £1,589.7m (2024: £896.5m). Details of the Reportable segment capital structure are set out in note 4.
22. Called up share capital and share premium
Share capital represents the number of issued ordinary shares in Intermediate Capital Group plc multiplied by their nominal value of 26¼p each.
Under the Company’s Articles of Association, any share in the Company may be issued with such rights or restrictions, whether in regard to dividend, voting, transfer, return of capital or otherwise as the Company may from time to time by ordinary resolution determine or, in the absence of any such determination, as the Board may determine. All shares currently in issue are ordinary shares of 26¼p each carrying equal rights. The Articles of Association of the Company cannot be amended without shareholder approval.
The Directors may refuse to register any transfer of any share which is not a fully paid share, although such discretion may not be exercised in a way which the Financial Conduct Authority regards as preventing dealings in the shares of the relevant class or classes from taking place on an open and proper basis. The Directors may likewise refuse to register any transfer of a share in favour of more than four persons jointly.
The Company is not aware of any other restrictions on the transfer of ordinary shares in the Company other than:
- Certain restrictions that may from time to time be imposed by laws and regulations (for example, insider trading laws or the UK Takeover Code)
- Pursuant to the Listing Rules of the Financial Conduct Authority whereby certain employees of the Company require approval of the Company to deal in the Company’s shares
The Company has the authority limited by shareholder resolution to issue, buy back, or cancel ordinary shares in issue (including those held in trust, described below). New shares are issued when share options are exercised by employees. The Company has 294,370,225 authorised shares (2024: 294,365,326).
22. Called up share capital and share premium continued
| Number of ordinary shares of 26¼p allotted, called up and fully paid | Share Capital £m | Share Premium £m | |
| 1 April 2024 | 294,365,326 | 77.3 | 181.3 |
| Shares issued | 4,899 | 0.0 | 0.0 |
| 31 March 2025 | 294,370,225 | 77.3 | 181.3 |
| Number of ordinary shares of 26¼p allotted, called up and fully paid | Share Capital £m | Share Premium £m | |
| 1 April 2023 | 294,332,182 | 77.3 | 180.9 |
| Shares issued | 33,144 | 0.0 | 0.4 |
| 31 March 2024 | 294,365,326 | 77.3 | 181.3 |
23. Own shares reserve
| Accounting policy Own shares are recorded by the Group when ordinary shares are purchased in the market by ICG plc or through the ICG Employee Benefit Trust 2015 (‘EBT’). The EBT is a special purpose vehicle, with the purpose of purchasing and holding shares of the Company for the hedging of future liabilities arising as a result of the employee share-based compensation schemes (see note 24), in a way that does not dilute the percentage holdings of existing shareholders. Own shares are held at cost and their purchase reduces the Group’s net assets by the amount spent. When shares vest or are cancelled, they are transferred from own shares to the retained earnings reserve at their weighted average cost. No gain or loss is recognised on the purchase, sale, issue or cancellation of the Company’s own shares. |
The movement in the year is as follows:
| 2025 | 2024 | 2025 | 2024 | |
| £m | £m | Number | Number | |
| 1 April | 79.2 | 103.4 | 7,666,863 | 9,249,895 |
| Purchased (ordinary shares of 26¼p) | 42.4 | — | 2,000,000 | — |
| Options/awards exercised | (17.7) | (24.2) | (1,680,975) | (1,583,032) |
| As at 31 March | 103.9 | 79.2 | 7,985,888 | 7,666,863 |
Of the total own shares held by the Group at 31 March 2025, 3,733,333 shares were held by the Company (2024: 3,733,333).
The number of shares held by the Group at the balance sheet date represented 2.7% (2024: 2.6%) of the Parent Company’s allotted, called up and fully paid share capital.
24. Share-based payments
| Accounting policy The Group issues compensation to its employees under both equity-settled and cash-settled share-based payment plans. Equity-settled share-based payments are measured at the fair value of the awards at grant date. The fair value includes the effect of non-market-based vesting conditions. The fair value determined at the date of grant is expensed on a straight-line basis over the vesting period. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest as a result of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the income statement with a corresponding adjustment to equity. |
The total charge to the income statement for the year was £45.6m (2024: £43.9m) and this was credited to the share-based payments reserve. Details of the different types of awards are as follows:
24. Share-based payments continued
Intermediate Capital Group plc Omnibus Plan
The Omnibus Plan provides for three different award types: Deferred Share Awards, PLC Equity Awards and Special Recognition Awards.
Deferred Share Awards
Awards are made after the end of the financial year (and in a small number of cases during the year) to reward employees for delivering cash profits, managing the cost base, and employing sound risk and business management. These share awards typically vest one-third at the end of the first, second and third years following the year of grant, unless the individual leaves for cause or to join a competitor. Dividend equivalents accrue to participants during the vesting period and are paid at the vesting date. Awards are based on performance against the individual’s objectives. There are no further performance conditions.
PLC Equity Awards
Awards are made after the end of the financial year to reward employees, including Executive Directors, for increasing long-term shareholder value. These share awards typically vest one-third at the end of the third, fourth and fifth years following the year of grant, unless the individual leaves for cause or to join a competitor. Dividend equivalents accrue to participants during the vesting period and are paid at the vesting date. Awards are based on performance against the individual’s objectives. There are no further performance conditions.
Special Recognition Awards
Awards are made after the end of the financial year to reward employees for delivering cash profits, managing the cost base, and employing sound risk and business management. These share awards vest at the end of the first year following the year of grant, unless the individual leaves for cause or to join a competitor. Dividend equivalents accrue to participants during the vesting period and are paid at the vesting date. Awards are based on performance against the individual’s objectives. There are no further performance conditions.
Share awards outstanding under the Omnibus Plan were as follows:
| Deferred share awards | Number | Weighted average fair value | ||
| 2025 | 2024 | 2025 | 2024 | |
| Outstanding at 1 April | 3,804,026 | 2,964,516 | 14.4 | 15.8 |
| Granted | 1,141,054 | 2,316,207 | 23.1 | 13.4 |
| Vested | (1,700,638) | (1,476,697) | 15.3 | 15.6 |
| Outstanding as at 31 March | 3,244,442 | 3,804,026 | 17.0 | 14.4 |
| Number | Weighted average fair value | |||
| PLC Equity awards | 2025 | 2024 | 2025 | 2024 |
| Outstanding at 1 April | 2,614,058 | 2,142,252 | 14.7 | 12.2 |
| Granted | 839,597 | 982,261 | 23.1 | 13.4 |
| Vested | (461,313) | (510,455) | 14.9 | 12.2 |
| Outstanding as at 31 March | 2,992,342 | 2,614,058 | 17.0 | 14.7 |
| Number | Weighted average fair value | |||
| Special Recognition Awards | 2025 | 2024 | 2025 | 2024 |
| Outstanding as at 1 April | — | 46,154 | — | 14.3 |
| Granted | — | — | — | — |
| Vesting | — | (46,154) | — | 14.3 |
| Outstanding as at 31 March | — | — | — | — |
The fair values of awards granted under the ICG plc Omnibus Plan are determined by the average share price for the five business days prior to grant.
Intermediate Capital Group plc Buy Out Awards
Buy Out Awards are shares awarded to new employees in lieu of prior awards forfeited. These share awards shall vest or be forfeited according to the schedule and terms of the forfeited awards, and any performance conditions detailed in the individual’s employment contract. Buy Out Awards consist of equity-settled and cash-settled awards. Buy Out Awards outstanding were as follows:
24. Share-based payments continued
| Number | Weighted average fair value | |||
| Buy Out Awards | 2025 | 2024 | 2025 | 2024 |
| Outstanding as at 1 April | 809,303 | 1,097,088 | 13.4 | 13.0 |
| Granted | 110,225 | 180,336 | 21.5 | 14.5 |
| Vesting | (474,082) | (468,121) | 15.0 | 13.6 |
| Outstanding as at 31 March | 445,446 | 809,303 | 13.7 | 13.4 |
The fair values of the Buy Out Awards granted are determined by the average share price for the five business days prior to grant.
Save As You Earn
The Group offers a Sharesave Scheme (‘SAYE’) to its UK employees. Options are granted at a 20% discount to the prevailing market price at the date of issue. Options to this equity-settled scheme are exercisable at the end of a three-year savings contract. Participants are not entitled to dividends prior to the exercise of the options. The maximum amount that can be saved by a participant in this way is £6,000 in any tax year.
Fair value is measured using the Black–Scholes valuation model, which considers the current share price of the Group, the risk-free interest rate and the expected volatility of the share price over the life of the award. The expected volatility was calculated by analysing three years of historic share price data of the Group.
The total amount to be expensed over the vesting period is determined by reference to the fair value of the share awards and options at grant date, which is remeasured at each reporting date. The total amount to be expensed during the year is £258,610 (2024: £169,587).
| Save As You Earn | Number | Weighted average fair value | ||
| 2025 | 2024 | 2025 | 2024 | |
| Outstanding as at 1 April | 222,121 | 103,818 | 4.3 | 5.0 |
| Granted | — | 197,452 | — | 4.0 |
| Vesting | (19,990) | (32,851) | 5.9 | 3.3 |
| Forfeited | (22,049) | (46,298) | 4.5 | 5.5 |
| Outstanding as at 31 March | 180,082 | 222,121 | 4.0 | 4.3 |
Growth Incentive Award
The Growth Incentive Award ('GIA’) is a market-value share option. Grants of options are made following the end of the financial year to reward employees for performance and to enhance alignment of interests. The GIA is a right to acquire shares during the exercise period (seven years following the vesting date) for a price equal to the market value of those shares on the grant date. These options vest at the end of the third year following the year of grant, unless the individual leaves for cause or to join a competitor. Awards are based on performance against the individual’s objectives.
| Growth Incentive Award | Number | Weighted average fair value | ||
| 2025 | 2024 | 2025 | 2024 | |
| Outstanding as at 1 April | 411,000 | 463,000 | — | 3.13 |
| Granted | — | — | — | — |
| Vesting | — | — | — | — |
| Forfeited | (22,000) | (52,000) | 3.13 | 3.13 |
| Outstanding as at 31 March | 389,000 | 411,000 | 3.13 | 3.13 |
25. Financial commitments
As described in the Strategic Report, the Group invests balance sheet capital alongside the funds it manages to grow the business and create long-term shareholder value. Commitments are made at the time of a fund’s launch and are drawn down with the fund as it invests (typically over five years). Commitments may increase where distributions made are recallable. Commitments are irrevocable. At the balance sheet date the Group had undrawn commitments, which can be called on over the commitment period, as follows:
| 2025 | 2024 | |
| £m | £m | |
| ICG Europe Fund V | 23.7 | 24.2 |
| ICG Europe Fund VI | 77.7 | 79.8 |
| ICG Europe Fund VII | 100.5 | 105.2 |
| ICG Europe Fund VIII | 45.2 | 192.4 |
| ICG Europe Fund IX | 147.9 | — |
| ICG Mid-Market Fund | 12.6 | 14.3 |
| ICG Mid-Market Fund II | 40.4 | 64.1 |
| Intermediate Capital Asia Pacific Fund III | 59.3 | 60.7 |
| ICG Asia Pacific Fund IV | 35.6 | 52.3 |
| ICG Strategic Secondaries Fund II | 34.3 | 32.1 |
| ICG Strategic Equity Fund III | 80.6 | 95.9 |
| ICG Strategic Equity Fund IV | 38.0 | 35.6 |
| ICG Strategic Equity Fund V | 62.5 | 79.2 |
| ICG Recovery Fund II | 21.3 | 40.8 |
| LP Secondaries | 29.9 | 20.8 |
| ICG Senior Debt Partners II | 3.8 | 4.0 |
| ICG Senior Debt Partners III | 4.8 | 5.1 |
| ICG Senior Debt Partners IV | 5.0 | 6.7 |
| Senior Debt Partners V | 27.1 | 26.6 |
| Senior Debt Partners NYCERS | 4.4 | 1.6 |
| ICG North American Private Debt Fund | 26.3 | 26.9 |
| ICG North American Private Debt Fund II | 20.9 | 24.6 |
| ICG North American Credit Partners III | 69.2 | 79.2 |
| ICG-Longbow UK Real Estate Debt Investments V | 0.2 | 0.2 |
| ICG-Longbow UK Real Estate Debt Investments VI | 5.5 | 12.4 |
| ICG-Longbow Development Fund | 14.0 | 6.8 |
| ICG Infrastructure Equity Fund I | 52.2 | 31.7 |
| ICG Infrastructure Equity Fund II | 102.3 | 10.1 |
| ICG Living | 20.9 | 20.9 |
| ICG Private Markets Pooling - Sale & Leaseback | 16.6 | 18.4 |
| ICG Sale & Leaseback II | 16.7 | 16.5 |
| ICG Metropolitan 2 | 27.7 | 36.8 |
| Multistrat SMAs | 1.9 | — |
| 1,229.0 | 1,225.9 |
26. Related party transactions
Subsidiaries
The Group is not deemed to be controlled or jointly controlled by any party directly or through intermediaries. The Group consists of the Parent Company, Intermediate Capital Group plc, incorporated in the UK, and its subsidiaries listed in note 27. All entities meeting the definition of a controlled entity as set out in IFRS 10 are consolidated within the results of the Group. All transactions between the Parent Company and its subsidiary undertakings are classified as related party transactions for the Parent Company financial statements and are eliminated on consolidation. Significant transactions with subsidiary undertakings relate to dividends received, the aggregate amount received during the year is £909.4 m (2024: £240.0m) and recharge of costs to a subsidiary of £97.9m (2024: £93.2m)
26. Related party transactions continued
Associates and joint ventures
An associate is an entity over which the Group has significant influence, but not control, over the financial and operating policy decisions of the entity. As the investments in associates are held for venture capital purposes they are designated at fair value through profit or loss. A joint venture is an arrangement whereby the parties have joint control over the arrangements, see note 28. Where the investment is held for venture capital purposes they are designated as fair value through profit or loss. These entities are related parties and the significant transactions with associates and joint ventures are as follows:
| 2025 | 2024 | |
| £m | £m | |
| Income statement | ||
| Net gains/(losses) on investments | (18.4) | 84.5 |
| (18.4) | 84.5 |
| 2025 | 2024 | |
| £m | £m | |
| Statement of financial position | ||
| Trade and other receivables | 47.5 | 179.2 |
| Trade and other payables | (11.7) | (155.0) |
| 35.8 | 24.2 |
Unconsolidated structured entities
The Group has determined that, where the Group holds an investment, loan, fee receivable, guarantee or commitment with an investment fund, carried interest partnership or CLO, this represents an interest in a structured entity in accordance with IFRS 12 Disclosure of Interest in Other Entities (see note 29). The Group provides investment management services and receives management fees (including performance-related fees) and dividend income from these structured entities, which are related parties. Amounts receivable and payable from these structured entities arising in the normal course of business remain outstanding. At 31 March 2025, the Group’s interest in and exposure to unconsolidated structured entities are as follows:
| 2025 | 2024 | |
| £m | £m | |
| Income statement | ||
| Management fees | 580.6 | 502.5 |
| Performance fees | 87.4 | 75.7 |
| 668.0 | 578.2 | |
| 2025 | 2024 | |
| £m | £m | |
| Statement of financial position | ||
| Performance fees receivable | 108.4 | 83.7 |
| Trade and other receivables | 406.3 | 848.1 |
| Trade and other payables | (491.8) | (807.4) |
| 22.9 | 124.4 |
26. Related party transactions continued
Key management personnel
Key management personnel are defined as the Executive Directors. The Executive Directors of the Group are Benoît Durteste, David Bicarregui and Antje Hensel-Roth.
The compensation of key management personnel during the year was as follows:
| 2025 | 2024 | |
| £m | £m | |
| Short-term employee benefits | 3.9 | 3.7 |
| Post-employment benefits | 0.3 | 0.2 |
| Other long-term benefits | — | 0.2 |
| Share-based payment benefits | 6.8 | 6.9 |
| 11.0 | 11.0 |
Fees paid to Non-Executive Directors were as follows:
| 2025 | 2024 | |
| £000 | £000 | |
| William Rucker | 400.0 | 375.0 |
| Andrew Sykes | 145.0 | 120.0 |
| Rosemary Leith | 134.5 | 134.5 |
| Matthew Lester | 120.5 | 120.5 |
| Virginia Holmes | 120.5 | 120.5 |
| Stephen Welton | 90.5 | 90.5 |
| Amy Schioldager | 125.0 | 125.0 |
| Rusty Nelligan | — | 104.5 |
| Sonia Baxendale | 104.5 | — |
The remuneration of Directors and key executives and Non-Executive Directors is determined by the Remuneration Committee having regard to the performance of individuals and market rates.
27. Subsidiaries
| Accounting policy Investment in subsidiaries The Group consists of the Parent Company, Intermediate Capital Group plc, and its subsidiaries, described collectively herein as ‘ICG’ or the ‘Group’. Investments in subsidiaries in the Parent Company statement of financial position are recorded at cost less provision for impairments or at fair value through profit or loss. Key accounting judgement A key judgement for the Group is whether the Group controls an investee or fund and is required to consolidate the investee or fund into the results of the Group. Control is determined by the Directors’ assessment of decision making authority, rights held by other parties, remuneration and exposure to returns. When assessing whether the Group controls any fund it manages (or any entity associated with a fund) it is necessary to determine whether the Group acts in the capacity of principal or agent for the third-party investor. An agent is a party primarily engaged to act on behalf and for the benefit of another party or parties, whereas a principal is primarily engaged to act for its own benefit. A key judgement when determining that the Group acts in the capacity of principal or agent is the kick-out rights of the third-party fund investors. We have reviewed these kick-out rights, across each of the entities where the Group has an interest. Where fund investors have substantive rights to remove the Group as the investment manager it has been concluded that the Group is an agent to the fund and thus the fund does not require consolidation into the Group. We consider if the Group has significant influence over these entities and, where we conclude it does, we recognise them as associates. Where the conclusion is that the Group acts in the capacity of principal the fund has been consolidated into the Group’s results. Where the Group has Trust entities in investment deals or fund structures, a key judgement is whether the Trust is acting on behalf of the Group or another third party. Where the Trust is considered to act as an agent of the Group, the Trust and its related subsidiaries have been consolidated into the Group. As a fund manager the Group participates in carried interest arrangements, the participants of which are the Group, certain of the Group’s employees and others connected to the underlying fund. In the majority of the Group’s funds, the Group holds its carried interest directly in the fund. In a minority of funds, carried interest arrangements are facilitated through carried interest partnerships (CIPs) where the Group is a participant. These vehicles have two purposes: 1) to facilitate payments of carried interest from the fund to carried interest participants, and 2) to facilitate individual co-investment into the funds. The Directors have undertaken a control assessment of the CIPs and other entities as set out above, and have also considered whether the individual carried interest participants were providing a service for the benefit of the Group. The Directors have assessed that two CIPs are controlled, and they are included within the list of controlled structured entities. |
The Group consists of a Parent Company, Intermediate Capital Group plc, incorporated in the UK, and a number of subsidiaries held directly or indirectly by ICG plc, which operate and are incorporated around the world. The subsidiary undertakings of the Group are shown below. All are wholly owned, and the Group’s holding is in the ordinary share class, except where stated. The Companies Act 2006 requires disclosure of certain information about the Group’s related undertakings. Related undertakings are subsidiaries, joint ventures and associates.
The registered office of all related undertakings at 31 March 2025 was Procession House, 55 Ludgate Hill, New Bridge Street, London EC4M 7JW, unless otherwise stated.
The financial year end of all related undertakings is 31 March, unless otherwise stated.
All subsidiaries are consolidated as at 31 March.
27. Subsidiaries continued
Directly held subsidiaries
| Name | Ref1 | Country of incorporation | Principal activity | Share class | % Voting rights held |
| ICG LTD (formerly ICG Asset Management Ltd) | United Kingdom | Holding company | Ordinary shares | 100% | |
| ICG FMC Limited | England & Wales | Holding company | Ordinary shares | 100% | |
| Intermediate Capital Investments Limited | England & Wales | Investment company | Ordinary shares | 100% | |
| ICG Global Investment UK Limited | England & Wales | Holding company | Ordinary shares | 100% | |
| ICG Carbon Funding Limited | England & Wales | Investment company | Ordinary shares | 100% | |
| ICG Longbow Richmond Limited | England & Wales | Holding company | Ordinary shares | 100% | |
| ICG-Longbow BTR Limited | England & Wales | Holding company | Ordinary shares | 100% | |
| ICG Japan (Funding 2) Limited | England & Wales | Holding company | Ordinary shares | 100% | |
| ICG Longbow Development (Brighton) Limited | England & Wales | Holding company | Ordinary shares | 100% | |
| LREC Partners Investments No. 2 Limited | England & Wales | Investment company | Ordinary shares | 55% | |
| ICG Longbow Senior Debt I GP Limited | England & Wales | General partner | Ordinary shares | 100% | |
| ICG Debt Advisors (Cayman) Ltd | 4 | Cayman Islands | Advisory company | Ordinary shares | 100% |
| ICG Re Holding (Germany) GmbH | 9 | Germany | Special purpose vehicle | Ordinary shares | 100% |
| ICG Watch Jersey GP Limited | 19 | Jersey | General partner | Ordinary shares | 100% |
| Intermediate Investments Jersey Limited | 19 | Jersey | Investment company | Ordinary shares | 100% |
| Intermediate Capital Group Espana SL | 33 | Spain | Advisory company | Ordinary shares | 100% |
| ICG Co-Investment 2024 Plus Limited | England & Wales | Investment company | Ordinary shares | 100% |
- Registered addresses are disclosed on pages 75.
27. Subsidiaries continued
Indirectly held subsidiaries
| Name | Ref1 | Country of incorporation | Principal activity | Share class | % Voting rights held |
| ICG Alternative Investment Limited | England & Wales | Advisory company | Ordinary shares | 100% | |
| Intermediate Capital Managers Limited | England & Wales | Advisory company | Ordinary shares | 100% | |
| Intermediate Capital Asia Pacific Limited | 12 | Hong Kong | Advisory company | Ordinary shares | 100% |
| ICG Europe S.à r.l. | 23 | Luxembourg | Advisory company | Ordinary shares | 100% |
| ICG Enterprise Co-Investment GP Limited | England & Wales | General Partner | Ordinary shares | 100% | |
| ICG-Longbow B Investments L.P. | England & Wales | Investment company | N/A | 50% | |
| ICG-Longbow Development GP LLP | England & Wales | General Partner | N/A | —% | |
| Longbow Real Estate Capital LLP | England & Wales | Advisory company | N/A | —% | |
| ICG Senior Debt Partners UK GP Limited | England & Wales | General Partner | Ordinary shares | 100% | |
| Intermediate Capital Group SAS | 8 | France | Advisory company | Ordinary shares | 100% |
| ICG Nordic AB | 34 | Sweden | Advisory company | Ordinary shares | 100% |
| Intermediate Capital Group Dienstleistungsgesellschaft mbH | 9 | Germany | Service company | Ordinary shares | 100% |
| Intermediate Capital Group Benelux B.V. | 30 | Netherlands | Advisory company | Ordinary shares | 100% |
| Intermediate Capital Group Inc. | 17 | United States | Advisory company | Ordinary shares | 100% |
| Intermediate Capital GP 2003 Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
| Intermediate Capital GP 2003 No.1 Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
| Intermediate Capital Asia Pacific Mezzanine 2005 GP Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
| Intermediate Capital Asia Pacific Mezzanine Opportunities 2005 GP Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
| Intermediate Capital Asia Pacific 2008 GP Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
| ICG Europe Fund V GP Limited | 18 | Jersey | General Partner | Ordinary shares | 100% |
| Intermediate Capital Group Beratungsgesellschaft mbH | 9 | Germany | Advisory company | Ordinary shares | 100% |
| Intermediate Capital Group (Singapore) Pte. Limited | 32 | Singapore | Advisory company | Ordinary shares | 100% |
| ICG North America Associates LLC | 17 | Delaware | General Partner | Ordinary shares | 100% |
| ICG Japan KK | 14 | Japan | Advisory company | Ordinary shares | 100% |
| ICG Asia Pacific Fund III GP Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
| ICG Alternative Credit (Luxembourg) GP S.A. | 25 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Alternative Credit (Cayman) GP Limited | 5 | Cayman Islands | General Partner | Ordinary shares | 100% |
| ICG Senior Debt Partners | 28 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Strategic Secondaries Carbon Associates LLC | 17 | Delaware | General Partner | Ordinary shares | 100% |
| ICG European Fund 2006 B GP Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
| ICG Europe Fund VI GP Limited | 18 | Jersey | General Partner | Ordinary shares | 100% |
| ICG Total Credit (Global) GP, S.à r.l. | 24 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG EFV MLP Limited | 18 | Jersey | General Partner | Ordinary shares | 100% |
| ICG-Longbow IV GP S.à r.l. | 20 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Europe Fund VI Lux GP S.à r.l. | 20 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Centre Street Partnership GP Limited | 18 | Jersey | General Partner | Ordinary shares | 100% |
| Intermediate Capital Group Polska Sp. z.o.o | 31 | Poland | Service company | Ordinary shares | 100% |
| ICG Recovery Fund 2008 B GP Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
| ICG Europe Fund VII GP S.à r.l. | 28 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG - Longbow Fund V GP S.à r.l. | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Private Markets GP S.à r.l. | 27 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Europe Mid-Market Fund GP S.à r.l. | 28 | Luxembourg | General Partner | Ordinary shares | 100% |
| Intermediate Capital Inc | 17 | Delaware | Dormant | Ordinary shares | 100% |
| ICG Private Credit GP S.à r.l. | 28 | Luxembourg | General Partner | Ordinary shares | 100% |
| Intermediate Capital Group (Italy) S.r.l | 13 | Italy | Advisory company | Ordinary shares | 100% |
| ICG Alternative Credit Warehouse Fund I GP, LLC | 17 | Delaware | General Partner | Ordinary shares | 100% |
| ICG Alternative Credit (Jersey) GP Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
| ICG Enterprise Carry GP Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
| ICG Senior Debt Partners Performance GP Limited | 19 | Jersey | General Partner | Ordinary shares | 100% |
| ICG Structured Special Opportunities GP Limited | 5 | Cayman Islands | General Partner | Ordinary shares | 100% |
| ICG Asia Pacific Fund IV GP S.à r.l. | 27 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG European Credit Mandate GP S.à r.l. | 28 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Infrastructure Equity Fund I GP S.a.r.l | 29 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG LP Secondaries Fund Associates I S.a. r.l. | 29 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG US Senior Loan Fund GP Ltd | 5 | Cayman Islands | General Partner | Ordinary shares | 100% |
| ICG Recovery Fund II GP S.à r.l. | 29 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Strategic Equity IV GP LP | 16 | Delaware | Limited Partner | N/A | —% |
| ICG North American Private Debt (Offshore) GP Limited Partnership | 5 | Cayman Islands | Limited Partner | N/A | —% |
| ICG Europe Fund VI GP Limited Partnership | 18 | Jersey | Limited Partner | N/A | —% |
| ICG Strategic Secondaries Carbon (Offshore) GP LP | 5 | Cayman Islands | Limited Partner | N/A | —% |
| ICG Strategic Secondaries II (Offshore) GP LP | 5 | Cayman Islands | Limited Partner | N/A | —% |
| ICG Strategic Secondaries II GP LP | 16 | Delaware | Limited Partner | N/A | —% |
| ICG North American Private Debt II GP LP | 17 | Delaware | Limited Partner | N/A | —% |
| ICG North American Private Debt II (Offshore) GP LP | 5 | Cayman Islands | Limited Partner | N/A | —% |
| ICG Strategic Equity III GP LP | 16 | Delaware | Limited Partner | N/A | —% |
| ICG Strategic Equity Side Car GP LP | 5 | Cayman Islands | Limited Partner | N/A | —% |
| ICG Strategic Equity III (Offshore) GP LP | 5 | Cayman Islands | Limited Partner | N/A | —% |
| ICG Australian Senior Debt GP Limited | 5 | Cayman Islands | General Partner | Ordinary shares | 100% |
| ICG Strategic Equity Side Car (Onshore) GP LP | 16 | Delaware | Limited Partner | N/A | —% |
| ICG Europe Fund VIII GP S.à r.l. | 29 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Real Estate Debt VI GP S.à r.l. | 27 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Excelsior GP S.à r.l. | 29 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Life Sciences GP S.à r.l. | 27 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Strategic Equity Associates IV S.à r.l | 29 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Strategic Equity IV GP LP SCSp | 29 | Luxembourg | Limited Partner | N/A | —% |
| ICG RE AUSTRALIA GROUP PTY LTD | 3 | Australia | Service company | Ordinary shares | 100% |
| ICG (DIFC) Limited | 26 | United Arab Emirates | Service company | Ordinary shares | 100% |
| ICG Metropolitan GP S.à r.l. | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Senior Debt Partners GP S.à r.l. | 27 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Real Estate Senior Debt V GP S.à r.l. | 27 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG SRE GP II S.à r.l. | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Living GP S.a r.l. | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Europe Mid-Market Fund II GP S.à r.l. | 29 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Infrastructure Fund II GP S.à r.l | 29 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Strategic Equity GP V S.à r.l. | 29 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Fund Advisors LLC | 17 | Delaware | Advisory company | Ordinary shares | 100% |
| ICG Alternative Credit LLC | 17 | Delaware | Advisory company | Ordinary shares | 100% |
| ICG Strategic Equity Advisors LLC | 17 | Delaware | Advisory company | Ordinary shares | 100% |
| ICG Debt Administration LLC | 17 | Delaware | Service company | Ordinary shares | 100% |
| ICG Strategic Equity Associates II LLC | 16 | Delaware | General Partner | Ordinary shares | 100% |
| ICG Velocity Co-Investor Associates LLC | 16 | Delaware | General Partner | Ordinary shares | 100% |
| ICG Debt Advisors LLC - Manager Series | 17 | Delaware | Advisory company | Ordinary shares | 100% |
| ICG North America Associates II LLC | 17 | Delaware | General Partner | Ordinary shares | 100% |
| ICG Strategic Equity Associates III LLC | 16 | Delaware | General Partner | Ordinary shares | 100% |
| ICG Augusta Associates LLC | 16 | Delaware | General Partner | Ordinary shares | 100% |
| ICG STRATEGIC EQUITY ASSOCIATES IV LLC | 16 | Delaware | General Partner | Ordinary shares | 100% |
| ICG LP Secondaries Associates I LLC | 16 | Delaware | General Partner | Ordinary shares | 100% |
| ICG North America Associates III LLC | 17 | United States | General Partner | Ordinary shares | 100% |
| ICG Global Investment Jersey Limited | 18 | Jersey | Investment company | Ordinary shares | 100% |
| ICG Global Nominee Jersey Limited | 18 | Jersey | Special purpose vehicle | Ordinary shares | 100% |
| ICG RE CORPORATE AUSTRALIA PTY LTD | 3 | Australia | Service company | Ordinary shares | 100% |
| ICG RE CAPITAL PARTNERS AUSTRALIA PTY LTD | 3 | Australia | Advisory company | Ordinary shares | 100% |
| ICG RE FUNDS MANAGEMENT AUSTRALIA PTY LTD | 3 | Australia | Service company | Ordinary shares | 100% |
| Intermediate Capital Managers (Australia) PTY Limited | 2 | Australia | Advisory company | Ordinary shares | 100% |
| Intermediate Capital Australia PTY Limited | 1 | Australia | Advisory company | Ordinary shares | 100% |
| ICG Alternative Investment (Netherlands) B.V. | 30 | Netherlands | Advisory company | Ordinary shares | 100% |
| ICG Asia Pacific Fund IV GP LP SCSp | 27 | Luxembourg | Limited Partner | N/A | —% |
| ICG Augusta GP LP | 5 | Cayman Islands | Limited Partner | N/A | —% |
| ICG Debt Advisors LLC – Holdings Series | 17 | Delaware | Investment company | Ordinary shares | 100% |
| ICG EFV MLP GP LIMITED | England & Wales | General Partner | Ordinary shares | 100% | |
| ICG Europe Fund VII GP LP SCSp | 28 | Luxembourg | Limited Partner | N/A | —% |
| ICG Europe Fund VIII GP LP SCSp | 29 | Luxembourg | Limited Partner | N/A | —% |
| ICG Europe Mid-Market Fund GP LP SCSp | 28 | Luxembourg | Limited Partner | N/A | —% |
| ICG European Credit Mandate GP LP SCSp | 28 | Luxembourg | Limited Partner | N/A | —% |
| ICG EXCELSIOR GP LP SCSp | 29 | Luxembourg | Limited Partner | N/A | —% |
| ICG Executive Financing Limited | 19 | Jersey | Service company | Ordinary shares | 100% |
| ICG Infrastructure Equity Fund I GP LP SCSp | 29 | Luxembourg | Limited Partner | N/A | —% |
| ICG Life Sciences GP LP SCSp | 27 | Luxembourg | Limited Partner | N/A | —% |
| ICG LP Secondaries I GP LP SCSp | 29 | Luxembourg | Limited Partner | N/A | —% |
| ICG Employee Benefit Trust 2015 | 11 | Guernsey | N/A | Ordinary shares | 100% |
| ICG Private Markets General Partner SCSp | 27 | Luxembourg | General Partner | N/A | —% |
| ICG Real Estate Debt VI GP LP SCSp | 27 | Luxembourg | Limited Partner | N/A | —% |
| ICG Recovery Fund II GP LP SCSp | 29 | Luxembourg | Limited Partner | N/A | —% |
| ICG Strategic Equity Side Car II GP LP | 5 | Cayman Islands | Limited Partner | N/A | —% |
| ICG Strategic Equity Side Car II (Onshore) GP LP | 16 | Delaware | Limited Partner | N/A | —% |
| ICG Velocity GP LP | 16 | Delaware | Limited Partner | N/A | —% |
| ICG Velocity Co-Investor GP LP | 16 | Delaware | Limited Partner | N/A | —% |
| ICG Velocity Co-Investor (Offshore) GP LP | 5 | Cayman Islands | Limited Partner | N/A | —% |
| Wise Living Homes Limited | 6 | England & Wales | Special purpose vehicle | Ordinary shares | 83% |
| Wise Limited Amber Langley Mill Limited | 6 | United Kingdom | Special purpose vehicle | Ordinary shares | 83% |
| ICG Longbow Development Debt Limited | England & Wales | Investment company | Ordinary shares | 100% | |
| ICG-Longbow Investment 3 LLP | England & Wales | Special purpose vehicle | N/A | —% | |
| ICG Asia Pacific Fund III GP Limited Partnership | 19 | Jersey | Limited Partner | N/A | —% |
| ICG Europe Fund V GP Limited Partnership | 18 | Jersey | Limited Partner | N/A | —% |
| ICG Europe Copenhagen, filial af ICG Europe S.à r.l. | 35 | Denmark | Branch | N/A | 100% |
| ICG Europe SARL - Frankfurt Branch | 36 | Germany | Branch | N/A | 100% |
| ICG Europe SARL - Milan Branch | 37 | Italy | Branch | N/A | 100% |
| ICG Europe SARL - Paris Branch | 38 | France | Branch | N/A | 100% |
| ICG North America Associates III S.à r.l. | 27 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG North American Private Debt GP LP | 17 | Delaware | Limited Partner | N/A | —% |
| ICG Real Estate Opportunities APAC GP S.à r.l. | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Strategic Equity GP V LLC | 16 | Delaware | General Partner | Ordinary shares | 100% |
| Intermediate Capital Managers Limited (France Branch) | 38 | France | Branch | N/A | 100% |
| ICG Infrastructure APAC I GP S.à r.l. | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Real Estate Debt VII GP Sarl | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Core Private Equity Fund LP | 16 | Delaware | Limited Partner | N/A | —% |
| ICG Core Private Equity GP LLC | 16 | Delaware | General Partner | Ordinary shares | 100% |
| ICG Core Private Equity GP S.à r.l. | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Core Private Equity Master LP | 16 | Delaware | Limited Partner | N/A | —% |
| ICG Europe Fund IX GP LP SCSp | 28 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Europe Fund IX GP S.à r.l. | 28 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Infrastructure APAC I GP LP SCSp | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Real Estate Debt VII GP LP SCSp | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Real Estate Multi-Strategy GP I S.à r.l | 22 | Luxembourg | General Partner | Ordinary shares | 100% |
| ICG Switzerland GMBH | Switzerland | Advisory company | Ordinary shares | 100% | |
| Intermediate Capital Managers (Australia) Pty Ltd (Korea Branch) | 3 | Korea | Branch | N/A | 100% |
| ICG Seed Asset Founder LP Limited | 19 | Jersey | Special purpose vehicle | Ordinary shares | 100% |
| ICG North American Private Equity Debt Limited | 19 | Jersey | Special purpose vehicle | Ordinary shares | 100% |
| ICG Real Estate E Debt Limited | 19 | Jersey | Special purpose vehicle | Ordinary shares | 100% |
| ICG Life Sciences Debt Limited | 19 | Jersey | Special purpose vehicle | Ordinary shares | 100% |
| US Mid-Market Fund I LLC | 21 | Delaware | General Partner | Ordinary shares | 100% |
| ICG Life Sciences SCSp | 27 | Luxembourg | Limited Partner | N/A | —% |
| ICG Life Sciences Feeder SCSp | 27 | Luxembourg | Special purpose vehicle | N/A | —% |
| ICG Funding Lux S.à r.l. | 22 | Luxembourg | Special purpose vehicle | Ordinary shares | 100% |
| Montero PTE Ltd | 10 | Singapore | Special purpose vehicle | Ordinary shares | 100% |
| ICG Real Estate Opportunities APAC Fund SCSP | 22 | Luxembourg | Special purpose vehicle | N/A | —% |
| Yangju Investment PTE. LTD. | 10 | Singapore | Special purpose vehicle | Ordinary shares | 100% |
| Montero Japan Master Pte. Ltd | 10 | Singapore | Special purpose vehicle | Ordinary shares | 100% |
| Montero Cruise JP 1 Pte. Ltd | 10 | Singapore | Special purpose vehicle | Ordinary shares | 100% |
| Montero Cruise JP 2 Pte. Ltd | 10 | Singapore | Special purpose vehicle | Ordinary shares | 100% |
| Capstone Living and Stay General Private Investment Company No. 1 | 39 | South Korea | Portfolio Company | Ordinary shares | 100% |
| Capstone Living and Stay General Private Investment Company No. 2 | 40 | South Korea | Portfolio Company | Ordinary shares | 100% |
| Rifa Private Real Estate Trust No. 24 | 41 | South Korea | Portfolio Company | Ordinary shares | 100% |
| Australia Re Funding Co PTE. Ltd | 10 | Singapore | Special purpose vehicle | Ordinary shares | 100% |
| Godo Kaisha Co-living One | 42 | Japan | Special purpose vehicle | Ordinary shares | 100% |
| Godo Kaisha Converse | 42 | Japan | Special purpose vehicle | Ordinary shares | 100% |
| ICG IDC 1 Pte Ltd | 10 | Singapore | Portfolio Company | Ordinary shares | 100% |
| ICG IDC 2 Pte Ltd | 10 | Singapore | Portfolio Company | Ordinary shares | 100% |
| IGISX General Real Estate Private Investment Company No.12 | 43 | South Korea | Portfolio Company | Ordinary shares | 100% |
| Tokutei Mokutei Co-living One | 42 | Japan | Special purpose vehicle | Ordinary shares | 100% |
| Tokutei Mokutei Converse | 42 | Japan | Special purpose vehicle | Ordinary shares | 100% |
Registered addresses are disclosed on page 75
27. Subsidiaries continued
| Registered offices | |
| 1 | Level 18, 88 Phillip Street, Sydney, NSW 2000, Australia |
| 2 | Level 31, 88 Phillip Street, Sydney, NSW 2000, Australia |
| 3 | Level 9, 88 Phillip Street, Sydney, NSW 2000, Australia |
| 4 | 75 Fort Street, Clifton House, c/o Estera Trust (Cayman) Limited, PO Box 1350, Grand Cayman, KY1-1108, Cayman Islands |
| 5 | PO Box 309, Ugland House, C/o Maples Corporate Services Limited, Grand Cayman, KY1-1104, Cayman Islands |
| 6 | 17 Regan Way, Chetwynd Business Park, Chilwell, Nottingham, NG9 6RZ, England & Wales |
| 7 | Brock House, 19 Langham Street, London, England, W1W 6BP |
| 8 | 1 rue de la Paix, Paris, 75002, France |
| 9 | 12th Floor, An der Welle 5, Frankfurt, 60322, Germany |
| 10 | 9 Temasek Boulevard, #12-01/02. Suntec Tower Two, 038989, Singapore |
| 11 | c/o Zedra Trust Company (Guernsey) Limited, 3rd Floor, Cambridge House, Le Truchot, St Peter Port, GY1 1WD, Guernsey |
| 12 | Suites 1301-02, 13/F, AIA Central, 1 Connaught Road Central, Hong Kong |
| 13 | Corso Giacomo Matteotti 3, Milan, 20121, Italy |
| 14 | Level 23, Otemachi Nomura Building, 2-1-1 Otemachi, Chiyoda-ku, Tokyo, 100-0004, Japan |
| 15 | 25 Farringdon Street, London, EC4A 4AB |
| 16 | c/o Maples Fiduciary Services (Delaware) Inc., Suite 302, 4001 Kennett Pike, Wilmington, DE, 19807, United States |
| 17 | c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, DE, 19801, United States |
| 18 | IFC 1, The Esplanade, St. Helier, JE1 4BP, Jersey |
| 19 | Ogier House,44 The Esplanade, St. Helier, JE4 9WG, Jersey |
| 20 | 12E, rue Guillaume Kroll, L - 1882 Luxembourg |
| 21 | c/o Intertrust Corporate Services Delaware LTD, Suite 210, 200 Bellevue Parkway, Wilmington, DE, 19809, United States |
| 22 | 3, rue Gabriel Lippmann, L - 5365 Munsbach, Luxembourg |
| 23 | 32-36, boulevard d'Avranches L - 1160 Luxembourg, 1160, Luxembourg |
| 24 | 49 Avenue John F. Kennedy, Luxembourg, L-1855, Luxembourg |
| 25 | 5 Allée Scheffer, Luxembourg, L-2520, Luxembourg |
| 26 | Index Tower, Floor 4, Unit 404, Dubai International Financial Centre, Dubai, United Arab Emirates |
| 27 | 6, rue Eugene Ruppert, Luxembourg, L-2453, Luxembourg |
| 28 | 60, Avenue J.F. Kennedy, Luxembourg, L-1855, Luxembourg |
| 29 | 6H Route de Trèves, Senningerberg, L-2633, Luxembourg |
| 30 | Paulus Potterstraat 20, 2hg., Amsterdam, 1071 DA, Netherlands |
| 31 | Spark B, Aleja Solidarności 171, Warsaw, 00-877, Poland |
| 32 | 8 Marina View, #32-06. Asia Square Tower 1, 018960, Singapore |
| 33 | Serrano 30-3º, 28001 Madrid, Spain |
| 34 | David Bagares Gata 3, 111 38 Stockholm |
| 35 | Female Founders House Bredgade 45B, 3., kontor, Copenhagen, 607 1260, Denmark |
| 36 | 12th Floor, Stockwerk, An der Welle 5, Frankfurt, 60322, Germany |
| 37 | Corso Giacomo Matteotti 3, Milan, 20121, Italy |
| 38 | 1 rue de la Paix, Paris, 75002, France |
| 39 | 116, Ingye-ro, Paldal-gu, Suwon-si, Gyeonggi-do, Republic of Korea |
| 40 | 182, Beotkkot-ro, Geumcheon-gu, Seoul, Republic of Korea |
| 41 | 12F, 136, Sejong-daero, Jung-gu, Seoul, Republic of Korea |
| 42 | 1-1-7-807 Motoakasaka, Minato-ku, Tokyo, Japan, |
| 43 | 136, Sejong-daero, Jung-gu, Seoul, Republic of Korea |
27. Subsidiaries continued
The table below shows details of structured entities that the Group is deemed to control:
| Name of subsidiary | Country of incorporation | % of ownership interests and voting rights |
| ICG US CLO 2014-1, Ltd. | Cayman Islands | 50% |
| ICG US CLO 2014-2, Ltd. | Cayman Islands | 72% |
| ICG US CLO 2014-3, Ltd. | Cayman Islands | 51% |
| ICG US CLO 2015-1, Ltd. | Cayman Islands | 50% |
| ICG US CLO 2015-2R, Ltd. | Cayman Islands | 83% |
| ICG US CLO 2016-1, Ltd. | Cayman Islands | 63% |
| ICG US CLO 2017-1, Ltd. | Cayman Islands | 60% |
| ICG US CLO 2020-1, Ltd. | Cayman Islands | 52% |
| ICG EURO CLO 2021-1 DAC | Ireland | 67% |
| ICG EURO CLO 2023-2 DAC | Ireland | 100% |
| St. Paul's CLO II DAC | Ireland | 85% |
| St. Paul's CLO III-R DAC | Ireland | 62% |
| St. Paul's CLO VI DAC | Ireland | 53% |
| St. Paul's CLO VIII DAC | Ireland | 53% |
| St. Paul's CLO XI DAC | Ireland | 57% |
| ICG Euro CLO 2023-1 DAC | Ireland | 100% |
| ICG Enterprise Carry (1) LP | Jersey | 100% |
| ICG Enterprise Carry (2) LP | Jersey | 50% |
| ICG US Senior Loan Fund | Cayman Islands | 100% |
| ICG Total Credit (Global) SCA | Luxembourg | 100% |
| ICG EURO CLO 2024-1 DAC | Ireland | 100% |
| ICG US CLO 2024-1, Ltd. | Cayman Islands | 100% |
| ICG US CLO 2024-R1, Ltd. | Cayman Islands | 100% |
The structured entities controlled by the Group include £5,408m (2024: £5,089.7m) of assets and £5,408m (2024: £5,087.7m) of liabilities within 23 funds listed above. These assets are restricted in their use to being the sole means by which the related fund liabilities can be settled. All other assets can be accessed or used to settle the other liabilities of the Group without significant restrictions.
The Group has not provided contractual or non-contractual financial or other support to a consolidated structured entity during the period. It is not the current intention to provide such support, including the intention to assist the structured entity in obtaining financial support.
27. Subsidiaries continued
Subsidiary audit exemption
For the period ended 31 March 2025, the following companies were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies. The member(s)1 of the following companies have not required them to obtain an audit of their financial statements for the period ended 31 March 2025.
| Company | Registered number | Member(s) |
| ICG FMC Limited | 7266173 | Intermediate Capital Group plc |
| ICG Global Investment UK Limited | 7647419 | Intermediate Capital Group plc |
| ICG Japan (Funding 2) Limited | 9125779 | Intermediate Capital Group plc |
| ICG Longbow Development (Brighton) | 8802752 | Intermediate Capital Group plc |
| ICG Longbow Richmond Limited | 11210259 | Intermediate Capital Group plc |
| ICG Longbow BTR Limited | 11177993 | Intermediate Capital Group plc |
| ICG Longbow Senior Debt I GP Limited | 2276839 | Intermediate Capital Group plc |
| Intermediate Capital Investments Limited | 2327070 | Intermediate Capital Group plc |
| LREC Partners Investments No. 2 Limited | 7428335 | Intermediate Capital Group plc |
| ICG Longbow Development Debt Limited | 9907841 | ICG-Longbow Development GP LLP |
| ICG Ltd (formerly ICG Asset Management Ltd) | 14542130 | Intermediate Capital Group plc |
| ICG-Longbow Development GP LLP | OC396833 | Intermediate Capital Group plc, ICG FMC Limited |
| ICG-Longbow Investment 3 LLP | OC395389 | ICG FMC Limited, Intermediate Capital Managers Limited |
| ICG Enterprise Co-Investment GP Limited | 9961033 | Intermediate Capital Group plc, ICG FMC Limited |
| ICG EFV MLP GP Limited | 7758327 | ICG EFV MLP Ltd |
| ICG Senior Debt Partners UK GP Limited | 8562977 | Intermediate Capital Group plc, ICG FMC Limited |
| ICG Co-Investment 2024 Plus Limited | 16107851 | Intermediate Capital Group plc |
1Shareholders or Partners, as appropriate.
28. Associates and joint ventures
| Accounting policy Investment in associates An associate is an entity over which the Group has significant influence, but no control, over the financial and operating policy decisions of the entity. As the investments in associates are held for venture capital purposes they are designated at fair value through profit or loss. Investment in joint ventures A joint venture is a joint arrangement whereby the parties that have joint control over the arrangement have rights to the net assets of the arrangements. The results and assets and liabilities of joint ventures are incorporated in these financial statements using the equity method of accounting from the date on which the investee becomes a joint venture, except when the investment is held for venture capital purposes in which case they are designated as fair value through profit and loss. Under the equity method, an investment in a joint venture is initially recognised in the consolidated statement of financial position at cost, and adjusted thereafter to recognise the Group’s share of the joint venture’s profit or loss. The nature of some of the activities of the Group associates and joint ventures are investment related which are seen as complementing the Group’s operations and contributing to achieving the Group’s overall strategy. The remaining associates and joint ventures are portfolio companies not involved in investment activities. |
28. Associates and joint ventures continued
Details of associates and joint ventures
Details of each of the Group’s associates at the end of the reporting period are as follows:
| Name of associate | Principal activity | Country of incorporation | Proportion of ownership interest/voting rights held by the Group | Income distributions received from associate | Proportion of ownership interest/voting rights held by the Group | Income distributions received from associate |
| 2025 | 2025 | 2024 | 2024 | |||
| ICG Europe Fund V Jersey Limited1 | Investment company | Jersey | 20% | — | 20% | 4.5 |
| ICG Europe Fund VI Jersey Limited1 | Investment company | Jersey | 17% | 56.8 | 17% | (3.0) |
| ICG North American Private Debt Fund2 | Investment company | United States of America | 20% | 1.8 | 20% | 1.1 |
| ICG Asia Pacific Fund III Singapore Pte. Limited3 | Investment company | Singapore | 20% | 1.3 | 20% | 4.1 |
| KIK Equity Co-invest LLC2 | Investment company | United States of America | 25% | — | 25% | — |
| Seaway Topco, LP2 | Investment company | United States of America | 49% | — | 49% | — |
- The registered address for this entity is IFC 1 – The Esplanade, St Helier, Jersey JE1 4BP.
- The registered address for this entity is c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, DE, 19801, United States
- The registered address for this entity is 9 Raffles Place. #26-01. Republic Plaza, 048619, Singapore
The Group has a shareholding in each of ICG Europe Fund V Jersey Limited, ICG Europe Fund VI Jersey Limited, ICG North American Private Debt Fund, ICG Asia Pacific Fund III Singapore Pte. Limited and KIK Equity Co-invest LLC arising from its co-investment with a fund. The Group appoints the General Partner (GP) to each of these funds. The investors have substantive rights to remove the GP without cause. The Funds also each have an Advisory Council, nominated by the investors, whose function is to ensure that the GP is acting in the interest of investors. As the Group has a 17%–25% holding, and therefore significant influence in each entity, they have been considered as associates.
Ambient Enterprises LLC is no longer classified as an associate due to sales made in the year. The investment is now classified as a financial asset at fair value through profit and loss.
Details of each of the Group’s joint ventures at the end of the reporting period are as follows:
| Name of joint venture | Accounting method | Principal activity | Country of incorporation | Proportion of ownership interest held by the Group 2025 | Proportion of voting rights held by the Group 2025 |
| Brighton Marina Group Limited | Fair value | Investment company | United Kingdom | 70% | 50% |
Brighton Marina Group Limited is accounted for at fair value in accordance with IAS28 and IFRS9 and the Group’s accounting policy in note 5 to the financial statements.
The Group holds 70% of the ordinary shares of Brighton Marina Group Limited and the management of this entity is jointly controlled with a third party who the Group does not control and therefore the Group is unable to execute decisions without the consent of the third party.
Significant restriction
There are no significant restrictions on the ability of associates and joint ventures to transfer funds to the Group other than having sufficient distributable reserves.
Summarised financial information for associates and joint ventures material to the reporting entity
The Group’s only material associate or joint venture is ICG Europe Fund VI Jersey Limited which is an associate measured at fair value through profit and loss. The information below is derived from the IFRS financial statements of the entities. Materiality has been determined by the carrying value of the associate as a percentage of total Group assets.
The entity allows the Group to co-invest with ICG Europe Fund VI, aligning interests with other investors. In addition to the returns on its co-investment the Group receives performance-related fee income from the funds (see note 3). This is industry standard and is in line with other funds in the industry.
28. Associates and joint ventures continued
| ICG Fund VI Jersey Limited | ||
| 2025 | 2024 | |
| £m | £m | |
| Current assets | 358.1 | 0.6 |
| Non-current assets | 952.6 | 975.4 |
| Current liabilities | (357.7) | — |
| 953.0 | 976.0 | |
| Revenue | 343.1 | 185.0 |
| Expenses | (0.2) | (0.2) |
| Total comprehensive income | 342.9 | 184.8 |
29. Unconsolidated structured entities
A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements. The Group has determined that it has an interest in a structured entity where the Group holds an investment, loan, fee receivable or commitment with an investment fund or CLO. Where the Group does not hold an investment in the structured entity, management has determined that the characteristics of control, in accordance with IFRS 10, are not met.
The Group, as fund manager, acts in accordance with the pre-defined parameters set out in various agreements. The decision-making authority of the Group and the rights of third parties are documented. These agreements include management fees that are commensurate with the services provided and performance fee arrangements that are industry standard. As such, the Group is acting as agent on behalf of these investors and therefore these entities are not consolidated into the Group’s results. Consolidated structured entities are detailed in note 27.
At 31 March 2025, the Group’s interest in and exposure to unconsolidated structured entities including outstanding management and performance fees are detailed in the table below, and recognised within financial assets at FVTPL and trade and other receivables in the statement of financial position:
| 2025 | ||||||
| Funds | Investment in Fund | Management fees receivable | Management fee rates | Performance fees receivable | Performance fee rates | Maximum exposure to loss |
| £m | £m | % | £m | % | £m | |
| Structured Capital and Secondaries | 1,823.8 | 86.4 | 0.25% to 1.38% | 102.6 | 20%–25% of total performance fee of 10%–20% of profit over the threshold | 2,012.8 |
| Real Assets | 442.7 | 21.8 | 0.03% to 1.23% | — | 20% of total performance fee of 15%–20% of profit over the threshold | 464.5 |
| Debt | 384.8 | 28.3 | 0.29% to 1.50% | 5.8 | 20% of returns in excess of 0% for Alternative Credit Fund only and IRR of 12% for CLOs | 418.9 |
| Total | 2,651.3 | 136.5 | 108.4 | 2,896.2 | ||
| 2024 | ||||||
| Funds | Investment in Fund | Management fees receivable | Management fee rates | Performance fees receivable | Performance fee rates | Maximum exposure to loss |
| £m | £m | % | £m | % | £m | |
| Structured Capital and Secondaries | 1,720.6 | 83.0 | 0.19% to 1.37% | 60.5 | 20%–25% of total performance fee of 10%–20% of profit over the threshold | 1,864.1 |
| Real Assets | 401.6 | 17.7 | 0.30% to 1.24% | — | 20% of total performance fee of 15%–20% of profit over the threshold | 419.3 |
| Debt | 455.9 | 30.6 | 0.29% to 1.50% | 23.2 | 10%–20% of total performance fee of 8%–20% of profit over the threshold | 509.7 |
| Total | 2,578.1 | 131.3 | 83.7 | 2,793.1 | ||
The Group’s maximum exposure to loss is equal to the value of any investments held and unpaid management fees and performance fees.
The Group has not provided non-contractual financial or other support to the unconsolidated structured entities during the year. It is not the current intention to provide such support, including the intention to assist the structured entity in obtaining financial support.
30. Net cash flows from operating activities
| Accounting policy Cash flows arising from the acquisition and disposal of assets to seed new investment strategies are classified as operating, as this activity is undertaken to establish new sources of fund management fee income, growing the operating activities of the Group. |
| Year ended 31 March 2025 Group | Year ended 31 March 2024 Group | |
| £m | £m | |
| Profit before tax from continuing operations | 530.5 | 530.8 |
| Adjustments for non-cash items: | ||
| Fee and other operating income | (676.0) | (554.8) |
| Net investment returns | (284.7) | (405.3) |
| Interest income | (19.5) | (21.6) |
| Net fair value gain on derivatives | (38.4) | (22.8) |
| Impact of movement in foreign exchange rates | 28.1 | 33.3 |
| Interest expense | 43.7 | 49.5 |
| Depreciation, amortisation and impairment of property, plant, equipment and intangible assets | 17.8 | 18.0 |
| Share-based payment expense | 45.6 | 43.9 |
| Working capital changes: | ||
| Increase in trade and other receivables | (87.6) | (88.7) |
| Increase/(decrease) in trade and other payables | 12.3 | (17.7) |
| (428.2) | (435.4) | |
| Proceeds from sale of seed investments | 285.6 | 319.2 |
| Purchase of seed investments | (165.9) | (312.1) |
| Purchase of investments | (2,960.6) | (1,729.7) |
| Proceeds from sales and maturities of investments | 3,117.4 | 2,233.1 |
| Proceeds from borrowing related to seed investments | 47.4 | — |
| Issuance of CLO notes | 577.0 | — |
| Redemption of CLO notes | (1,085.0) | (389.1) |
| Interest received | 520.0 | 447.2 |
| Dividends received | 44.4 | 47.0 |
| Fee and other operating income received | 663.3 | 496.4 |
| Interest paid | (410.9) | (379.5) |
| Cash flows generated from operations | 204.5 | 297.1 |
| Taxes paid | (68.4) | (41.2) |
| Net cash flows from operating activities | 136.1 | 255.9 |
Cash flows as a result of a change in control as presented in Investing activities in the Consolidated statement of cash flows (page 121) consists of aggregate cashflows of £260.2m, arising from obtaining control of ICG EURO CLO 2024-1 DAC, ICG US CLO 2024-1, Ltd. and ICG US CLO 2024-R1. Total cash consideration paid amounted to £79.3m. At the point control was obtained in respect of these CLO’s, the net asset value of these interests was £2.8m which is predominantly comprised of financial assets of £587.1m, cash of £339.5m and financial liabilities of £923.8m. The Group also obtained control of ICG Core Private Equity Fund LP during the year. Total cash consideration paid amounted to £9.3m, at the point control was obtained the net asset value was £nil and predominantly comprised of cash of £9.3m and financial liabilities of £9.3m.
During the year the Group ceased to control Infrastructure Asia and no cash consideration was received as at 31 March 2025. Immediately prior to the disposal, the net asset value of these interests was £61.6m, predominantly comprised of financial assets of £68.7m and financial liabilities of £7.1m.
31. Contingent liabilities
The Parent Company and its subsidiaries may be party to legal claims arising in the course of business. The Directors do not anticipate that the outcome of any such potential proceedings and claims will have a material adverse effect on the Group’s financial position and at present there are no such claims where their financial impact can be reasonably estimated. The Parent Company and its subsidiaries may be able to recover any monies paid out in settlement of claims from third parties.
There are no other material contingent liabilities.
32. Post balance sheet events
There have been no material events since the balance sheet date.
Other information
Outstanding debt facilities
| Currency | Drawn £m | Undrawn £m | Total £m | Interest rate | Maturity | |
| Revolving Credit Facility (RCF) | GBP | — | 550.0 | 550.0 | SONIA + 1.15% | October-27 |
| Eurobond 2020 | EUR | 418.6 | — | 418.6 | 1.63% | February-27 |
| ESG Linked Bond | EUR | 418.6 | — | 418.6 | 2.50% | January-30 |
| Total bonds | 837.2 | — | 837.2 | |||
| PP 2015 – Class C | USD | 61.9 | — | 61.9 | 5.21% | May-25 |
| PP 2015 – Class F | EUR | 36.8 | — | 36.8 | 3.38% | May-25 |
| Private Placement 2015 | 98.7 | — | 98.7 | |||
| PP 2016 – Class C | USD | 41.8 | — | 41.8 | 4.96% | September-26 |
| PP 2016 – Class F | EUR | 25.1 | — | 25.1 | 2.74% | January-27 |
| Private Placement 2016 | 66.9 | — | 66.9 | |||
| PP 2019 – Class B | USD | 77.4 | — | 77.4 | 4.99% | March-26 |
| PP 2019 – Class C | USD | 96.8 | — | 96.8 | 5.35% | March-29 |
| Private Placement 2019 | 174.2 | — | 174.2 | |||
| Total Private Placements | 339.8 | — | 339.9 | |||
| Total | 1,177.0 | 550.0 | 1,727.0 |
Glossary
Non-IFRS alternative performance measures (APM) are defined below:
| Term | Short Form | Definition | |||||
| APM cash | Total cash excluding balances within consolidated structured entities. | ||||||
| APM earnings per share | EPS | APM profit after tax (annualised when reporting a six-month period’s results) divided by the weighted average number of ordinary shares as detailed in note 15. | |||||
| APM Group profit before tax | Group profit before tax adjusted for the impact of the consolidated structured entities (see note 4). As at 31 March, this is calculated as follows: | ||||||
| 2025 | 2024 | ||||||
| Profit before tax | £530.5m | £530.8m | |||||
| Plus consolidated structured entities | £1.7m | £67.0m | |||||
| APM Group profit/(loss) before tax | £532.2m | £597.8m | |||||
| APM net asset value per share | NAV per share | Total equity from the statement of financial position adjusted for the impact of the consolidated structured entities divided by the closing number of ordinary shares. As at 31 March, this is calculated as follows: | |||||
| 2025 | 2024 | ||||||
| Total equity | £2,496.0m | £2,295.4m | |||||
| Closing number of ordinary shares (previously reported as 286,699,346 in 2024 updated due to the change as disclosed in the finance review) | 290,636,892 | 290,631,993 | |||||
| Net asset value per share | 859p | 790p | |||||
| Assets under management | AUM | Value of all funds and assets managed by the Group. AUM is calculated by adding fee-earning AUM, AUM not yet earning fees, fee-exempt AUM and the value of the Balance Sheet Investment Portfolio. | |||||
| 2025 | 2024 | ||||||
| Third-party AUM | $108.4bn | $94.5bn | |||||
| Balance sheet investment portfolio | $3.9bn | $3.9bn | |||||
| Total AUM | $112.3bn | $98.4bn | |||||
| Available cash | Total available cash comprises APM cash less regulatory liquidity requirements. | ||||||
| 2025 | 2024 | ||||||
| APM cash | £604.8m | £627.4m | |||||
| Regulatory liquidity requirement | (£57.0)m | (£53.0)m | |||||
| Available cash | £547.8m | £574.4m | |||||
| Balance sheet investment portfolio | The balance sheet investment portfolio represents financial assets from the statement of financial position, adjusted for the impact of the consolidated structured entities and excluding derivatives and other financial assets. | ||||||
| 2025 | 2024 | ||||||
| Total non-current and current financial assets | Note 4 | £3,054.9m | £3,080.3m | ||||
| Derivative (assets) | (£26.9)m | (£10.3)m | |||||
| Total balance sheet investment portfolio | £3,028.0m | £3,070.0m | |||||
| Cash profit | PICP | Cash profit is defined as internally reported profit before tax and incentive schemes, adjusted for non-cash items | |||||
| 2025 | 2024 | ||||||
| APM profit before tax | £532.2m | £597.8m | |||||
| Add back incentive schemes | £158.3m | £171.9m | |||||
| Other adjustments | £159.2m | (£258.8)m | |||||
| Cash profit | £849.7m | £510.9m | |||||
| Earnings per share | EPS | Profit after tax (annualised when reporting a six-month period’s results) divided by the weighted average number of ordinary shares as detailed in note 15. | |||||
| EBITDA | Earnings before interest, tax, depreciation and amortisation. | ||||||
| Fee Earning AUM | FEAUM | AUM for which the Group is eligible to be paid a management fee or performance fee. | |||||
| Group cash flows from operating activities – APM | Group cash flows from operating activities – APM is net cash flows from operating activities adjusted for interest paid | ||||||
| 2025 | 2024 | ||||||
| Group cash flows from operating activities – APM | £537.4m | £388.9m | |||||
| Interest paid | (£41.2)m | (£49.3)m | |||||
| Net cash flows from/(used in) operating activities | Note 4 | £496.2m | £339.6m | ||||
| Term | Short Form | Definition | |||||
| Group cash flows from financing activities – APM | Group cash flows from financing activities – APM is net cash flows from financing activities adjusted for interest paid and the payment of principal portion of lease liabilities | ||||||
| 2025 | 2024 | ||||||
| Group cash flows from financing activities – APM | (£495.6)m | (£241.6)m | |||||
| Interest paid | £41.2m | £49.3m | |||||
| Payment of principal portion of lease liabilities | (£12.2)m | (£8.4)m | |||||
| Net cash flows from/(used in) financing activities | Note 4 | (£524.6)m | (£282.5)m | ||||
| Net cash flows used in investing activities | Other operating cash flows is net cash flows from investing activities adjusted for the payment of principal portion of lease liabilities | ||||||
| 2025 | 2024 | ||||||
| Net cash flows used in investing activities | £15.8m | £22.0m | |||||
| Payment of principal portion of lease liabilities | (£12.2)m | (£8.4)m | |||||
| Other operating cash flows | £2.6m | £13.6m | |||||
| Interest expense | Interest expense excludes the cost of financing associated with the consolidated structured entities. See note 10 for a full reconciliation. | ||||||
| Net current assets | The total of cash, plus current financial assets, plus other current assets, less current liabilities as internally reported. This excludes the consolidated structured entities. As at 31 March, this is calculated as follows: | ||||||
| 2025 | 2024 | ||||||
| Cash | £604.8m | £627.4m | |||||
| Current financial assets | £248.7m | £366.6m | |||||
| Other current assets | £270.2m | £299.1m | |||||
| Current financial liabilities | (£122.4)m | (£268.4)m | |||||
| Other current liabilities | (£271.2)m | (£255.8)m | |||||
| Net current assets | £730.1m | £768.9m | |||||
| On an IFRS basis net current assets are as follows: | |||||||
| 2025 | 2024 | ||||||
| Cash | £860.2m | £990.0m | |||||
| Current financial assets | — | — | |||||
| Other current assets | £529.0m | £486.3m | |||||
| Disposal groups held for sale | — | — | |||||
| Current financial liabilities | (£120.1)m | (£268.5)m | |||||
| Other current liabilities | (£611.4)m | (£567.0)m | |||||
| Liabilities directly associated with disposal groups held for sale | — | — | |||||
| Net current assets | £657.7m | £640.8m | |||||
| Net financial debt | Net financial debt includes available cash whereas gearing uses gross borrowings and is therefore not impacted by movements in cash balances. Gross drawn debt less available cash of the Group, as at 31 March, is calculated as follows: | ||||||
| 2025 | 2024 | ||||||
| Total liabilities held at unamortised cost | £1,175.9m | £1,447.4m | |||||
| Impact of upfront fees/unamortised discount | £1.1m | £0.6m | |||||
| Gross drawn debt (see page 82) | £1,177.0m | £1,448.0m | |||||
| Less available cash | (£547.8)m | (£574.4)m | |||||
| Net debt | £629.2m | £873.6m | |||||
| Net gearing | Net debt, excluding the consolidated structured entities, divided by total equity from the statement of financial position adjusted for the impact of the consolidated structured entities. As at 31 March, this is calculated as follows: | ||||||
| 2025 | 2024 | ||||||
| Net debt | £629.2m | £873.6m | |||||
| Shareholders’ equity | £2,496.0m | £2,295.4m | |||||
| Net gearing | 0.25x | 0.38x | |||||
| Net Investment Returns | NIR | Net Investment Returns is the income generated by the balance sheet investment portfolio and interest income less asset impairments and CLO equity dividends. | |||||
| Operating cash flow | Operating cash flow represents the cash generated from operating activities from the statement of cash flows, adjusted for the impact of the consolidated structured entities. See note 4 for a full reconciliation. | ||||||
| Operating profit margin | Fund Management Company profit before tax divided by Fund Management Company total revenue. As at 31 March this is calculated as follows: | ||||||
| 2025 | 2024 | ||||||
| Fund Management Company profit before tax | £461.4m | £374.4m | |||||
| Fund Management Company total revenue | £766.0m | £652.0m | |||||
| Operating profit margin | 60.2% | 57.4% | |||||
| Term | Short Form | Definition | |||||
| Total available liquidity | Total available liquidity comprises available cash and undrawn debt facilities. | ||||||
| Total Balance Sheet Returns | Net Investment Returns aggregated with FMC CLO dividends. | ||||||
| Total fund size | Total fund size is the sum of third-party AUM and ICG plc’s commitment to that fund. | ||||||
| Weighted-average fee rate | The average fee rate computed by weighting fee rates as at 31 March 2025 relative to FEAUM. | ||||||
Other definitions which have not been identified as non-IFRS GAAP alternative performance measures are as follows:
| Term | Short Form | Definition | ||
| Other additions (of AUM) | Within AUM: New commitments of capital by clients including recycled AUM. Within third-party fee-earning AUM: the aggregate of new commitments of capital by clients that pay fees on committed capital, and deployment of capital that charges fees on invested capital. | |||
| AIFMD | The EU Alternative Investment Fund Managers Directive. | |||
| Alternative performance measure | APM | These are non-IFRS financial measures. | ||
| CAGR | Compound Annual Growth Rate. | |||
| Catch-up fees | On funds that charge fees on committed capital, fees are charged from the date of the first close, irrespective of when the commitment is made. The first fee payment clients make can therefore include fees that relate to prior fiscal years. Those fees are booked in the year they are received and are referred to as ‘catch-up fees'. | |||
| Client base | Client base includes all direct investment fund and liquid credit fund investors. | |||
| Closed-end fund | A fund where investor’s commitments are fixed for the duration of the fund and the fund has a defined investment period. | |||
| Co-investment | Co-invest | A direct investment made alongside or in a fund taking a pro-rata share of all instruments. | ||
| Collateralised Loan Obligation | CLO | CLO is a type of investment grade security backed by a pool of loans. | ||
| Close | A stage in fundraising whereby a fund is able to release or draw down the capital contractually committed at that date. | |||
| Default | An ‘event of default’ is defined as: A company fails to make timely payment of principal and/or interest under the contractual terms of any financial obligation by the required payment date A restructuring of the company’s obligations as a result of distressed circumstances A company enters into bankruptcy or receivership | |||
| Deal Vintage Bonus | DVB awards are a long-term employee incentive, enabling certain investment teams, excluding Executive Directors, to share in the future realised profits from certain investments within the Group's balance sheet portfolio. | |||
| Direct investment funds | Funds which invest in self-originated transactions for which there is a low volume, illiquid secondary market. | |||
| DPI | Distribution to Paid-In Capital | |||
| Employee Benefit Trust | EBT | Special purpose vehicle used to purchase ICG plc shares which are used to satisfy share options and awards granted under the Group’s employee share schemes. | ||
| Environmental, Social and Governance | ESG | Environmental, social and governance (ESG) criteria are a set of standards for a company’s operations that socially-conscious investors use to screen potential investments. | ||
| Financial Conduct Authority | FCA | Regulates conduct by both retail and wholesale financial service companies in provision of services to consumers. | ||
| Financial Reporting Council | FRC | The UK’s independent regulator responsible for promoting high quality corporate governance and reporting. | ||
| Fund | A pool of third-party capital allocated to a specific investment strategy or strategies, managed by ICG plc or its affiliates. | |||
| Fund Management Company | FMC | The Group’s fund management business, which sources and manages investments on behalf of the IC and third-party funds. | ||
| Fund level leverage | Debt facilities utilised by funds to finance assets. | |||
| Gross money on invested capital | Gross MOIC | Total realised and unrealised value of investments (before deduction of any fees), divided by the total invested cost. | ||
| HMRC | HM Revenue & Customs, the UK tax authority. | |||
| IAS | International Accounting Standards. | |||
| IFRS | International Financial Reporting Standards as adopted by the United Kingdom. | |||
| Illiquid assets | Asset classes which are not actively traded. | |||
| Internal Rate of Return | IRR | The annualised return received by an investor in a fund. It is calculated from cash drawn from and returned to the investor together with the residual value of the asset. | ||
| Investment Company | IC | The Investment Company invests the Group’s balance sheet to seed and accelerate emerging strategies, and invests alongside the Group's more established funds to align interests between the Group's client, employees and shareholders. It also supports a number of costs including for certain central functions, a part of the Executive Directors' compensation and the portion of the investment teams' compensation linked to the returns of the balance sheet investment portfolio. | ||
| Term | Short Form | Definition | ||
| Key Person | Certain funds have a designated Key Person. The departure of a Key Person without adequate replacement triggers a contractual right for investors to cancel their commitments or kick-out of the Group as fund manager. | |||
| Key performance indicator | KPI | A business metric used to evaluate factors that are crucial to the success of an organisation. | ||
| Key risk indicator | KRI | A measure used to indicate how risky an activity is. It is an indicator of the possibility of future adverse impact. | ||
| Liquid assets | Asset classes with an active, established market in which assets may be readily bought and sold. | |||
| LTM EBITDA | Last twelve month's earnings before interest, tax, depreciation and amortisation. | |||
| Market movements | Market movements of AUM comprises revaluation of non-USD denominated funds and changes in net asset value for funds where the measurement of AUM is based on the fund net asset value. | |||
| Money multiple | MOIC or MM | Cumulative returns divided by original capital invested. | ||
| Net currency assets | Net assets excluding certain items including; trade and other receivables, trade and other payables, property plant and equipment, cash balances held by the Group’s fund management entities and current and deferred tax assets and liabilities. | |||
| Open-ended fund | A fund which remains open to new commitments and where an investor’s commitment may be redeemed with appropriate notice. | |||
| Performance fees | Carried interest or Carry | Share of profits that the fund manager is due once it has returned the cost of investment and agreed preferred return to investors. | ||
| Principles for Responsible Investment | UN PRI | The Principles for Responsible Investment is an independent association promoting responsible investment to its network in order to enhance returns and better manage risks of investments. | ||
| Realisation | The return of invested capital in the form of principal, rolled-up interest and/or capital gain. | |||
| Realisations (of AUM) | Reductions in AUM due to capital being returned to investors and/or no longer able to be called by the fund, and the reduction in AUM due to step-downs. | |||
| Recycle (of AUM) | Where the fund is able to re-invest capital that has previously been invested and then realised. This is typically only within a defined period during the fund's investment period and is generally subject to certain requirements. | |||
| Relevant investments | Relevant investments include all direct investments within ICG’s Structured and Private Equity asset class and Infrastructure Equity strategy, where ICG has sufficient influence. Sufficient influence is defined by SBTi as follows: at least 25% of fully diluted shares and at least a board seat. | |||
| RCF | Revolving credit facility. | |||
| Seed investments | Investments within the balance sheet investment portfolio that the Group anticipates transferring to a fund in due course, typically made where the Group is seeding new strategies in anticipation of raising a fund. | |||
| Step-down | A reduction in AUM resulting from the end of the investment period in an existing fund or when a subsequent fund starts to invest. Funds that charge fees on committed capital during the investment period will normally shift to charging fees on net invested capital post step-down. There is generally the ability to continue to call further capital from funds that have had a step-down in certain circumstances. | |||
| Separately Managed Account | SMA | Third-party capital committed by a single investor allocated to a specific investment strategy or strategies, managed by ICG plc or its affiliates. | ||
| Science-based target | SBT | A decarbonisation target independently validated by the Science Based Targets initiative (SBTi) which defines and promotes best practice in science-based target setting in line with the latest climate science. | ||
| Structured entities | Entities which are classified as investment funds, credit funds or CLOs and are deemed to be controlled by the Group, through its interests in either an investment, loan, fee receivable, guarantee or commitment. | |||
| Task Force on Climate-related Financial Disclosures | The TCFD was created by the Financial Stability Board to develop recommendations on the types of information that companies should disclose to support investors, lenders, and insurance underwriters in appropriately assessing and pricing a specific set of risks related to climate change. | |||
| UK Corporate Governance Code | The Code | Sets out standards of good practice in relation to board leadership and effectiveness, remuneration, accountability and relations with shareholders. |
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