Servizi
Changes to recognition of performance fees, increasing guidance
2 October 2025
Over the last five years ICG plc (“ICG” or “the Company”) has grown equity-like fee-earning AUM , which has the potential to generate higher levels of performance fees, by 3.0x.
In order to make performance fees more visible, and to remove certain elements of management judgment, the Company is changing the way it recognises performance fee revenue in its financial statements . This will be implemented at the Company’s H1 FY26 results, which are expected to be announced on 18 November 2025.
As a result of these changes, and unless there is a reason to deviate, the following approach will now be taken:
As a result of this change, the Company will recognise a one-off gain of £65 – 75m in its H1 FY26 results.
Total performance fees for H1 FY26 are expected to be in the range of £90 – 95m .
In future periods, and all other things being equal, the recognition of performance fees is expected to be more visible than under the current approach, in particular in the early years of a fund’s life.
These changes do not impact the total amount of performance fees ICG plc will receive over the life of a fund.
We expect performance fees to remain a relatively small but increasingly valuable revenue stream for us.
The impact will be reflected both in the Company’s APM and its statutory (IFRS) accounts. As is currently the case, we expect there to be minimal difference between the APM and IFRS accounting for performance fees.
These changes do not impact the total amount of performance fees ICG will receive over the life of a fund or the timing of those cash receipts.
The Company will continue to report performance fee revenue, realised performance fees (cash received), and the performance fee accrual on the balance sheet, in line with its current disclosure.
As a result of our higher performance fee potential, which will be visible earlier as a result of the accounting change outlined above, we are increasing our medium term guidance for performance fees and FMC operating margin:
The Company will hold a presentation for analysts and investors to discuss the updated performance fee accounting at 2pm BST today.
The presentation can be viewed here and a replay will be available on the Company’s website in due course.
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.
ICG (LSE: ICG) is a global alternative asset manager with $123bn* 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 30 June 2025.
Comprised of fee-earning AUM within Structured Capital, Private Equity Secondaries and Real Assets equity strategies.
Excluding evergreens and Credit.
These figures are included in this announcement for informational purposes only; the Company is not intending to announced expected performance fees on an ongoing basis.
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