ICG, the FTSE 100 alternative asset manager formerly known as Intermediate Capital Group, reported an 18 per cent rise in half-year fee-related earnings on Wednesday 11 November 2026, beating market expectations and lifting its shares after the results.

Fee-related earnings climbed to £199 million for the six months ended 30 September 2026, up from £168 million a year earlier, the company said. On a per-share basis, fee-related earnings rose to 68p from 58p. The Investors' Chronicle reported that the figure came in 6 per cent ahead of the analyst consensus.

Management fees, including catch-up fees, rose 12 per cent to £374 million, up from £334 million in the same period of 2025, as growth in fee-earning assets under management fed through to recurring income.

Assets under management reach $145 billion

Total assets under management stood at $145 billion at the end of September, while fee-earning assets under management reached about $90 billion, up 9 per cent year on year on a constant currency basis. ICG raised $7.6 billion during the half year, with net additions to fee-earning assets under management of $4.7 billion.

The standout fundraising achievement was the final close of Europe IX, the group's structured capital fund, at about €12 billion. ICG described it as the largest structured capital fund ever raised globally, a claim based on Preqin data cited in its results statement. The group also launched Senior Debt Partners 6 and Strategic Equity VI during the period, and introduced its first product in partnership with Amundi, targeting private equity secondaries.

Profit falls as performance fees drop

The stronger fee income was partly offset by a sharp fall in performance fees. Performance fee income dropped to £24 million from £98 million, with the prior-year figure including a £72 million one-off accounting transition impact. Group pretax profit on an alternative performance measures basis fell 18 per cent to £287.3 million, from £351.6 million, while statutory pretax profit declined to £291.2 million from £354.1 million. Group operating cash flow fell to £219 million from £467 million.

Investors nevertheless focused on the quality of the recurring fee stream and on the group's balance sheet plans. ICG's balance sheet investment portfolio stood at £2.59 billion, with net debt of £93 million at 30 September, down from £113 million at 31 March. Total available liquidity was £1.43 billion.

Dividend raised and capital returns in focus

ICG declared an interim dividend of 29.0p per share, up 5 per cent from 27.7p a year earlier, payable on 8 January 2027. The company also announced a medium-term objective of maintaining approximately zero net debt, with excess capital returned to shareholders after funding attractive opportunities to grow fee-related earnings per share.

Chief executive Benoît Durteste said: "We prioritise profitable organic growth and the bar to M&A remains very high." ICG maintained its medium-term guidance, including a fundraising target of at least $55 billion between April 2024 and March 2028, having raised $48 billion since the start of that period. The Investors' Chronicle, which marked the shares up after the results, listed ICG at 1,977p with a Buy view.