Full Year 2026 ICG PLC Earnings Call Transcript
Key Points
- ICG Plc (ICGUF) surpassed its fundraising expectations, raising $17 billion, with fee-earning AUM growing by 11% during the year.
- The company established a strategic relationship with Amundi, enhancing its position in the wealth market.
- ICG Plc (ICGUF) reported a 23% year-on-year increase in fee-related earnings (FRE), reaching £350 million.
- The company gained 83 new institutional LPs, bringing the total to over 870, indicating strong client confidence.
- ICG Plc (ICGUF) has a substantial amount of dry powder, $36 billion, positioning it well to invest through the cycle and capitalize on emerging opportunities.
- The macroeconomic environment remains challenging, with geopolitical uncertainties and economic disruptions impacting investment decisions.
- ICG Plc (ICGUF) anticipates that fundraising in full year 2027 will naturally be below that of full year 2026 due to the fundraising cycle.
- The company reported a negative return of 2% on its debt portfolio, driven by mark-to-market movements within its CLO portfolio.
- There is a cautious approach to deployment, particularly in direct lending and secondaries, due to concerns around valuations.
- The balance sheet returns were lower than expected, with a 5% return for the financial year, reflecting the challenging macro backdrop.
Good morning.
Thank you for joining this webcast covering ICG's results for the 12 months ended 31st of March, 2026.
The slides are available on our website along with the accompanying results announcement.
As a reminder, unless stated otherwise, all financial information discussed today is based on alternative performance measures, which excludes the consolidation of some of our fund structures as required under IFRS.
This morning, I'm joined by our CIO and CEO, Bernard Otest, and our CFO, David Vicareggi.
They will give an overview of our performance during the year, and we will then take questions.
And with that, I'll hand over to Bernard.
® -
Thank you, Chris. Good morning, everyone.
Full year 26 has been a good year for ICG.
We reinforced our scaled competitive position, beat by some margin our
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