Highlights
- AUM of $98bn1; fee-earning AUM of $70bn, up 11%2 compared to FY23 and five-year annualised growth of 17%2
- Fundraising of $13.0bn, including 31% from North America and 11% from Wealth channel. LP Secondaries held its final close at the hard cap of $1.0bn
- Record management fees of £505m, up 5% compared to FY23 (+11% excluding catch-up fees)
- Performance fees of £74m
- Fund Management profit before tax of £375m, up 21% compared to FY23
- Net Investment Returns of £379m (13%); Investment Company profit before tax of £223m; NAV per share of 801p
- Total ordinary dividend per share for FY24 of 79p, representing the 14th consecutive annual increase
- Revised medium-term guidance, including fundraising target of at least $55bn in aggregate in the next four years (see page 2)
Overview
William Rucker, Chair:
ICG’s performance over the year adds to an already-strong track record of delivering growth across cycles.
In a fast-moving environment, we remained focused on executing our strategy to serve our clients and to grow our business.
During the year, the Board has worked closely with the executive team to ensure that ICG has the right strategy, financial and human capital resources to continue to succeed in the coming decades.
The strength of the ICG platform and the benefits of our breadth at increasing scale are evermore visible in our results.
Benoît Durteste, CEO and CIO:
The entire ICG team should be proud of the results we are reporting today, in the 30th year since we listed.
We are a manager of choice for our clients, in a global market that will increasingly reward those with strong track records and resilient business models. We have a number of large, globally-relevant flagship strategies; an exciting set of scaling products; and in FY24 we secured client commitments of almost $1.5bn across three first-time funds.
Our broad waterfront of products enables us to react to the needs of our clients and portfolio companies. In the current market we are benefiting from an environment in which strategies that invest in credit, structured transactions, and which provide liquidity solutions are particularly attractive.
We are demonstrating long-term financial growth. Our management fee income has reached over half a billion pounds for the first time ever; our FMC profits have grown for the 10th consecutive year; and our balance sheet has proven its strategic and financial value.
Our strategy of scaling up and scaling out is delivering multiple levers of growth as we continue to build ICG for further success in the years ahead.
Read more
References
Note: unless otherwise stated the financial results discussed herein are on the basis of Alternative Performance Measures (APM) – see page 3.
1 See page 6 for details of a methodology change to AUM
2 On a constant currency basis.
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