ICG was founded in 1989 and is headquartered in London. It is a global alternative asset manager offering private debt, private equity, real assets, and credit solutions to institutional investors and companies seeking flexible capital for growth. The company operates in two segments: Fund Management Company (FMC) and the Investment Company (IC) across Europe (including UK), Asia Pacific, and North America.

Redefining investing

On November 18, 2025, ICG announced a 10-year strategic partnership with Amundi to expand private markets access for wealth investors. The collaboration leverages ICG's expertise in private equity and debt with Amundi's worldwide distribution network and structuring capabilities. The partnership will initially launch two European evergreen funds that are focused on private equity secondaries and private debt. Reaffirming long-term alignment, Amundi will acquire a 9.9% non-dilutive stake in ICG. The ICG-Amundi collaboration is expected to induce growth, scale its product range, while substantially increasing assets under management.

Improved gearing

ICG posted a revenue CAGR of minus 0.5% over FY 22-25, reaching £922m, due to slower portfolio exits during macro uncertainty and movement towards stable but lower-growth management fees. EBIT fell at a CAGR of -5.5%, reaching £501.0m, with its margin declining from 56.2% to 49.0%.

Over FY 22-25, total debt fell to £1.3bn, from £1.9bn. Its gearing ratio therefore declined from 93.3% to 53.2%.

ICG experienced decent revenue growth over H1 26, driven by robust client demand, solid growth in fee-earing AUM and performance fee income. In addition, the company's higher-return strategies resulted in an annualized growth rate of 19.0% for management fees over the past five years.

In comparison, 3i Group plc, a major local peer, reported a revenue CAGR of 7.4% to £5.2bn over FY 22-25. EBIT grew at a CAGR of 7.5% to £5bn, with its margin expanding from 96.7% to 97.1%.

Positive outlook amongst analysts 

Over the past year, the company declared an annual dividend of £0.8, representing a dividend yield of 4.3%.

ICG is currently trading at a P/E of 11.2x, based on the FY 26 estimated EPS of £1.8, which is lower than its 3-year historical average of 12.6x but higher than that of 3i Group (P/E of 5.0x). The company is currently trading at an EV/EBIT multiple of 9.7x, based on FY 26 estimated EBIT of £644.8m, which is lower than its 3-year historical average of 12x, although higher than 3i Group (4.9x).

ICG is monitored by 14 analysts, almost all of whom (12) have 'Buy' ratings, with the other two having 'Hold' ratings, with an average target price of £26.2, implying 28.9% upside potential from its current price.

These views are further supported by an anticipated EBIT CAGR of 6.7% over FY 25-28, reaching £698.1m, i.e. a margin of 57.6%. Net income is estimated to rise at a CAGR of 10.6% to £610.3m. In comparison, for 3i Group, analysts estimate an EBIT CAGR of 7.3% and a net profit CAGR of 12.3% over FY 25-28.

Overall, ICG is well positioned for long-term growth, supported by a track record of strategic expansion, strengthened global partnerships, and a positive outlook from the investment community. However, it could face risks from market volatility, impacting asset valuations and fundraising, as well as increasing regulatory and operational challenges that may affect its long-term growth and profitability.