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UK alternative asset manager specializing in private credit, private equity and other illiquid strategies for institutional investors.
UK alternative asset manager specializing in private credit, private equity and other illiquid strategies for institutional investors.
Earns recurring management fees on the funds it runs for institutions, performance fees when investments are sold at a profit, and returns on its own balance sheet, which it invests alongside clients, so part of earnings is investment gains. Credit and structured-capital funds carry the business.
In one line: A UK version of a private-credit/alternative asset manager like Ares Management, but small.
Moat: narrow (scale, brand, distribution). An established fundraising track record and institutional relationships support scale in the competitive but growing private-credit niche.
Headquarters: London, UK · Founded: 1989 · Employees: 678
Size ICG (ICG.L) is a United Kingdom Financials company (Investment Managers) with a market value of $7.32B, the 67th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £1,900 on 6 Nov 2026.
Performance Over six months the shares gained 2.4%, against -0.6% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 6.5% over the last twelve months (peer median +10.6%); the operating margin is 60.2% (peer median 33.3%).
Valuation It trades at 11.9× forward earnings against a peer median of 13.6× (6th cheapest of 19).
Credit ICG has 2 bonds outstanding ($1.11B), rated BBB+ by the agencies.
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £1.04B | £834M | £696M | £576M | £499M |
| Revenue growth | — | +20% | +21% | +15% | — |
| Gross profit | £1.03B | £817M | £678M | £558M | £481M |
| EBITDA | £645M | £645M | £592M | £599M | £329M |
| Net income | £478M | £478M | £451M | £487M | £281M |
| Free cash flow | -£27.2M | -£27.2M | -£141M | -£258M | £150M |
| Capital expenditure | £7.30M | £7.30M | £6.60M | £9.50M | £11.2M |
| Total debt | n/a | £6.56B | £6.17B | £6.16B | £6.19B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| ICG ICG.L | $7.32B | +2% | +6% | 60% | 11.9× | n/a |
| Ares Management ARES | $30.0B | +7% | +7% | 27% | 20.5× | n/a |
| Blackstone BX | $149B | -3% | +9% | 57% | 18.1× | n/a |
| Apollo Global Management APO | $68.9B | -12% | +11% | 11% | 11.5× | n/a |
| Partners PGHN.SW | $21.3B | -24% | +9% | 56% | 16.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ICG.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.5% | +1.7% | 3rd highest of 21 |
| 6-month return | +2.4% | -0.6% | 7th highest of 20 |
| Distance from 52-week high | -11.6% | -19.8% | 6th highest of 21 |
| Revenue growth (TTM) | +6.5% | +10.6% | 7th lowest of 21 |
| Operating margin | 60.2% | 33.3% | 5th highest of 21 |
| Forward P/E | 11.9× | 13.6× | 6th cheapest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ICG ICG.L | United Kingdom | $7.32B | +2% | +6% | 60% | 11.9× | n/a | n/a |
| Victory Capital VCTR | United States | $7.38B | +40% | +50% | 46% | 14.0× | n/a | n/a |
| Nippon Life India Asset Management NAM-INDIA.NS | India | $7.22B | -4% | +23% | 68% | 39.1× | n/a | n/a |
| China Industrial Securities 601377.SS | China | $7.12B | -9% | -11% | 29% | 13.2× | n/a | n/a |
| Banca Generali BGN.MI | Italy | $7.73B | +4% | +17% | 38% | 15.3× | n/a | n/a |
| VZ Holding AG VZN.SW | Switzerland | $8.03B | +17% | +9% | 45% | 24.1× | n/a | n/a |
| ChinaLin Securities 002945.SZ | China | $6.27B | 0% | +15% | 25% | n/a | n/a | n/a |
| EFG International EFGN.SW | Switzerland | $6.26B | -1% | -1% | 26% | 14.4× | n/a | n/a |
| HealthEquity HQY | United States | $8.57B | +22% | +7% | 26% | 20.5× | n/a | n/a |
| Vontobel VONN.SW | Switzerland | $6.18B | +36% | +11% | 25% | 12.6× | n/a | n/a |
| China CITIC Financial Asset Management 2799.HK | Hong Kong | $5.83B | -24% | -18% | 135% | 3.1× | n/a | n/a |
| StepStone STEP | United States | $5.73B | -15% | +51% | -53% | 18.1× | n/a | n/a |
| Affiliated Managers AMG | United States | $9.39B | +20% | +12% | 22% | 9.1× | n/a | n/a |
| Capital Securities 601136.SS | China | $5.41B | -21% | +1% | 36% | n/a | n/a | n/a |
| Aberdeen ABDN.L | United Kingdom | $5.36B | +2% | +2% | 37% | 14.3× | n/a | n/a |
| Ninety One N91.L | United Kingdom | $5.18B | -6% | +10% | 26% | 11.1× | n/a | n/a |
| Caitong Securities 601108.SS | China | $5.12B | -11% | -12% | 31% | 10.7× | n/a | n/a |
| Stifel Financial SF | United States | $10.7B | -7% | +8% | 22% | 10.3× | n/a | n/a |
| HA Sustainable Infrastructure Capital HASI | United States | $5.00B | -5% | +27% | 69% | 12.6× | n/a | n/a |
| Hamilton Lane HLNE | United States | $4.99B | +1% | +19% | 58% | 12.3× | n/a | n/a |
| SBI Funds Management SBIFUNDS.NS | India | $10.8B | n/a | +21% | 89% | 31.1× | n/a | n/a |
ICG has 2 bonds outstanding with $1.11B face value. The agencies rate it BBB+.