Intermediate Capital Group

What Intermediate Capital Group does

ICG plc (formerly Intermediate Capital Group plc; LSE:ICG, FTSE 100 constituent) is a London-headquartered global alternative asset manager founded in 1989, operating a multi-strategy platform across Structured Capital ($33.8bn AUM), Private Equity Secondaries ($24.6bn AUM), Private Debt ($29.0bn AUM), Credit ($19.3bn AUM, ex-seed) and Real Assets ($18.8bn AUM), for a total of $126bn AUM as at 31 March 2026. The firm provides flexible capital solutions — including direct lending, mezzanine, GP-led secondaries, structured equity, asset-backed finance, syndicated loans and infrastructure/real estate equity — to mid-market corporates, founders and asset owners across 23 locations, with a 37-year European Corporate track record and a 25-year Asia Pacific Corporate track record as its most established franchises. The underlying technology comprises the ISO-27001 certified ICG operating environment, the proprietary ICG Client Lounge digital hub for institutional clients and consultants, and an integrated Allvue/Octaura stack for CLO management and electronic leveraged-loan trading deployed in 2025.

ICG monetises primarily through recurring management fees on fee-paying AUM ($86.5bn as at H2 FY26), which generated £685m of LTM management fee income to 31 March 2026 (+13% YoY), supplemented by performance fees, transaction income and balance-sheet investment income from the investment company segment. Fee-related earnings of £350m (+23% YoY) represent the recurring earnings power of the fund management business, equating to a 51% FRE margin on management fees. ICG sells to 877 institutional clients globally — pensions (40% of third-party AUM), insurers (17%), sovereign wealth funds (16%), asset managers (9%), wealth managers (4%), family offices (3%) and funds of funds (2%) — via a direct Client Solutions Group and a 10-year exclusive global wealth-distribution partnership with Amundi (announced November 2025), with Amundi acquiring up to a 9.9% economic stake and Vincent Mortier joining the Board as a non-executive director effective 31 March 2026.

Name

Intermediate Capital Group

Legal name

ICG plc

Website

https://icgam.com

Company type

Public

Founded year

1989

Operating status

Operating

Headcount range

501–1,000 employees

Short description

ICG plc is a London-listed FTSE 100 global alternative asset manager with $126bn AUM (31 March 2026), investing across structured capital, private equity secondaries, private debt, credit and real assets for 877 institutional clients worldwide and distributing wealth products through a 10-year exclusive partnership with Amundi.

Ownership category

akta.pro rank

Product category

Alternative Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Equity Capital Markets Advisory (Equity Issuance Strategy & Readiness) (FSACAAAI)

akta.pro secondary industries

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL), IPO & New Issue Issuer Services (Listing/ISIN setup) (FSACAKAH)

Keywords

• Alternative asset management
• Private debt investing
• Private equity secondaries
• Structured capital solutions
• Real assets investment

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices23 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Management fees (recurring): Recurring management fees charged on assets under management across ICG's five asset classes (Structured Capital, Private Equity Secondaries, Private Debt, Credit, Real Assets). LTM management fee income of £685m for the 12 months to 31 March 2026, up 13% year-on-year.
2. Fee-related earnings (FRE): Fee-related earnings of £350m for the 12 months to 31 March 2026, up 23% year-on-year; FRE per share of 120p. FRE represents the recurring earnings power of the fund management business after operating costs.
3. Investment income from balance sheet: Returns generated on investments held on ICG's own balance sheet (the investment company segment), including a 2% negative return on the debt portfolio reported in H2 2026, providing non-fee investment income alongside management fees.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

ICG is a global specialist asset manager that invests across the capital structure on behalf of institutional clients through five asset classes: Structured Capital, Private Equity Secondaries, Private Debt, Credit, and Real Assets. The firm raises and manages private markets funds, provides flexible financing and equity solutions to mid-market companies and real asset owners, and as at 31 March 2026 managed $126bn of AUM for 877 institutional clients across 23 worldwide locations.

Differentiator

Problem solved

Functional benefit

Brands

• ICG Real Estate: Real estate investment strategy under ICG's Real Assets vertical, managing UK and European real estate financing and investment vehicles (e.g., Metropolitan funds, LBOW).
• ICG Enterprise Trust
• Senior Debt Partners
• Strategic Equity (ICGSE)
• ICG Infra / ICG Infrastructure
• ICG Life Sciences

Products and services

• Structured Capital strategies (European Corporate, Asia Pacific Corporate, European Mid-Market, Life Sciences)
• Private Equity Secondaries (Strategic Equity and LP Secondaries)
• Private Debt (Senior Debt Partners, North American Private Debt, Australian Senior Debt)
• Credit (Asset-Backed Finance, Syndicated Loans, Multi-Asset Credit)
• Real Assets (European Infrastructure, Asia-Pacific Infrastructure, Real Estate)
• ICG Enterprise Trust
• Private Wealth at ICG (evergreen and wealth-channel products)
• ICG Client Lounge

Quantifiable outcome

• $126bn total AUM (31 March 2026), up 8% YoY on a constant-currency basis
• +6 more outcomes

Named customers15 records

Segments8 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature3 records

Partnerships

Eight partnerships are on record, tiered core - icg infra partnership with italian railway maintenance market leader., core - buyout partnership valued over €1 billion., core - bespoke financing partnership with icg's european corporate team; founders reinvest while viasat exits., minor - exiting equity partner to icg in navarino while maintaining commercial partnership., flagship - 10-year exclusive global strategic and equity partnership anchored by amundi acquiring a 9.9% economic stake in icg (4.64% initial stake increasing to 9.9%); joint development of wealth-channel evergreen funds (private equity secondaries and private debt) launched h1 2026; amundi becomes exclusive global (ex us, australia, new zealand) distributor of icg's evergreen and certain other products while icg becomes amundi's exclusive provider for those products., core - distribution access via amundi partnership for private assets allocation., core - technology integration streamlining icg's clo management workflows alongside octaura. and core - technology integration for icg's electronic leveraged-loan trading workflows..

• Comcreta Groupcore - icg infra partnership with italian railway maintenance market leader.Strategic or Co-development Partner · 18 March 2026ICG Infra entered a partnership with Comcreta Group, an Italian leader in railway maintenance. ICG is investing in Comcreta's capital through its Infrastructure division alongside acquisitions and strategic investments across Italian industries.
• Alfa Gommacore - buyout partnership valued over €1 billion.Strategic or Co-development Partner · 20 February 2026Alfa Gomma's CEO Enrico Gennasio, in partnership with ICG Plc, is preparing a buyout offer for the Italian industrial group valued at over €1 billion, following a court-initiated governance dispute between Gennasio and his brother Guido. Other firms expressing deal interest include Michelin, Trelleborg, Danfoss, Parker-Hannifin and Gates Industrial.
• Navarinocore - bespoke financing partnership with icg's european corporate team; founders reinvest while viasat exits.Strategic or Co-development Partner · 6 January 2026ICG's European corporate team is providing a bespoke financing solution to Navarino, a maritime technology provider serving over 600 shipping companies and approximately 12,000 vessels globally, alongside founders Dimitris and Panos Tsikopoulos who reinvest. Viasat exits its equity position; the transaction is expected to close by end of March 2026.
• Viasatminor - exiting equity partner to icg in navarino while maintaining commercial partnership.Strategic or Co-development Partner · 6 January 2026Viasat is exiting its equity position in Navarino as the maritime service provider's co-founders reinvest with financing from ICG. Navarino will maintain an ongoing commercial partnership with Viasat while using the ICG financing to accelerate growth.
• Amundiflagship - 10-year exclusive global strategic and equity partnership anchored by amundi acquiring a 9.9% economic stake in icg (4.64% initial stake increasing to 9.9%); joint development of wealth-channel evergreen funds (private equity secondaries and private debt) launched h1 2026; amundi becomes exclusive global (ex us, australia, new zealand) distributor of icg's evergreen and certain other products while icg becomes amundi's exclusive provider for those products.Strategic or Co-development Partner · 18 November 2025Long-term strategic and equity partnership comprising: 10-year exclusive global wealth-distribution agreement; joint development of new products for wealth investors; and Amundi's acquisition of a 9.9% economic stake in ICG (non-dilutive to existing shareholders). Vincent Mortier, Amundi's Group CIO, joined ICG's Board as Non-Executive Director on 31 March 2026, and Amundi will consolidate its stake using the equity method from that date. ICG manages ~$125bn (€108bn) of AUM and Amundi manages more than €2.3 trillion of assets across 35 countries with a network of more than 600 distributors and 200m clients.
• Crédit Agricole Assurancescore - distribution access via amundi partnership for private assets allocation.Channel Partner/ Reseller/ Distributor · 18 November 2025The Amundi-ICG partnership will enable Amundi to offer Crédit Agricole Assurances opportunities to diversify and expand its allocation to private assets, notably in private debt, leveraging ICG's investment expertise.
• Allvue Systemscore - technology integration streamlining icg's clo management workflows alongside octaura.Technology or Integration · 26 June 2025Allvue Systems and Octaura jointly implemented their solutions for ICG, combining Allvue's CLO management platform with Octaura's electronic leveraged-loan trading platform to streamline ICG's loan trading and portfolio management workflows. The implementation enables ICG to optimise execution, improve data-driven decision-making, enhance risk management, and complete trade reconciliations in hours/minutes instead of days.
• Octauracore - technology integration for icg's electronic leveraged-loan trading workflows.Technology or Integration · 26 June 2025Joint implementation with Allvue Systems to integrate Octaura's electronic leveraged-loan trading platform into ICG's loan trading and portfolio management workflows, accelerating modern pre- and post-trade automation.

Scale indicators15 records

Recent moves12 records

Expansion highlights6 records

Direct peers

• Ares Management: US-listed alternative asset manager with a major credit/private debt franchise overlapping ICG's Private Debt and Credit asset classes. Comparable in AUM scale, public-listing structure, and direct lending focus (Ares Capital). Closest competitor to ICG's Senior Debt Partners strategy in the European/US direct lending market.
• Apollo Global Management: Global alternative asset manager with a leading private credit and direct origination business (Apollo Credit) plus a multi-strategy platform spanning private equity, real assets and structured solutions. Closely comparable to ICG's full five-asset-class platform, with significant overlap in mid-market direct lending and secondaries.
• Bridgepoint: European-headquartered private equity firm focused on mid-market buyouts and growth. Direct competitor to ICG's European Mid-Market and European Corporate strategies, with comparable deal sizes, sponsor relationships, and on-the-ground European coverage. Recently IPO'd on Euronext Amsterdam, providing a public-market benchmark for ICG's mid-market strategy.
• Tikehau Capital: Paris-listed European alternative asset manager with a credit-focused platform (private debt, CLOs, asset-based finance) and private equity, real estate and infrastructure strategies. Closely comparable to ICG in strategy mix, European footprint, listed structure, and growing wealth-channel focus through partnerships.
• Eurazeo: Paris-listed European private investment group with private debt (Eurazeo Private Debt), mid-market buyouts, real assets and secondaries. Direct competitor to ICG's European Corporate and European Mid-Market strategies, with a comparable European mid-market focus and listed-vehicle structure.

Broad incumbents

• KKR & Co. Large global alternative asset manager with material overlap in private credit, infrastructure (KKR Global Infrastructure), secondaries and private equity. Public-listed (NYSE: KKR) at a larger AUM scale than ICG; offers ICG-comparable direct lending and structured capital capabilities but as part of a much broader alternatives platform.
• Blackstone: World's largest alternative asset manager with a multi-strategy platform spanning private equity, credit, real assets, and secondaries (BCP for private credit, Strategic Partners for GP-led secondaries). Overlaps with ICG across multiple strategies but at vastly larger scale; sets the benchmark for ICG's wealth-channel ambitions through Blackstone's established retail/wealth offerings.
• Carlyle Group: US-listed global alternative asset manager with private credit, private equity, real assets and secondaries capabilities. Direct competitor in mid-market direct lending (Carlyle Credit) and infrastructure; comparable listed structure and AUM tier but with a more US-anchored franchise.
• Brookfield Asset Management: Toronto-listed global alternative asset manager with leading infrastructure, real estate, private equity and credit businesses. Directly comparable to ICG's ICG Infra and Real Estate strategies; significantly larger scale but similar strategy focus on long-duration, capital-intensive real assets.
• CVC Capital Partners: European-headquartered global private equity and alternative asset manager recently re-IPO'd on Euronext Amsterdam. Comparable to ICG in private equity secondaries, mid-market European buyouts, and listed-vehicle structure; complementary rather than fully overlapping given CVC's private equity primacy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@ICGplc
• LinkedInlinkedin.com/company/intermediate-capital-group
• Instagraminstagram.com/icgplc
• Xx.com/icgplc
• Facebookfacebook.com/icginternship

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries15 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A27 records

Investments41 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Intermediate Capital Group