ICG-Longbow

What ICG-Longbow does

ICG-Longbow Senior Secured UK Property Debt Investments Limited is a Guernsey-domiciled, closed-ended, premium-listed investment company on the London Stock Exchange (ticker: LBO), incorporated and admitted to the Official List on 5 February 2013. The Company was originally constituted to invest in a portfolio of UK real estate debt, predominantly senior secured loans carrying first-ranking fixed charges against commercial property. In January 2021, shareholders approved a change in investment objective to conduct an orderly realisation of the Company's assets and return capital to shareholders over time, and the wholly owned Luxembourg subsidiary ICG Longbow Senior Debt S.A. (Luxco) was liquidated on 18 January 2022. As at 31 January 2026 the portfolio comprises two residual investments — Southport (Hotel sector, North West, £6.86m book value after ECL) and RoyaleLife (National Residential, £11.35m book value after ECL) — with total balance outstanding of £41.98m, post-ECL book value of £18.21m, and Net Asset Value of £20.80m (17.15p NAV per share).

The Company's senior loan investment strategy is implemented through its investment manager, ICG Alternative Investment Limited — the real estate debt division of Intermediate Capital Group plc (ICG plc, LSE: ICG), a global alternative asset manager with $126bn of group AUM and $18.6bn of Real Assets AUM as at 30 June 2026. The Company has no employees and no executive officers; governance, fund administration, registrar and brokerage functions are outsourced to ICG Alternative Investment Limited (regulated by the FCA, registration no. 606186), Ocorian Administration (Guernsey) Limited, Link Market Services (Guernsey) Limited and Cenkos Securities plc respectively. The Board comprises independent non-executive directors (Jack Perry as Chairman and Paul Meader as Director, both since November 2012).

The revenue model is the closed-ended investment trust model: the Company does not earn operating revenue in the conventional sense but generates returns through interest income on senior secured UK commercial property loans and the orderly realisation of portfolio assets, with capital distributed to shareholders over time. Shares are distributed via the LSE Main Market to institutional investors, high net worth individuals and professional investors as defined under Articles 19(5) and 49(2) of the UK Financial Services and Markets Act 2000; offerings are expressly restricted in the US, Australia, Canada, Japan and South Africa. Share price is published with a 15-minute delay, and performance is communicated through quarterly fact sheets, interim and annual reports, AGM materials and regulatory announcements via the company website lbow.co.uk.

Name

ICG-Longbow

Legal name

ICG-Longbow Senior Secured UK Property Debt Investments Limited

Website

https://lbow.co.uk

Company type

Public

Founded year

2013

Operating status

Operating

Short description

ICG-Longbow is a Guernsey-domiciled, closed-ended investment company listed on the London Stock Exchange (ticker: LBO) that originally invested in UK senior secured commercial property debt and is now conducting an orderly realisation of its two remaining loan investments to return capital to shareholders.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Debt Investment

NAICS

Other Financial Investment Activities (5239)

SIC

Investors, Nec (6799)

akta.pro industry

PRIMARYFSAAAHAJ

Multi-Sector / Total Return Fixed Income

Financial & Insurance/Asset & Wealth Management/Asset Management — Fixed Income & Credit

Keywords

• Senior secured loans
• Commercial property debt
• Real estate debt investments
• Closed-ended investment company
• UK property lending

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Others

Revenue model

1. Investment Returns: Generates returns through interest income on senior secured UK commercial property loans and orderly realization of portfolio assets. Returns capital to shareholders through distributions.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

ICG-Longbow is a Guernsey-domiciled, closed-ended, premium-listed investment company on the London Stock Exchange that invests in UK real estate debt investments, predominantly comprising senior secured loans backed by first ranking fixed charges against commercial property. Following shareholder approval in January 2021, the company's investment objective is now to conduct an orderly realisation of its remaining two investments (Southport and RoyaleLife) and return capital to shareholders. Investment management is performed by ICG Alternative Investment Limited, the real estate debt division of ICG plc.

Product overview

ICG-Longbow is a single investment trust product (ICG-Longbow Senior Secured UK Property Debt Investments Limited) focused on UK commercial property debt. The company invests in senior secured loans against commercial real estate and is in the process of orderly asset realisation. As of 31 January 2026, the portfolio comprised two investments: Southport (Hotel sector in North West) and RoyaleLife (National Residential), with a total balance outstanding of £41.98m and book value after ECL of £18.21m. The investment strategy is implemented through ICG Alternative Investment Limited, the real assets division of ICG plc.

Differentiator

Problem solved

Functional benefit

Products and services

• ICG-Longbow Senior Secured UK Property Debt Investments (SSUP) A Guernsey-domiciled, closed-ended, premium-listed investment company on the London Stock Exchange (ticker: LBO) that invests in a portfolio of UK real estate debt investments predominantly comprising loans secured by first ranking fixed charges against commercial property investments. The company is currently conducting an orderly realisation of its assets and returning capital to shareholders over time. Targeted at institutional investors, high net worth individuals, and professional investors as defined by the UK Financial Services and Markets Act 2000.

Quantifiable outcome

• Two remaining investments as at January 2026: Southport (Hotel sector, North West) and RoyaleLife (Residential, National)

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• ICG Alternative Investment LimitedcoreImplementation/ SI/ Consulting PartnerThe investment manager implementing the Company's senior loan investment strategy. ICG Alternative Investment Limited is authorised and regulated by the UK Financial Conduct Authority. Part of ICG plc, a global alternative asset manager with $126bn in AUM.
• David Mortimer (Managing Director, ICG Real Estate)coreOthersManaging Director of ICG Real Estate, the investment manager contact for investor enquiries.
• Clare Glynn (Head of Corporate Communications, ICG)minorOthersHead of Corporate Communications handling media and investor relations inquiries.
• Ocorian Administration (Guernsey) LimitedcoreImplementation/ SI/ Consulting PartnerAdministrator of the Company. The Company's wholly owned subsidiary ICG Longbow Senior Debt S.A (Luxco) was liquidated on 18 January 2022. Also referred to as Estera International Fund Managers (Guernsey) Limited in privacy documentation.
• Link Market Services (Guernsey) LimitedcoreImplementation/ SI/ Consulting PartnerRegistrar maintaining shareholder records. Also known as Link Asset Services (Guernsey) Limited formerly Capita Registrars (Guernsey) Limited.
• Cenkos Securities plccoreChannel Partner/ Reseller/ DistributorNominated broker and financial advisor facilitating share trading and investor relations. Contact: Will Talkington.

Scale indicators7 records

Recent moves5 records

Expansion highlights3 records

Broad incumbents

• ICG Enterprise Trust: UK-listed closed-ended investment trust managed by ICG plc, the same parent as ICG-Longbow's investment manager. Directly comparable investment trust structure and shared management platform, though focused on private equity rather than real estate debt.

Direct peers

• GCP Asset Backed Income Fund: UK-listed closed-ended fund investing in asset-backed loans. Comparable closed-end alternative credit fund structure with similar regulatory framework and targeted income generation focus to ICG-Longbow's property debt strategy.
• Starwood European Real Estate Finance: UK-listed closed-ended investment company focused on originating and investing in senior secured European real estate debt. Closest direct peer to ICG-Longbow, sharing the same Guernsey-domiciled, LSE-listed closed-end structure and similar senior-secured real estate loan mandate.
• Sequoia Economic Infrastructure Income Fund: UK-listed closed-ended investment trust focused on economic infrastructure debt. Comparable investment trust vehicle with similar regulatory framework, AIC governance, and institutional/HNW investor base as ICG-Longbow.
• RM Secured Direct Lending: UK-listed closed-ended investment trust investing in a diversified portfolio of secured direct loans. Comparable closed-end alternative credit vehicle with similar risk-return profile and UK retail/institutional investor base as ICG-Longbow.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about ICG-Longbow