ICG shares climbed on Wednesday after fee-earning assets rose 10% year-on-year and its flagship European fund neared a €12bn close.
ICG Plc (LSE:ICG) shares are rising on Wednesday after the London-listed alternative asset manager reported a 10% year-on-year increase in fee-earning assets under management and said its flagship European fund is on track to close well above its original fundraising target. The update, covering the three months to 30 June 2026, also flagged fundraising running ahead of analyst expectations.
Shares are trading at 1,840p, up 2.8% on the day, having climbed as high as 1,870p earlier in the session. The stock has ranged between 1,425p and 2,340p over the past year; Wednesday’s gain extends a recovery from March’s low but leaves the shares well short of last September’s high.
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ICG said fee-earning assets under management reached $88bn in the quarter, with $2.4bn of net new fee-earning assets added. Gross additions of $4.4bn beat a $3.0bn consensus estimate. The group said it holds $36bn of dry powder, capital ready to be deployed, of which $18bn is not yet earning fees.
The standout was ICG’s Europe IX fund, which stood at €11bn at the end of June and is on track to close at around €12bn, comfortably above its original €10bn target and 50% larger than its predecessor. “It is materially oversubscribed, reflecting the highly differentiated nature of the strategy and its strong track record,” ICG said in its trading statement. Total fundraising across the group reached $4.1bn in the quarter. ICG also confirmed a final dividend of 59.3p per share, payable on 31 July 2026.
Wednesday’s update builds on momentum flagged at ICG’s full-year results in May, when fee-earning assets also stood at $86.5bn, again driven largely by Europe IX. Shares reportedly fell 1.8% on that occasion, according to Yahoo Finance UK, as strong fund management income was overshadowed by weaker returns from ICG’s debt investment portfolio, and management guided that fundraising this year was likely to run below the prior year’s pace. This week’s trading statement contained no investment return figures, and continued strength in fundraising and fee income appears to have been enough on its own to lift the shares. Analysts remain broadly positive about the stock with the average target among covering analysts near 2,465p.
ICG’s half-year results are due on 11 November 2026, when a fuller picture of investment performance will accompany the next update on fund flows. Until then, the pace of the Europe IX close and further progress deploying dry powder are likely to remain the key swing factors for the stock.