ICG 2H26 First Take: Strong FRE Beat and Focus on Per Share Metrics

ICG reported 2H26 results featuring a 26% beat in FMC PBT and robust fundraising of $7.6bn. Despite an investment return miss due to CLO mark-to-market, the focus on per share metrics and capital return supports a Buy rating.

Key Takeaways

• 1.ICG's Fund Management Company (FMC) PBT beat consensus by 26%, driven by strong management fees (+12% vs consensus) and effective cost control.
• 2.Fundraising momentum remains robust with $7.6bn raised in the period, led by the Europe IX fund which is expected to reach €10bn.
• 3.Management has shifted focus towards per share metrics and has provided a roadmap for capital returns once net zero debt is achieved.

Table of Contents

• Valuation and risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Coverage Universe
• Global product; distributing entities
• General disclosures

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