Intermediate Capital Group sets sights on European infra final close in June and secondaries launch this financial year
Intermediate Capital Group (ICG) has raised $24 billion across its private markets platform in the year to 31 March 2025, it reported today, marking one of its strongest fundraising periods.
The UK-listed alternative asset manager closed flagship vehicles in secondaries, private debt, and mid-market equity, contributing to a 14% increase in total AuM to $112 billion and solidifying fee-earning AuM at $75 billion.
CEO and CIO Benoît Durteste said: “FY25 was a milestone year for ICG during which we made significant progress in delivering on our ambition to offer our clients and shareholders breadth at scale.”
ICG confirmed it expects to hold a final close for European Infrastructure II by June 2025 and plans to launch LP Secondaries II during the financial year.
He said: “We raised $24bn from our global client base. Fundraising highlights for the year include closing the world’s largest fund dedicated to GP-led secondaries (Strategic Equity V) and Europe’s largest direct lending fundraising (SDP V), as well as having our largest ever vintage-to-vintage upsize (Europe Mid-Market II, 3x larger than the prior vintage).
“We have therefore secured this fundraising cycle and have anchored management fees and dry powder, materially underpinning our near-term financial performance.”
The firm reiterated its medium-term guidance to raise at least $55 billion by the end of March 2028. Despite an anticipated cyclical dip in new capital formation in financial years 2026 and 2027, ICG remains confident that its breadth of strategies and client relationships positions it well to navigate market uncertainty.
Durteste highlighted the platform’s appeal in the current economic conditions: “In a challenging market environment we are raising more capital from more clients into more strategies.”
The results report noted 35% of the capital raised came from the Americas and that the firm attracted 122 new institutional clients during the year.
The firm now manages $32 billion in dry powder available to deploy, of which $20 billion is not yet fee-earning, offering future upside to its management fee base.
Management fees were up 19% year-on-year at £604 million and it had a fund management company operating margin of 60.2%.