Overview
Intermediate Capital Group (ICG) is a global alternative asset manager investing in private markets. Its strategies span Structured Capital & Secondaries, Real Assets, Debt/Private Debt and Credit, providing investment opportunities for clients and capital solutions to companies and real-asset owners. ICG states that its purpose is to create long-term value for clients by investing their capital in privately owned companies and assets.[1][2][3][4]
Founded in 1989, ICG reports operations in more than 20 locations across regions including Europe, North America, the Middle East and Asia Pacific. At 31 March 2026, it reported $126 billion of assets under management, $87 billion of fee-earning AUM and 678 employees. For the financial year ended that date, management fees were £684.8 million.[5][6][7][8][9] [1][2][3][7][8][9][4][5][6]
Products & services
Intermediate Capital Group (ICG) offers investment strategies across Structured Capital, Private Equity Secondaries, Private Debt, Liquid Credit and Real Assets. Its Structured Capital strategies include European Corporate, European Mid-Market, Asia Pacific Corporate and Life Sciences: offerings range from directly originated, privately negotiated investments and tailored subordinated-debt or equity financing to $15–50 million growth-stage investments in life-sciences companies.[10][11][12][13]
Private Equity Secondaries includes Strategic Equity, which provides GP-led liquidity solutions, principally single-asset continuation vehicles, and LP Secondaries, which provides liquidity solutions to limited partners. Private Debt strategies include European senior direct lending through Senior Debt Partners, flexible financing for North American sponsored and independent borrowers, and senior-secured loans in Australia and New Zealand.[14][15][16][17][18]
Liquid Credit encompasses Syndicated Loans, Multi-Asset Credit and Asset-Backed Finance, with capabilities spanning senior-secured floating-rate loans, high-yield bonds, CLO debt, special situations and credit portfolios targeting dislocations or structured-asset pricing inefficiencies. Real Assets includes real estate strategies in credit, living and core-plus/opportunistic approaches, as well as European mid-market infrastructure and Asia-Pacific infrastructure equity focused on energy-transition businesses.[19][20][21][22][23][24][25]
ICG also offers managed investment funds, co-investments and CLOs, and provides private-wealth access to selected private-market strategies through partners and investment platforms. At 30 June 2026, reported AUM was $126 billion: Structured Capital $35.5 billion (about 28%), Private Equity Secondaries $24.4 billion (about 19%), Private Debt $28.4 billion (about 23%), Liquid Credit $19.2 billion (about 15%) and Real Assets $18.6 billion (about 15%). Percentages are approximate calculations from the reported rounded figures.[15][26][27] [28][29][30][31][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27]
Geographic presence
As of FY2026 (year ended 31 March 2026), ICG reported third-party AUM by investor geography as 46% EMEA, 32% Americas and 22% APAC; this measure excludes CLOs and listed vehicles and describes client/investor location, not the location of investments or revenue.[32][33] FY2026 fundraising was $17 billion, with 34% from North America; this is a fundraising figure rather than a measure of regional AUM or revenue.[34]
ICG says it operates from 23 locations across Europe, North America, the Middle East and Asia Pacific, with London as its global headquarters. Its office directory lists locations including New York, Toronto, Hong Kong, Singapore and Sydney.[6][35] At FY2026 year-end, ICG had 678 permanent employees globally; the available disclosure does not specify their distribution by geography.[36][37] The FY2026 materials reviewed do not provide regional revenue percentages or a quantified breakdown of portfolio investments by geography.[38][39] [32][33][34][6][35][36][37][38][39][6][35]
Business segments
Intermediate Capital Group reports two financial-reporting segments: Fund Management Company (FMC), its fund-management business, and Investment Company (IC), which invests the Group’s balance sheet to seed and develop emerging strategies and invest alongside established funds. In FY2026, FMC generated £900.0m of segment revenue and IC £96.0m, equivalent to approximately 90.4% and 9.6%, respectively, of the £996.0m total revenue across the two segments.[40][41][42]
The Group also presents its investment platform in three strategy groupings, which are not additional financial-reporting segments. **Structured Capital and Secondaries** covers corporate structured capital strategies and private-equity secondaries; **Real Assets** covers infrastructure, real-estate equity and real-estate debt; and **Debt** covers private debt and credit strategies. Based on FY2026 reported management fees, the groupings contributed approximately 59%, 18% and 23% of Group management fees, respectively. Their reported AUM was $58.2bn, $18.7bn and $48.3bn, respectively.[43][44][7][45] [40][41][42][43][44][7][45]
Company history
Intermediate Capital Group (ICG) was founded in the UK in 1989 by six entrepreneurs to invest in the emerging mezzanine-finance market. It listed on the London Stock Exchange in 1994 and began managing third-party funds; it opened a Paris office in 1995, raised its first European fund in 1998, and reached €1 billion in assets under management in 2000.[5][46]
ICG expanded into Asia-Pacific, launching its inaugural regional fund in 2005 and opening a Hong Kong office in 2001. After launching a Recovery Fund during the 2008 financial crisis, the firm refocused on growing its third-party investment-management business in 2010, when Christophe Evain became CEO. ICG entered real-estate debt through a 51% stake in Longbow Real Estate Capital in 2011, acquired the remaining interest in 2014, and launched its first direct-lending strategy in 2012.[5][47][48]
In 2015–2016, ICG acquired Graphite Capital Management’s private-equity fund-investment business; the Graphite Enterprise Trust management contract and investment team transferred to ICG, and the trust became ICG Enterprise Trust. Benoît Durteste succeeded Evain as CEO and CIO in 2017. ICG later opened offices in Copenhagen in 2023 and Toronto in 2024; its London Stock Exchange ticker changed to ICG in April 2024, and in July 2025 the company changed its legal name to ICG plc.[49][50][51][5][52][53] [5][46][47][48][49][50][51][52][53]
Sources
- INTERMEDIATE CAPITAL GRP — Full financial report (2026 Y)
- www.icgam.com[4]
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- www.icgam.com[14]
- www.icgam.com[15]
- www.icgam.com[16]
- www.icgam.com[17]
- www.icgam.com[18]
- www.icgam.com[19]
- www.icgam.com[20]
- www.icgam.com[21]
- www.icgam.com[22]
- www.icgam.com[23]
- www.icgam.com[24]
- www.icgam.com[25]
- www.icgam.com[26]
- www.icgam.com[27]
- INTERMEDIATE CAPITAL GRP — Presentation (2026 Y)
- www.icgam.com[35]
- INTERMEDIATE CAPITAL GRP — Press release (2026 Y)[41]
- www.icgam.com[46]
- www.icgam.com[47]
- www.icgam.com[48]
- www.icgam.com[49]
- www.icgam.com[50]
- www.icgam.com[51]
- www.icgam.com[52]
- www.icgam.com[53]
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