ICG plc, originally founded in 1989 as Intermediate Capital Group, is a prominent global alternative asset manager based in the United Kingdom. The firm operates through two primary segments: the Fund Management Company (FMC) and the Investment Company (IC). The FMC segment is the core driver of the business, generating revenue through management fees and performance fees by managing third-party capital across various private market strategies. For the fiscal year 2024, the FMC segment generated record management fees of £505 million and performance fees of £74 million. The IC segment invests the firm's own balance sheet capital alongside its clients to align interests and seed new investment strategies, generating net investment returns.
ICG's investment capabilities span four main asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit. The firm is particularly known for its expertise in mezzanine finance, direct lending, and GP-led secondary transactions. With over $127 billion in assets under management (AUM) as of late 2025, ICG serves a diverse global client base of institutional investors, pension funds, and increasingly, private wealth channels. The company operates from over 20 locations worldwide, including major hubs in Europe, North America, and the Asia-Pacific region. In late 2025, ICG entered into a strategic partnership with Amundi, Europe's largest asset manager, to further expand its distribution capabilities in the wealth management sector. ICG's competitive position is strengthened by its long-standing track record, flexible capital solutions, and ability to originate differentiated investment opportunities across the capital structure.
