ICG Intermediate Capital Group Plc

ICG: Final Results for the financial year ended 31 March 2024

	Delivering multiple levers of growth
	Highlights AUM of $98bn1; fee-earning AUM of $70bn, up 11%2 compared to FY23 and five-year annualised growth of 17%2 Fundraising of $13.0bn, including 31% from North America and 11% from Wealth channel. LP Secondaries held its final close at the hard cap of $1.0bn Record management fees of £505m, up 5% compared to FY23 (+11% excluding catch-up fees) Performance fees of £74m Fund Management profit before tax of £375m, up 21% compared to FY23 Net Investment Returns of £379m (13%); Investment Company profit before tax of £223m; NAV per share of 801p Total ordinary dividend per share for FY24 of 79p, representing the 14th consecutive annual increase Revised medium-term guidance, including fundraising target of at least $55bn in aggregate in the next four years (see page 2) Note: unless otherwise stated the financial results discussed herein are on the basis of Alternative Performance Measures (APM) - see page 3. 1 See page 6 for details of a methodology change to AUM; 2 On a constant currency basis.

	William Rucker			Benoît Durteste
	Chair			CEO and CIO
	“	ICG's performance over the year adds to an already-strong track record of delivering growth across cycles. In a fast-moving environment, we remained focused on executing our strategy to serve our clients and to grow our business. During the year, the Board has worked closely with the executive team to ensure that ICG has the right strategy, financial and human capital resources to continue to succeed in the coming decades. The strength of the ICG platform and the benefits of our breadth at increasing scale are evermore visible in our results.	"	“	The entire ICG team should be proud of the results we are reporting today, in the 30th year since we listed. We are a manager of choice for our clients, in a global market that will increasingly reward those with strong track records and resilient business models. We have a number of large, globally-relevant flagship strategies; an exciting set of scaling products; and in FY24 we secured client commitments of almost $1.5bn across three first-time funds. Our broad waterfront of products enables us to react to the needs of our clients and portfolio companies. In the current market we are benefiting from an environment in which strategies that invest in credit, structured transactions, and which provide liquidity solutions are particularly attractive. We are demonstrating long-term financial growth. Our management fee income has reached over half a billion pounds for the first time ever; our FMC profits have grown for the 10th consecutive year; and our balance sheet has proven its strategic and financial value. Our strategy of scaling up and scaling out is delivering multiple levers of growth as we continue to build ICG for further success in the years ahead.	"

PERFORMANCE OVERVIEW

Historical performance

Unless stated otherwise, the financial results discussed herein are on the basis of alternative performance measures (APM), which the Board believes assists shareholders in assessing the financial performance of the Group. See page 3 for further information.

Financial performance

	Year ended31 March 2023	Year ended 31 March 2024	Year-on-year growth1	Last five years CAGR1,2
AUM	$80.2bn	$98.4bn	23%	20%
Fee-earning AUM	$62.8bn	$69.7bn	11%	17%
Management fee income	£481.4m	£505.4m	5%	21%
Performance fee income	£19.6m	£73.7m	276%	28%
Annualised Net Investment Return %	4%	13%		11%3
Fund Management Company profit before tax	£310.7m	£374.5m	21%	21%
Group profit before tax	£258.1m	£597.8m	132%	17%
Group earnings per share	80p	182p	126%	14%
NAV per share	694p	801p	15%	10%
Dividend per share	77.5p	79.0p	2%	12%

¹ AUM on constant currency basis; ² AUM and per share calculations based on 31 March 2019 to 31 March 2024. Dividend includes FY24 declared dividend; ³ Five year average.

Business activity

Year ended 31 March 2024	Fundraising	Deployment1	Realisations1,2
Structured and Private Equity	$5.4bn	$1.7bn	$0.8bn
Private Debt	$4.8bn	$3.8bn	$1.8bn
Real Assets	$1.0bn	$2.2bn	$0.9bn
Credit	$1.8bn
Total	$13.0bn	$7.7bn	$3.5bn

¹ Direct investment funds; ² Realisations of fee-earning AUM.

Medium-term financial guidance
	Fundraising	FMC Operating margin	Investment performance
	Fundraising of at least $55bn in aggregate between 1 April 2024 and 31 March 20281	In excess of 52%	Performance fees to represent c. 10 - 15% of total fee income	Balance sheet investment portfolio to generate low double digit % returns

¹ Assuming fundraising environment normalises in FY26.

COMPANY PRESENTATION

A presentation for shareholders, debtholders and analysts will be held at 09:00 BST today: join via the link on our website. A recording and transcript of the presentation will be available on demand from the same location in the coming days.

COMPANY TIMETABLE

Ex-dividend date	13 June 2024
Record date	14 June 2024
Last date to elect for dividend reinvestment	12 July 2024
AGM and Q1 trading statement	16 July 2024
Payment of ordinary dividend	2 August 2024
Half year results announcement	13 November 2024

ABOUT ICG

ICG provides flexible capital solutions to help companies develop and grow. We are a global alternative asset manager with over 30 years' history, operating across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.

We develop long-term relationships with our business partners to deliver value for shareholders, clients and employees. We are committed to being a net zero asset manager across our operations and relevant investments by 2040.

ICG is listed on the London Stock Exchange. Further details are available at www.icgam.com.

ENQUIRIES

Shareholders & Debtholders / Analysts:
Chris Hunt, Head of Corporate Development & Shareholder Relations, ICG	+44(0)20 3545 2020
Media:
Fiona Laffan, Global Head of Corporate Affairs, ICG	+44(0)20 3545 1510

This results statement may contain forward looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of this report and should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward looking information.

USE OF ALTERNATIVE PERFORMANCE MEASURES

The Board and management monitor the financial performance of the Group on the basis of Alternative Performance Measures (APM), which are non-UK-adopted IAS measures. The APM form the basis of the financial results discussed in this review, which the Board believes assist shareholders in assessing their investment and the delivery of the Group’s strategy through its financial performance.

The substantive difference between APM and UK-adopted IAS is the consolidation of funds, including seeded strategies, and related entities deemed to be controlled by the Group, which are included in the UK-adopted IAS consolidated financial statements at fair value but excluded for the APM in which the Group’s economic exposure to the assets is reported.

Under IFRS 10, the Group is deemed to control (and therefore consolidate) entities where it can make significant decisions that can substantially affect the variable returns of investors. This has the impact of including the assets and liabilities of these entities in the consolidated statement of financial position and recognising the related income and expenses of these entities in the consolidated income statement.

The Group’s profit before tax on a UK-adopted IAS basis was above prior period at £530.8m (FY23: £251.0m). On the APM basis it was above the prior period at £597.8m (FY23: £258.1m).

The Group’s APM Net Investment Returns in FY24 include £60m of gains that had previously been recognised under UK-adopted IAS but not under APM. This is due to a change in classification of one asset that was originally expected to be transferred to a fund managed by ICG and that is now expected to be sold to third parties.

Detail of these adjustments can be found in note 4 to the consolidated financial statements on pages 29 to 85.

CHIEF EXECUTIVE OFFICER’S REVIEW

Marking 30 years since IPO

2024 is our 30th anniversary of being listed on the London Stock Exchange, and the entire ICG team is proud to mark this milestone with the results we are reporting today. Since our IPO, we have generated a total shareholder return of 85.8x - substantially more than both the FTSE 100 and the S&P 500. Our total shareholder return has also outperformed both those indices over the last five and ten years¹. Today we are a truly global business managing almost $100bn of AUM on behalf of over 680 clients across a wide range of private markets strategies, and we have demonstrated a consistent ability to scale up and to scale out - both strategically and financially.

The challenging environment over the last last twelve months - indeed, the last two years - has shown that we are a manager of choice for clients, who have continued to commit capital to our funds. The investment performance of our products has delivered significant value and as a firm we have scaled and broadened our capabilities and our platform - all of which positions us well to capture future growth opportunities.

Our focus on sustainability remains strong. During the past year, we have continued making progress towards our science-based decarbonisation targets and have further enhanced our approach to integrating sustainability factors in our investment decisions and engagement efforts. We were pleased that ICG retained its recognition as a leader in our field in a range of external sustainability ratings; for the third consecutive year we received the top AAA rating from MSCI and retained membership in the Dow Jones Sustainability Index (Europe)², to name a few. I encourage you to read our Sustainability and People Report, which will be published in the coming weeks, for a more in-depth review of our progress.

Navigating today's environment

The investment landscape across the industry during FY24 was nuanced. For more equity-focused strategies, transaction velocity reduced substantially across the market, with 2023 marking the second consecutive year that buyout volumes globally reduced³. By contrast, deployment in private debt strategies held up, taking advantage of the funding gap created by the leveraged loan and high yield bond markets being generally closed - over 80% of LBOs in Europe during 2023 were backed by direct lending strategies³. For many LPs, the level of realisations has been a significant challenge over the last 24 months and a differentiator as they select managers. DPI has been described as “the new IRR”, this has become a competitive advantage for ICG. Consistently crystallising performance has long been an expressly avowed feature of our investment approach, and we are reaping the benefits today, with a number of our strategies having a proven track record of being top decile.

From a deployment perspective, strategies that invest in credit, structured transactions and liquidity solutions are attractive in today’s environment. Our broad waterfront of products has enabled us to capitalise on these conditions for our clients, which is particularly notable in the business activity during the year within our flagship Direct Lending strategy, and in our families of secondary⁴ and corporate⁵ strategies.

Looking ahead, we do not see signs of a notable, imminent and sustained increase in traditional buyout volumes. However, we do believe that companies will continue to seek to raise capital to support their growth and ownership ambitions, and ICG's range of products enables us to provide flexible solutions across the capital structure that we expect to continue to be attractive in this environment. Further reflections on trends and our outlook relative to our principal areas of risk can be found on pages 19 - 27.

Building for growth

Our focus on building the ICG platform to have breadth at scale across our investment strategies and our client base; our reputation for investment excellence; and our human and financial capital, all combine to create a powerful and growing ecosystem that positions us for long-term success and enables us to proactively manage through market cycles. In a strong market, the vast majority of managers appear to flourish; in more challenging environments, the benefits of strong investment discipline and a sustainable, long-term business model become more apparent.

That we are in an attractive position in this respect is clear in our financial performance: in FY24 we raised $13.0bn, exceeding our accelerated fundraising guidance; our fee-earning AUM grew, closing the year at $69.7bn; management fees of £505m surpassed half a billion pounds for the first time ever; portfolio company performance and transaction visibility led to performance fees of £74m being recognised and NIR of 13%; and FMC PBT reached £375m, growing for the tenth consecutive year.

Supporting this growth, we have continued to invest in our platform – we now have 635 employees⁶ globally and operate out of 19 locations. During the year we opened an office in Canada, grew our presence in Poland and India, and made a number of hires across the firm, in particular within our marketing and CBS teams. While we expect to continue to welcome more colleagues in FY25 at all levels, we have already made substantial investments to position the business and platform for further future growth.
Meeting client demand

Of the $13.0bn fundraising during the year, 31% came from the US and 11% came from the Wealth channel – both areas of focus that we have previously highlighted. We enjoyed strong demand for the two flagship strategies we had in the market, Strategic Equity (which raised $3.5bn) and European Direct Lending (Senior Debt Partners, which raised $3.7bn), as well as for a number of scaling strategies including Europe Mid-Market II and North America Credit Partners III. All four of these funds are already larger than their predecessor vintages and are continuing to raise.

The current fundraising backdrop is especially difficult for first time funds, and against that backdrop we are extremely pleased with three notable successes: ICG Life Sciences was selected as an Investment Partner for the UK Government-backed Long-term Investment for Technology and Science (LIFTS) initiative; we raised $0.5bn for our Real Estate Equity's "Metropolitan" fund family; and we had the final close for the first vintage of ICG LP Secondaries, with a materially oversubscribed fundraise for the strategy closing at $1.0bn. These successes build on our differentiated ability to broaden our waterfront of products organically; underline the trust our clients are willing to place in us; and have opened up new asset classes for ICG in which to grow our AUM in the coming years.

Since 1 April 2021 we have attracted more capital more quickly than we anticipated, raising $46bn over three years. During this time we have grown our client base by 43%, from 476 to 681, and these new clients contributed 35% of our fundraising in the period. This is a material step-up in our scale globally, and as more of our strategies get incrementally larger, we expect to see further benefits of our growing client franchise across our platform.

Looking ahead

Today our waterfront of products is broad and attractive. We have a number of globally relevant, large, flagship strategies that have considerable runway for further growth; and an exciting group of scaling strategies that provide multiple levers to expand and diversify our business globally in the coming years.

We are working on a number of promising first-time funds - including Real Estate Asia and Infrastructure Asia - and we are launching our first wealth-focused product, ICG Core Private Equity. This is an institutional-quality US evergreen fund giving clients differentiated access to private equity through the secondary market.

I remain very confident of the market’s ongoing evolution and innovation. Since we listed 30 years ago ICG has been growing and investing successfully for the benefit of our clients and our shareholders, and today we have the market opportunity combined with the strategic and financial resources that position us for decades of growth to come.

Thank you for your continued support.

Benoît Durteste

1. Source: Bloomberg as of 31 March 2024.
   
   

2. MSCI and S&P Global.
3. Source: Bain & Company, Global Private Equity Report 2024.
4. Strategic Equity and LP Secondaries.
5. European Corporate, Europe Mid Market and Asia Corporate.
6. Full Time Equivalent basis.

FINANCIAL REVIEW

AUM and FY25 fundraising
Refer to the Datapack for further detail on AUM (including fundraising, realisations and deployment).

AUM of $98bn

AUM ($m)	Structured and Private Equity	Private Debt	Real Assets	Credit	Seed investments	Total
At 1 April 2023	29,887	23,849	8,218	18,205	—	80,159
Fundraising and other additions	6,030	5,135	1,243	1,873	394	14,675
Realisations	(1,114)	(843)	(768)	(2,327)	(403)	(5,455)
Market movements	(305)	(508)	(60)	193	89	(591)
Impact of methodology change (see below)	6,374	669	2,182	—	419	9,644
At 31 March 2024	40,872	28,302	10,815	17,944	499	98,432

Note on methodology change regarding AUM: To bring our definition of AUM more closely into line with market practice and to more accurately reflect the value that we manage on behalf of our clients, effective 31 March 2024 we are including fee-exempt AUM that we manage. There is no impact on the definition of fee-earning AUM or on ICG plc's economics as a result of this change.

Fee-earning AUM of $70bn

Fee-earning AUM ($m)	Structured and Private Equity	Private Debt	Real Assets	Credit	Total
At 1 April 2023	23,840	14,249	6,862	17,898	62,849
Funds raised: fees on committed capital	5,298	—	581	—	5,879
Deployment of funds: fees on invested capital	706	3,820	1,257	1,958	7,741
Total additions	6,004	3,820	1,838	1,958	13,620
Realisations	(827)	(1,777)	(900)	(2,471)	(5,975)
Net additions / (realisations)	5,177	2,043	938	(513)	7,645
Stepdowns	(220)	—	(92)	—	(312)
Market movements	(463)	(382)	25	296	(524)
At 31 March 2024	28,334	15,910	7,733	17,681	69,658
Change $m	4,494	1,661	871	(217)	6,809
Change %	19%	12%	13%	(1)%	11%
Change % (constant exchange rate)	19%	12%	11%	(1)%	11%

The bridge between AUM and Fee-earning AUM is as follows:

$m	Structured and Private Equity	Private Debt	Real Assets	Credit	Seed investments	Total
Fee-earning AUM	28,334	15,910	7,733	17,681	—	69,658
AUM not yet earning fees	3,883	11,534	393	450	—	16,260
Fee-exempt AUM	6,374	669	2,182	—	—	9,225
Balance sheet investment portfolio and Other1	2,281	189	507	(187)	499	3,289
AUM	40,872	28,302	10,815	17,944	499	98,432

¹ Includes elimination of $588m (£465m) due to how the balance sheet investment portfolio accounts for and invests into CLO's managed by ICG and its affiliates

At 31 March 2024 we had $26.3bn of AUM available to deploy in new investments ("dry powder"), of which $16.3bn was not yet earning fees.

FY25 fundraising

At 31 March 2024, closed-end funds and associated SMAs that were actively fundraising included SDP V; Strategic Equity V; North America Credit Partners III; Europe Mid-Market II; Infrastructure Europe II; Life Sciences I; and various Real Estate equity and debt strategies. During FY25 we expect to hold final closes for a number of those including SDP V, Strategic Equity V, North America Capital Partners III and Infrastructure II. We anticipate launching a number of funds including Core Private Equity and Europe IX. The timings of launches and closes for these funds depends on a number of factors, including the prevailing market conditions.
Group financial performance

£m unless stated	Year ended 31 March 2023	Year ended 31 March 2024	Change %1
Management fees	481.4	505.4	5%
Performance fees	19.6	73.7	n/m
Fee income	501.0	579.1	16%
Movement in fair value of derivative	(26.8)	—	n/m
Other Fund Management Company income	65.7	72.9	11%
Fund Management Company revenue	539.9	652.0	21%
Fund Management Company operating expenses	(229.2)	(277.5)	21%
Fund Management Company profit before tax	310.7	374.5	21%
Fund Management Company operating margin	57.5%	57.4%	(0.1)%
Net investment return	102.3	379.3	n/m
Other Investment Company Income	(3.9)	(31.3)	n/m
Investment Company operating expenses	(103.1)	(100.4)	3%
Interest income	13.9	21.5	55%
Interest expense	(61.8)	(45.8)	26%
Investment Company (loss) / profit before tax	(52.6)	223.3	n/m
Group profit before tax	258.1	597.8	n/m
Tax	(28.8)	(78.5)	n/m
Group profit after tax	229.3	519.3	n/m
Earnings per share	80.3 p	181.5 p	n/m
Dividend per share	77.5p	79p	2%
Total available liquidity	£1.1bn	£1.1bn	7%
Balance sheet investment portfolio	£2.9bn	£3.1bn	6%
Net gearing	0.52x	0.38x	(0.14)x
Net asset value per share	694p	801p	15%

1         The % change, where the movements are in excess of +100%/ (100)% are shown as n/m.
Structured and Private Equity

Overview

Flagship strategies	Scaling strategies	Seeding strategies
European Corporate Strategic Equity	European Mid-Market Asia Pacific Corporate LP Secondaries	Life Sciences Core Private Equity

	Year ended 31 March 2023	Year ended 31 March 2024	Year-on-year growth2	Last five years CAGR2,3
AUM	$29.9bn	$40.9 bn1	37%	26%
Fee-earning AUM	$23.8bn	$28.3bn	19%	21%
Fundraising	$3.5bn	$5.4bn	55%
Deployment	$4.3bn	$1.7bn	(61)%
Realisations	$2.3bn	$0.8bn	(64)%
Effective management fee rate	1.26%	1.24%	(2)bps
Management fees	£283m	£284m	—%	22%
Performance fees	£13m	£53m	298%
Balance sheet investment portfolio	£1.8bn	£1.8bn
Annualised net investment return4	6%	13%		16%5

1 See page 6 for a description of how our methodology for calculating AUM has changed for FY24
2 AUM on constant currency basis;
3         AUM calculation based on 31 March 2019 to 31 March 2024;
4         Balance Investment Portfolio NIR;
5 Five-year average

Performance of key funds

Refer to the Datapack issued with this announcement for further detail on fund performance

	Vintage	Total fund size	Status	% deployed	Gross MOIC	Gross IRR	DPI
Europe VI	2015	€3.0bn	Realising		2.2x	23%	179%
Europe VII	2018	€4.5bn	Realising		1.9x	19%	42%
Europe VIII	2021	€8.1bn	Investing	47%	1.3x	16%	—%
Europe Mid-Market I	2019	€1.0bn	Investing	93%	1.6x	29%	34%
Europe Mid-Market II			Fundraising
Asia Pacific III	2014	$0.7bn	Realising		2.1x	18%	98%
Asia Pacific IV	2020	$1.1bn	Investing	48%	1.4x	20%	—%
Strategic Secondaries II	2016	$1.1bn	Realising		3.1x	48%	200%
Strategic Equity III	2018	$1.8bn	Realising		2.6x	44%	30%
Strategic Equity IV	2021	$4.3bn	Investing	97%	1.5x	35%	3%
Strategic Equity V			Fundraising
LP Secondaries I	2024	$0.8bn	Investing	28%	2.1x	79%	4%

Key drivers

Business activity	Fundraising: Strategic Equity ($3.5bn), Mid Market II ($1.2bn); LP Secondaries ($0.7bn) Deployment: Mostly driven by European Corporate ($0.8bn) and Strategic Equity ($0.5bn) Realisations: Strategic Equity ($0.6bn)
Fee income	Management fees: Prior period included £30.6m of catch up fees (FY24: £3.7m). Underlying growth driven largely by fundraising for Strategic Equity V as well as for LP Secondaries I Performance fees: Include inaugural recognition for Europe VII
Balance sheet investment portfolio	Investment returns: Strategic Equity and European Corporate driving positive NIR, supported by underlying company growth
Fund performance	Broad-based year-on-year growth across key funds

Private Debt

Overview

Flagship strategies	Scaling strategies	Seeding strategies
Senior Debt Partners	North America Credit Partners	-

	Year ended 31 March 2023	Year ended 31 March 2024	Year-on-year growth2	Last five years CAGR2,3
AUM	$23.8bn	$28.3bn1	19%	23%
Fee-earning AUM	$14.2bn	$15.9bn	12%	22%
Fundraising	$3.8bn	$4.8bn	26%
Deployment	$4.5bn	$3.8bn	(14)%
Realisations	$2.0bn	$1.8bn	(8)%
Effective management fee rate	0.82%	0.84%	+2bps
Management fees	£84m	£100m	20%	28%
Performance fees	£6m	£8m	22%
Balance sheet investment portfolio	£0.2bn	£0.1bn
Annualised net investment return4	9%	9%		10%5

1 See page 6 for a description of how our methodology for calculating AUM has changed for FY24.
2 AUM on constant currency basis;
3         AUM calculation based on 31 March 2019 to 31 March 2024;
4         Balance Investment Portfolio NIR;
5         Five-year average

Performance of key funds

Refer to the Datapack issued with this announcement for further detail on fund performance

	Vintage	Total fund size	Status	% deployed	Gross MOIC	Gross IRR	DPI
Senior Debt Partners II	2015	€1.5bn	Realising		1.3x	8%	97%
Senior Debt Partners III	2017	€2.6bn	Realising		1.2x	7%	47%
Senior Debt Partners IV	2020	€5.0bn	Realising		1.2x	11%	15%
Senior Debt Partners V			Fundraising / Investing
North American Private Debt I	2014	$0.8bn	Realising		1.5x	16%	128%
North American Private Debt II	2019	$1.4bn	Investing	95%	1.3x	13%	34%
North America Credit Partners III			Fundraising

Key drivers

Business activity	Fundraising: Senior Debt Partners ($3.7bn) and North America Credit Partners III ($1.0bn) Deployment: Senior Debt Partners ($3.5bn) and North America Credit Partners ($0.2bn) Realisations: Senior Debt Partners ($1.4bn) and North America Credit Partners ($0.3bn)
Fee income	Management fees: Net deployment supporting higher fee earning AUM, in particular in Senior Debt Partners Performance fees: Positive impact of higher base rates
Balance sheet investment portfolio	Investment returns: Interest rates remaining at higher levels and limited impairments
Fund performance	Key funds generally flat-to-up year-on-year

Real Assets

Overview

Flagship strategies	Scaling strategies	Seeding strategies
-	Infrastructure Europe Real Estate Equity Europe Real Estate Debt	Infrastructure Asia Real Estate Equity Asia

	Year ended 31 March 2023	Year ended 31 March 2024	Year-on-year growth2	Last five years CAGR2,3
AUM	$8.3bn	$10.8bn1	30%	21%
Fee-earning AUM	$6.9bn	$7.7bn	11%	20%
Fundraising	$1.0bn	$1.0bn	(4)%
Deployment	$1.7bn	$2.2bn	28%
Realisations	$1.0bn	$0.9bn	(10)%
Effective management fee rate	0.91%	0.94%	+3bps
Management fees	£49m	£56m	15%	20%
Performance fees	—	—	n/m
Balance sheet investment portfolio	£0.3bn	£0.4bn
Annualised net investment return4	8%	13%		7%5

1 See page 6 for a description of how our methodology for calculating AUM has changed for FY24.
2         AUM on constant currency basis;
3         AUM calculation based on 31 March 2019 to 31 March 2024;
4         Balance Investment Portfolio NIR;
5         Five-year average

Performance of key funds

Refer to the Datapack issued with this announcement for further detail on fund performance

	Vintage	Total fund size	Status	% deployed	Gross MOIC	Gross IRR	DPI
Real Estate Partnership Capital IV	2015	£1.0bn	Realising		1.2x	5%	97%
Real Estate Partnership Capital V	2018	£0.9bn	Realising		1.2x	9%	28%
Real Estate Partnership Capital VI			Investing	73%	1.1x	11%	10%
Infrastructure Equity I	2020	€1.5bn	Investing	97%	1.3x	21%	1%
Infrastructure II			Fundraising / Investing
Sale & Leaseback I	2019	€1.2bn	Investing	92%	1.2x	8%	6%
Strategic Real Estate II			Fundraising / Investing

Key drivers

Business activity	Fundraising: Real Estate equity and debt strategies ($0.6bn) and Infrastructure II ($0.4bn) Deployment: Real Estate equity and debt strategies ($1.5bn), Infrastructure Europe ($0.7bn) Realisations: Real Estate equity and debt strategies ($0.8bn), Infrastructure Europe ($0.1bn)
Fee income	Management fees: Debt strategies continue to deploy, increasing fee earning AUM. Equity strategies charging higher fees rate, positively impacting the effective management fee rate Performance fees: No performance fees due to early stage of key carry-eligible funds
Balance sheet investment portfolio	Investment returns: Positive NIR in Real Estate Equity and Infrastructure, with Real Estate Debt broadly flat year-on-year
Fund performance	Key funds broadly flat-to-up year-on-year

Credit

Overview

Flagship strategies	Scaling strategies	Seeding strategies
CLOs	Liquid Credit	-

	Year ended 31 March 2023	Year ended 31 March 2024	Year-on-year growth2	Last five years CAGR2,3
AUM	$18.2bn	$17.9bn1	(1)%	7%
Fee-earning AUM	$17.9bn	$17.7bn	(1)%	8%
Fundraising	$1.9bn	$1.8bn	(3)%
Realisations	$1.7bn	$2.5bn	49%
Effective management fee rate	0.49%	0.48%	(1)bps
Management fees	£66m	£65m	(1)%	10%
Performance fees	—	£13m	n/m
Balance sheet investment portfolio	£0.4bn	£0.3bn
Annualised net investment return4	(7%)	(1%)		(2)%5

1 See page 6 for a description of how our methodology for calculating AUM has changed for FY24
2         AUM on constant currency basis;
3 AUM calculation based on 31 March 2019 to 31 March 2024;
4         Balance Investment Portfolio NIR;
5         Five-year average

Key drivers

Business activity	Fundraising: One US CLO ($0.4bn) and one European CLO ($0.4bn), remainder coming into various Liquid Credit funds Realisations: Liquid Credit ($1.9bn) and CLOs ($0.6bn)
Fee income	Management fees: In line with trajectory of fee-earning AUM Performance fees: Due to Alternative Credit, which has a performance fee test every three years
Balance sheet investment portfolio	Investment returns: Positive NIR across CLO equity, CLO debt and Liquid Credit, offset by a reduction in the value of the balance sheet's holding of CLO equity to reflect CLO dividends received that are recorded in the FMC

Fund Management Company

The Fund Management Company (FMC) manages our third-party AUM, which it invests on behalf of the Group’s clients.

Management fees

The effective management fee rate on our fee-earning AUM at year end was 0.92% (FY23: 0.90%), and management fees for the period totalled £505.4m (FY23: £481.4m), a year-on-year increase of 5% (7% on a constant currency basis).

In FY24 management fees included £4.6m of catch-up fees (FY23: £30.6m). Excluding catch-up fees, management fees delivered a year-on-year growth rate of 11%.

Performance fees

Performance fees recognised for the year totalled £73.8m (FY23: £19.6m). The year-on-year increase was largely due to the inaugural recognition in the current period of performance fees relating to Europe VII (£14.8m) as well as recognition of performance fees within Alternative Credit (which are tested every three years). During the year we realised £26m in cash from performance fees, and at 31 March 2024 the Group had an asset of £83.7m of accrued performance fees (FY23: £37.5m).

£m
Accrued performance fees at 31 March 2023	37.5
Accruals during period	73.8
Received during period	(25.9)
FX and other movements	(1.7)
Accrued performance fees at 31 March 2024	83.7

Other income and movements in fair value of derivatives

Other income includes dividend receipts of £47.0m (FY23: £40.2m) from investments in CLO equity, which are continuing to be received in line with historical experiences. The FMC also recognised £25.0m of revenue for managing the IC balance sheet investment portfolio (FY23: £25.0m), as well as other income of £0.9m (FY23: £0.5m).

During FY23 the Group decided to no longer enter into FX transaction hedges for its fee income as a matter of course (although it may still do so on an ad hoc basis), and economically closed out all outstanding such hedges. For FY24 the movement in fair value of derivatives within the FMC was zero (FY23: £(26.8)m).

Operating expenses and margin

Operating expenses increased by 21% compared to FY23 and totalled £277.5m (FY23: £229.2m). Salaries and Incentive Scheme Costs increased ahead of headcount (which grew 9%), largely due to a number of senior hires, combined with the annualisation impact of prior years' joiners that started part way through FY23. Other administrative costs increased year-on-year, linked to growth across various business lines and ongoing investments in our operating platform.

£m	Year ended 31 March 2023	Year ended 31 March 2024	Change %
Salaries	85.0	101.0	19%
Incentive scheme costs	92.2	113.3	23%
Administrative costs	45.7	56.8	24%
Depreciation and amortisation	6.3	6.4	2%
FMC operating expenses	229.2	277.5	21%
FMC operating margin	57.5%	57.4 %	(0.1)%

Within FMC operating expenses (Incentive scheme costs), there was £41.0m expensed for stock-based compensation.

The FMC recorded a profit before tax of £374.5m (FY23: £310.7m), a year-on-year increase of 21% and an increase of 23% on a constant currency basis.

Investment Company

The Investment Company (IC) invests the Group’s balance sheet to seed new strategies, and invests alongside the Group’s scaling and flagship strategies to align interests between our shareholders, clients and employees. It also supports a number of costs, including for certain central functions, a part of the Executive Directors’ compensation, and the portion of the investment teams’ compensation linked to the returns of the balance sheet investment portfolio (Deal Vintage Bonus, or DVB).

Balance sheet investment portfolio

The balance sheet investment portfolio was valued at £3.1bn at 31 March 2024 (31 March 2023: £2.9bn). During the period, it generated net realisations and interest income of £139m (FY23: £122m), being net realisations of £88m (FY23: £103m) and cash interest receipts of £51m (FY23: £53m).

It made seed investments totalling £312m, including on behalf of Real Estate Equity, Life Sciences and Infrastructure Asia.

£m	As at 31 March 2023	New investments	Realisations	Gains/ (losses) in valuation	FX & other	As at 31 March 2024
Structured and Private Equity	1,751	94	(225)	232	(45)	1,807
Private Debt	169	22	(50)	13	(5)	149
Real Assets	289	179	(103)	44	(7)	402
Credit1	363	28	(63)	(3)	(7)	318
Seed Investments2	330	312	(333)	92	(7)	394
Total Balance Sheet Investment Portfolio	2,902	635	(774)	378	(71)	3,070

  
¹ Within Credit, at 31 March 2024 £22m was invested in liquid strategies, with the remaining £296m invested in CLO debt (£106m) and equity (£190m).
² Gains/(losses) in valuation include a gain of £60m recognised in the prior year UK-adopted IAS financial statements.

Net Investment Returns

For the five years to 31 March 2024, Net Investment Returns (NIR) have been in line with our medium-term guidance, averaging 11%. For the twelve months to 31 March 2024, NIR were 13% (FY23: 4%).

NIR of £379.3m were comprised of interest of £124.9m from interest-bearing investments (FY23: £113.2m), capital gains of £252.4m (FY23: loss of £(13.2)m) and other income of £2.0m. NIR were split between asset classes as follows:

	Year ended 31 March 2023		Year ended 31 March 2024
£m	NIR (£m)	Annualised NIR (%)	NIR (£m)	Annualised NIR (%)
Structured and Private Equity	112.9	6%	232.5	13%
Private Debt	14.4	9%	13.8	9%
Real Assets	20.7	8%	44.2	13%
Credit	(30.1)	(7)%	(2.9)	(1%)
Seed Investments1	(15.6)	(6)%	91.7	25%
Total net investment returns	102.3	4%	379.3	13%

¹FY23 NIR adjusted to reflect three assets with Seed Investments that were previously included within Real Assets.

The NIR included a £118m benefit from three investments that were originally intended as seed investments but which we will now sell directly to third parties.

For further discussion on balance sheet investment performance by asset class, refer to pages 8 to 11 of this announcement.

In addition to the NIR, the other adjustments to IC revenue were as follows:

£m	Year ended 31 March 2023	Year ended 31 March 2024	Change
Changes in fair value of derivatives1	16.8	(7.3)	n/m
Inter-segmental fee	(25.0)	(25.0)	—%
Other	4.3	1.0	(77)%
Other IC revenue	(3.9)	(31.3)	n/m

1 Derivatives relate to the hedging of our net currency assets, see page 18.

As a result, the IC recorded total revenues of £348m (FY23: £98.4m).
Investment Company expenses

Operating expenses in the IC of £100.4m decreased by 3% compared to FY23 (£103.1m).

£m	Year ended 31 March 2023	Year ended 31 March 2024	Change %
Salaries	20.0	21.4	7%
Incentive scheme costs	59.6	58.6	(2)%
Administrative costs	20.7	18.1	(13)%
Depreciation and amortisation	2.8	2.3	(18)%
IC operating expenses	103.1	100.4	(3)%

Within IC operating expenses (incentive scheme costs), there was £12.6m expensed for stock-based compensation. Incentive scheme costs also included DVB accrual of £35.1m (FY23: £36.6m), due both to the passage of time and the impact of underlying valuation changes.

Employee costs for teams who do not yet have a third-party fund are allocated to the IC. For FY24, the directly-attributable costs within the Investment Company for teams that have not had a first close of a third-party fund was £21.1m (FY23: £24.4m). When those funds have a first close, the costs of those teams are transferred to the Fund Management Company. During the period, certain costs within real estate were transferred from the IC to FMC, resulting in £4.6m of expenses being recognised in the FMC.

Interest expense was £45.8m (FY23: £61.8m) and interest earned on cash balances was £21.5m (FY23: £13.9m).

The IC recorded a profit before tax of £223.3m (FY23: loss before tax £(52.6)m).

Group

Tax

The Group recognised a tax charge of £(78.5)m (FY23: £(28.8)m), resulting in an effective tax rate for the period of 13.2% (FY23: 11.2%). The increase compared to the prior year is due to an increase from 19% to 25% in the UK tax rate and positive NIR.

As detailed in note 13, the Group has a structurally lower effective tax rate than the statutory UK rate. This is largely driven by the Investment Company, where certain forms of income benefit from tax exemptions.

Dividend and share count

ICG has a progressive dividend policy. Over the long term the Board intends to increase the dividend per share by at least mid-single digit percentage points on an annualised basis.

The Board has proposed a final dividend of 53.2p per share which, combined with the interim dividend of 25.8p per share, results in total dividends for the year of 79.0p (FY23: 77.5p). This marks the 14th consecutive year of increases in our ordinary dividend per share, which over the last five years has grown at an annualised rate of 12%. We continue to make the dividend reinvestment plan available.

At 31 March 2024 the Group had 290,631,993 shares outstanding (31 March 2023: 290,598,849). During the year the Group recognised £53.6m in stock-based compensation. The Group has a policy of neutralising the dilutive impact of stock-based compensation through the purchase of shares by an Employee Benefit Trust ('EBT').

Balance sheet and cash flow

We use our balance sheet’s asset base to grow our fee-earning AUM, and do this through two routes:

• investing alongside clients in our existing strategies to align interests; and
• making investments to seed new strategies.

During the year we made gross investments of £323m alongside existing strategies and £312m in seed investments. See page 13 for more information on the performance of our balance sheet investment portfolio during the period.

To support this use of our balance sheet, we maintain a robust capitalisation and a strong liquidity position:

£m	31 March 2023	31 March 2024
Balance sheet investment portfolio	2,902	3,070
Cash and cash equivalents	550	627
Other assets	424	476
Total assets	3,876	4,173
Financial debt	(1,538)	(1,448)
Other liabilities	(361)	(430)
Total liabilities	(1,899)	(1,878)
Net asset value	1,977	2,295
Net asset value per share	694p	801p

Liquidity and net debt

At 31 March 2024 the Group had total available liquidity of £1,124m (FY23: £1,056m), net financial debt of £874m (FY23: £1,032m) and net gearing of 0.38x (FY23: 0.52x).

During the period, available cash increased by £68m from £506m to £574m, including the repayment of £51m of borrowings that matured.

The table below sets out movements in cash:

£m	FY23	FY24
Opening cash	762	550
Operating activities
Fee and other operating income	573	492
Net cash flows from investment activities and investment income1	162	180
Expenses and working capital	(322)	(272)
Tax paid	(32)	(41)
Group cash flows from operating activities - APM2,3	381	359
Financing activities
Interest paid	(64)	(49)
Interest received on cash balances	14	29
Purchase of own shares	(39)	—
Dividends paid	(236)	(223)
Net repayment of borrowings	(195)	(51)
Group cash flows from financing activities - APM2	(520)	(294)
Other cash flow4	(77)	14
FX and other movement	4	(2)
Closing cash	550	627
Regulatory liquidity requirement	(44)	(53)
Available cash	506	574
Available undrawn ESG-linked RCF	550	550
Cash and undrawn debt facilities (total available liquidity)	1,056	1,124

¹The aggregate cash (used)/received from balance sheet investment portfolio (additions), realisations, and cash proceeds received from assets within the balance sheet investment portfolio.
²Interest paid, which is classified as an Operating cash flow under UK-adopted IAS, is reported within Group cash flows from financing activities - APM.
³Per note 31 of the Financial Statements, Operating cash flows under UK-adopted IAS of £255.9m (FY23: £291.6m) include consolidated credit funds. This difference to the APM measure is driven by cash consumption within consolidated credit funds as a result of their investing activities during the period.
⁴Cash flows in respect of purchase of intangible assets, purchase of property, plant and equipment and net cash flow from derivative financial instruments.

At 31 March 2024, the Group had drawn debt of £1,448m (FY23: £1,538m). The change is due to the repayment of certain facilities as they matured, along with changes in FX rates impacting the translation value:

	£m
Drawn debt at 31 March 2023	1,538
Debt (repayment) / issuance	(51)
Impact of foreign exchange rates	(39)
Drawn debt at 31 March 2024	1,448

Net financial debt therefore reduced by £158m to £874m (FY23: £1,032m):

£m	31 March 2023	31 March 2024
Drawn debt	1,538	1,448
Available cash	506	574
Net financial debt	1,032	874

At 31 March 2024 the Group had credit ratings of BBB (stable outlook) / BBB (positive outlook) from Fitch and S&P, respectively.

The Group’s debt is provided through a range of facilities. All facilities except the ESG-linked RCF are fixed-rate instruments. The weighted-average pre-tax cost of drawn debt at 31 March 2024 was 3.07% (FY23: 3.17%). The weighted-average life of drawn debt at 31 March 2024 was 3.3 years (FY23: 4.1 years). The maturity profile of our term debt is set out below:

£m	FY25	FY26	FY27	FY28	FY29	FY30
Term debt maturing	246	180	496	—	99	427

For further details of our debt facilities see Other Information (page 86).

Net gearing

The movements in the Group’s balance sheet investment portfolio, cash balance, debt facilities and shareholder equity resulted in net gearing decreasing to 0.38x at 31 March 2024 (FY23: 0.52x).

£m	31 March 2023	31 March 2024	Change %
Net financial debt (A)	1,032	874	(15)%
Net asset value (B)	1,977	2,295	16%
Net gearing (A/B)	0.52x	0.38x	(0.14)x

Board evolution

Michael (Rusty) Nelligan retired from the Board effective 31 March 2024 and Amy Schioldager has given notice of her intention to retire with effect from this year's annual general meeting on 16 July 2024. Rusty served on the Board from September 2016, including as Chair of the Audit Committee between September 2016 and June 2022. Amy has served on the Board since January 2018, including acting as the Designated Employee Engagement Director since November 2018.

The Board wishes to express its gratitude to both Rusty and Amy for the effective and wide-ranging contributions they have made to the Board and its Committees.

The Board anticipates making a further announcement in respect of a new appointment in due course.

Foreign exchange rates

The following foreign exchange rates have been used throughout this review:

	Average rate for FY23	Average rate for FY24	Year ended 31 March 2023	Year ended 31 March 2024
GBP:EUR	1.1560	1.1609	1.1375	1.1697
GBP:USD	1.2051	1.2572	1.2337	1.2623
EUR:USD	1.0426	1.0829	1.0846	1.0792

  

The table below sets out the currency exposure for certain reported items:

	USD	EUR	GBP	Other
Fee-earning AUM	33%	54%	11%	2%
Fee income	35%	56%	8%	1%
FMC expenses	16%	17%	57%	10%
Balance sheet investment portfolio	22%	51%	20%	7%

The table below sets out the indicative impact on our reported management fees, FMC PBT and NAV per share had sterling been 5% weaker or stronger against the euro and the dollar in the period (excluding the impact of any hedges):

	Impact on FY24 management fees1	Impact on FY24 FMC PBT1	NAV per share at 31 March 20242
Sterling 5% weaker against euro and dollar	+£23.9m	+£25.2m	+14p
Sterling 5% stronger against euro and dollar	-£(21.6)m	-£(22.8)m	-(13)p

¹Impact assessed by sensitising the average FY24 FX rates.
²NAV / NAV per share reflects the total indicative impact as a result of a change in FMC PBT and net currency assets.

Where noted, this review presents changes in AUM, fee income and FMC PBT on a constant currency exchange rate basis. For the purposes of these calculations, prior period numbers have been translated from their underlying fund currencies to the reporting currencies at the respective FY24 period end exchange rates. This has then been compared to the FY24 numbers to arrive at the change on a constant currency exchange rate basis.

The Group does not hedge its net currency income as a matter of course, although this is kept under review. The Group does hedge its net balance sheet currency exposure, with the intention of broadly insulating the NAV from FX movements. Changes in the fair value of the balance sheet hedges are reported within the IC.

MANAGING RISK

Our approach

The Board is accountable for the overall stewardship of the Group’s Risk Management Framework (RMF), internal control assurance, and for determining the nature and extent of the risks it is willing to take in achieving the Group’s strategic objectives. In so doing the Board sets a preference for risk within a strong control environment to generate a return for investors and shareholders and protect their interests.

Risk appetite is reviewed by the Risk Committee, on behalf of the Board, and covers the principal risks that the Group seeks to take in delivering the Group’s strategic objectives.

The Risk Committee is provided with management information regularly and monitors performance against set thresholds and limits. The Board also promotes a strong risk management culture by encouraging acceptable behaviours, decisions, and attitudes toward taking and managing risk throughout the Group.

Managing risk

Risk management is embedded across the Group through the RMF, current and emerging risks are identified, assessed, monitored, controlled, and appropriately governed based on a common risk taxonomy and methodology. The RMF is designed to protect the interests of stakeholders and meet our responsibilities as a UK-listed company, and the parent company of a number of regulated entities.

The Board’s oversight of risk management is proactive, ongoing and integrated into the Group’s governance processes. The Board receives regular reports on the Group’s risk management and internal control systems. These reports set out any significant risks facing the Group.

The evaluation of risk events and corrective actions assists the Board in its assessment of the Group’s risk profile. The Board also meets regularly with the internal and external auditors to discuss their findings and recommendations, which enables it to gain insight into areas that may require improvement. The Board reviews the RMF regularly, and it forms the basis on which the Board reaches its conclusions on the effectiveness of the Group’s system of internal controls.

The Group operates a risk framework consistent with the principles of the ‘three lines of defence’ model.

Taking controlled risk opens up opportunities to innovate and further enhance our business, for example new investment strategies or new approaches to managing our client relationships. Therefore, the Group maintains a risk culture that provides entrepreneurial leadership within a framework of prudent and effective controls to enable effective risk management.

Taking responsibility and managing risk is one of our key values that drive our success.

Risk appetite

Risk appetite is defined as the level of risk which the Group is prepared to accept in the conduct of our activities. The risk appetite framework is implemented through the Group’s operational policies and procedures and internal controls and supported by limits to control exposures and activities that have material risk implications. The current risk profile is within our risk appetite and tolerance range.

Principal and emerging risks

The Group’s principal risks are individual risks, or a combination of risks, materialisation of which could result in events or circumstances that might threaten our business model, future performance, solvency, or liquidity and reputation. Reputational risk is not in itself a principal risk; however, it is an important consideration and is actively managed and mitigated as part of the wider RMF. Similarly, sustainability risk is not defined as a principal risk but is considered across the Group’s activities as an embedded value. The Group has determined that the most significant impact from climate change relates to the underlying portfolio investments. Climate-related risk for both the Group’s own operations and ICG’s fund management activity are addressed in greater detail in note 1 of the financial statements (see page 34).

The Group uses a principal and emerging risks process to provide a forward-looking view of the potential risks that can threaten the execution of the Group’s strategy or operations over the medium to long term. Emerging risks are identified through conversations and workshops with stakeholders throughout the business, attending industry events, and other horizon scanning by Group Risk and Compliance, these are monitored on an ongoing basis to ensure that the Group is prioritising its response to emerging risks appropriately. The Directors confirm that they have undertaken a robust assessment of the principal and emerging risks, in line with the requirements of the UK Corporate Governance Code.

The Group’s RMF identifies eight principal risks which are accompanied by associated responsibilities and expectations around risk management and control. Each of the principal risks is overseen by an accountable Executive Director, who is responsible for the framework, policies and standards that detail the related requirements.

The Directors confirm that they have reviewed the effectiveness of the Group’s risk management and internal control system and confirm that no significant failings or weaknesses have been identified. This is supported by an annual Material Controls assessment and Fraud Risk Assessment, facilitated by the Group Risk Function, which provides the Directors with a detailed assessment of related internal controls.

External environment risk

Risk appetite: High

Executive Director Responsible: Benoît Durteste

Risk Description

Geopolitical and macroeconomic concerns and other global events such as pandemics and natural disasters that are outside the Group’s control could adversely affect the environment in which we, and our fund portfolio companies, operate, and we may not be able to manage our exposure to these conditions and/or events. In particular, these events have contributed, and may continue to contribute, to volatility in financial markets which can adversely affect our business in many ways, including by reducing the value or performance of the investments made by our funds, making it more difficult to find opportunities for our funds to exit and realise value from existing investments and to find suitable investments for our funds to effectively deploy capital. The External Environment Risk could affect our ability to raise funds and materially increase or reduce our profitability.

Key Controls and Mitigation
–  The Group’s business model is predominantly based on illiquid funds which are closed-ended and long-term in nature. Therefore, to a large extent the Group’s fee streams are ‘locked in’. This provides some mitigation in relation to profitability and cash flows against market downturn. Additionally, given the nature of closed-end funds, they are not subject to redemptions.
–  A range of complementary approaches are used to inform strategic planning and risk mitigation, including active management of the Group’s fund portfolios, profitability and balance sheet scenario planning and stress testing to ensure resilience across a range of outcomes.
–  The Board, the Risk Committee and the Risk function monitor emerging risks, trends, and changes in the likelihood of impact. This assessment informs the universe of principal risks faced by the Group.

Trend and Outlook

Heightened geopolitical risk, high interest rates and weak economic growth means the investing environment remains uncertain and potentially volatile. The Group has proven expertise in navigating complex and uncertain market conditions, with our business model providing a high degree of stability through economic cycles. As noted in the Finance review on page 6, we have substantial dry powder across a range of strategies, stable management fee income, are not under pressure to deploy or realise, and can capitalise on opportunities that emerge across our asset classes.

We are actively supporting our portfolio companies as they seek to take advantage of current market dislocation by growing organically and inorganically, as well as ensuring that they have the people, systems, and capital structures in place to navigate a period of potentially protracted uncertainty, including to ensure they are appropriately hedged against interest rate risks. Our portfolios remain fundamentally well positioned, with robust operational performance and reasonable leverage.

We remain alert to the current macroeconomic and geopolitical uncertainty and continue to monitor the potential impact on our investment strategies, clients, and portfolio companies, as well as the broader markets. While the uncertainty remains elevated, we do not see an increased risk to our operations, strategy, performance, or client demand as a result.

Fund performance risk

Risk appetite: Moderate

Executive Director Responsible: Benoît Durteste

Risk Description

Current and potential clients continually assess our investment fund performance. There is a risk that our funds may not meet their investment objectives, that there is a failure to deliver consistent performance, or that prolonged fund underperformance could erode our track record. Consequently, existing investors in our funds might decline to invest in funds we raise in future and might withdraw their investments in our open-ended strategies. Poor fund performance may also impact our ability to raise subsequent vintages or new strategies impacting our ability to compete effectively. This could in turn materially affect our profitability and impact our plans for growth.

Key Controls and Mitigation
–  A robust and disciplined investment process is in place where investments are selected and regularly monitored by the Investment Committees for fund performance, delivery of investment objectives, and asset performance.
–  All proposed investments are subject to a thorough due diligence and approval process during which all key aspects of the transaction are discussed and assessed. Regular monitoring of investment and divestment pipelines is undertaken on an ongoing basis.
–  Monitoring of all portfolio investments is undertaken on a quarterly basis focusing on the operating performance and liquidity of the portfolio.
–  Material sustainability and climate-related risks are assessed for each potential investment opportunity and presented to, and considered by, the Investment Committees of all investment strategies. Further analysis is conducted for opportunities identified as having a higher exposure to climate-related risks.

Trend and Outlook

Against a fast-moving global economic backdrop, we have continued to successfully manage our clients’ assets. As expected, given our focus on downside protection, our funds are showing attractive performance through a period of volatility. In particular, our debt strategies are generating historically high returns for clients.

Fund valuations have remained stable during the period, with strong underlying performance of our portfolio companies and income from our interest-bearing investments largely offsetting reductions in valuation multiples or increasing costs of capital. Despite the slowdown in transaction activity across the market, we have continued to anchor the performance of key vintages through a disciplined approach to realisations.

The Group saw sustained client demand for our flagship and scaling strategies. In the former, we had closes in the period for Strategic Equity V, our direct lending strategy SDP V, and the second vintage of our mid-market strategy in European Mid-Market II; additionally in our Credit strategy we originated new Collateralised Loan Obligations (CLOs) in the period. Within scaling strategies, notable successes included a first close in Real Estate Opportunistic Europe (Metro), Infrastructure Europe II, North America Credit Partners III, ICG Living, as well as follow on closes in LP Secondaries I. The Group also seeded new investments in the Asia region in the Infrastructure Asia and Real Estate Asia strategies. Our closed-end funds model more generally provides visibility of future long-term fee income and therefore Fund Management Company (FMC) profits.

Looking ahead the outlook remains positive. We continue to hire selectively to help drive future growth within our investment teams, and within Marketing and Client Relations, focused on product and end-client expertise. We have a powerful local sourcing network and a diversified product offering of successful investment strategies that enable us to navigate dynamic market conditions, which helps to mitigate this risk.

More detail on the performance of the Group’s funds can be found on pages 8 to 11.

Balance Sheet Risk

Risk appetite: Moderate

Executive Director Responsible: David Bicarregui

Risk Description

The Group is exposed to liquidity and market risks. Liquidity risks refer to the risk that the Group may not have sufficient financial resources to meet its financial obligations when they fall due. Market risk refers to the possibility that the Group may suffer a loss resulting from the fluctuations in the values of, or income from, proprietary assets and liabilities. The Group does not deliberately seek exposure to market risks to generate profit; however, on an ancillary basis we will co-invest alongside clients into our funds, seed assets in preparation for new fund launches or hold investments in CLOs in accordance with regulatory requirements. Consequently, the Group is exposed to having insufficient liquidity to meet its financial obligations, including its commitments to its fund co-investments. In addition, adverse market conditions could impact the carrying value of the Group’s investments resulting in losses on the Group’s balance sheet.

Key Controls and Mitigation
–  Debt funding for the Group is obtained from diversified sources and the repayment profile is managed to minimise material repayment events. The profile of the debt facilities available to the Group is reviewed frequently by the Treasury Committee.
–  Balance sheet hedging of non-sterling exposure is undertaken to minimise short-term volatility in the financial results of the Group.
–  Market, interest rate and liquidity exposures are reported monthly and reviewed by the Group’s Treasury Committee.
–  Liquidity projections and stress tests are prepared to assess the Group’s future liquidity as well as compliance with the regulatory capital requirements.
–  Investment Company commitments are reviewed and approved by the CEO and the CFO on a case-by-case basis assessing the risks and return on capital.
–  Valuation of the balance sheet investment portfolio is reviewed quarterly by the Group Valuation Committee, which includes assessing the assumptions used in valuations of underlying investments.

Trend and Outlook

Global markets remain susceptible to volatility from a number of macroeconomic factors, specifically related to global interest rates, and geopolitical factors. We continue to implement measures to mitigate the impact of market volatility and interest rate fluctuations in line with Group policy, and we will respond to the prevailing market environment where appropriate.

Our balance sheet remains strong and well capitalised, with net gearing of 0.38x, and with £1.1bn of available liquidity as of 31 March 2024. In addition, the Group has significant headroom to its debt covenants. All of the Group’s drawn debt is fixed rate, with the only floating rate debt being the Group’s committed £550m revolving credit facility, which was undrawn as of 31 March 2024. This facility is only intended to provide short-term working capital for the Group. Additionally, during the year Standard & Poor upgraded ICG’s outlook from BBB (Stable) to BBB (Positive), while Fitch maintained the Group at BBB (Stable).

The Group’s liquidity, gearing and headroom are detailed in the Finance Review on page 15.

Key Personnel Risk

Risk appetite: Low

Executive Director Responsible: Antje Hensel-Roth

Risk Description

The Group depends upon the experience, skill and reputation of our senior executives and investment professionals. The continued service of these individuals, who are not obligated to remain employed with us, is uniquely valuable and a significant factor in our success. Additionally, a breach of the governing agreements of our funds in relation to ‘Key Person’ provisions could result in the Group having to stop making investments for the relevant fund or impair the ability of the Group to raise new funds if not resolved in a timely manner.

As such, the loss of key personnel could have a material adverse effect on our long-term prospects, revenues, profitability and cash flows and could impair our ability to maintain or grow assets under management in existing funds or raise additional funds in the future.

Key Controls and Mitigation   

• An active and broad-based approach to attracting, retaining, and developing talent, supported by a range of complementary approaches including a well-defined recruitment process, succession planning, a competitive and long-term approach to compensation and incentives, and a focus on advancement through the appraisal process, dedicated development and mentoring programmes driven by a dedicated Learning & Development team.
• Continued focus on the Group’s culture by developing and delivering initiatives that reinforce appropriate behaviours to generate the best possible long-term outcomes for our employees, clients, and shareholders.
• Promotion of a diverse and inclusive workforce through policies as well as supporting benefits, including personal, family, health and wellbeing activities.
• Regular reviews of resourcing and key person exposures are undertaken as part of business line reviews and the fund and portfolio company review processes.
• The Remuneration Committee oversees the Directors’ Remuneration Policy and its application to senior employees, and reviews and approves incentive arrangements to ensure they are appropriate and in line with market practice.
  
  

Trend and Outlook

Attracting and retaining key people remains a significant operational priority. We continue to focus on strategic hiring across the firm to support our strategy of scaling the business by ensuring we have the breadth and depth of expertise to execute on the long-term opportunities ahead. Building on the investments we made in FY23, we have continued to welcome a number of senior hires across the organisation, including the appointment of senior investment executives, client-facing executives and operational leaders.

We have made senior appointments across many of our investment teams enabling us to amplify our team across the breadth of our investment strategies. Within fund marketing we have focused on growing our team in North America, with a focus on both consultant and institutional relationships, as well as broadening our geographical penetration with key senior appointments on the US West Coast and Canada. We have evolved our organisation design within Client Relations by on-boarding experienced Managing Directors to further elevate our efforts in engaging with a sophisticated client base across a broader range of products.

Staff turnover has trended downwards, from 16.8% to 12.8%, as market dynamics have shifted and the recruitment market has slowed down. While strong candidates remain in demand we continue to be successful in attracting hires at all levels of experience and at the high calibre required for the Group. This year, we have been able to make senior, external hires into the roles of CFO and COO. Over the past three years, we have furthermore recruited a number senior investment leaders and team executives, including into the newly created role of Global Head of Real Estate; portfolio managers and investment teams focusing on European and Asian Real Estate Equity, Asian Infrastructure Equity, European Large Cap and Mid-Market Corporates, US Liquid Credit, and US and European Private Credit. We have also externally recruited a Global Head of CRM as well as senior fundraising executives in North America and EMEA.

Legal, Regulatory and Tax Risk

Risk appetite: Low

Executive Director Responsible: David Bicarregui

Risk Description

Regulation defines the overall framework for the marketing distribution and investment management of the Group’s strategies and supporting the Group’s business operations. The failure of the Group to comply with the relevant rules of professional conduct and laws and regulations could expose the Group to regulatory censure, penalties or legal action.

Additionally, the increase in demand for tax-related transparency means that tax rules are continuing to evolve. This raises a complex mix of tax implications for the Group, in particular for transfer pricing, permanent establishment and fund structuring processes. The tax authorities could challenge the Group’s interpretation of tax rules, resulting in additional tax liabilities.

Changes in the legal and regulatory and tax framework applicable to the Group’s business may also disrupt the markets in which the Group operates and affect the way the Group conducts its business. This could in turn increase the cost base, lessen competitiveness, reduce future revenues and profitability, or require the Group to hold more regulatory capital.

Key Controls and Mitigation

• Compliance and Legal functions are dedicated to understanding and fulfilling regulatory and legal expectations on behalf of the Group, including interactions with our regulators and relevant industry bodies. The functions provide guidance to, and oversight of, the business in relation to regulatory and legal obligations.
• Compliance undertakes routine monitoring and deep-dive activities to assess compliance with relevant regulations and legislation.
• The Tax function has close involvement with significant Group transactions, fund structuring and business activities, both to proactively plan the most tax efficient strategy and to manage the impact of business transactions on previously taken tax positions.
• Regulatory, legislative and tax developments are continually monitored to ensure we engage early in any areas of potential change.

Trend and Outlook

ICG continues to operate across a complex global regulatory environment. As the nature and focus of regulation and laws evolve, the Group continually adapts to meet regulatory obligations. Regulatory engagement through FY24 has focused on internal regulatory initiatives including the Group’s establishment of an EU branch structure. Proactive engagement on emerging focus areas for instance providing thought leadership on AIFMD II has helped the regulatory risk profile remain broadly stable.

Legal risk continues to be impacted by the continued regulatory focus on the sector, which we anticipate may lead to an evolution of the existing applicable legal framework for the business, as well as uncertainty due to forthcoming elections in the US, UK and other jurisdictions. It also remains the case that the Group is subject to litigation risk, which may increase as the Group’s business expands and becomes more complex.

The Pillar One and Two Model rules (also referred to as the ‘Anti Global Base Erosion’ or ‘GloBE’ rules) will be implemented from 1 April 2024 (financial year ending 31 March 2025). The Group’s trading activities within the FMC are subject to tax at the relevant statutory rates in the jurisdictions in which income is earned. Pillar One (reallocation of taxes across jurisdictions) is not expected to apply for the Group based on the worldwide revenue threshold. For Pillar Two, the Group has performed an impact analysis on the Pillar Two proposals for a global minimum tax rate of 15% and does not expect the implementation to be significant.

The Group remains responsive to a wide range of developing regulatory areas and the increase in regulatory scrutiny around private markets more generally, and continues to invest in the Compliance, Legal and Tax teams to ensure the Group maintains appropriate and relevant coverage.

Operational Resilience Risk

Risk appetite: Low to moderate

Executive Director Responsible: David Bicarregui

Risk Description

The Group is exposed to a wide range of threats which can impact our operational resilience. Natural disasters, cyber threats, terrorism, environmental issues, and pandemics have the potential to cause significant business disruption and change our working environment. Our disaster recovery and business continuity plans may not be sufficient to mitigate the damage that may result from such a disaster or disruption. Additionally, the failure of the Group to deliver an appropriate information security platform could result in unauthorised access by malicious third parties, breaching the confidentiality, integrity and availability of our data and systems. Regardless of the source, any critical system failure or material loss of service availability could negatively impact the Group’s reputation and our ability to maintain continuity of operations and provide services to our clients.

Key Controls and Mitigation

• Operational resilience, in particular cyber security, is top of the Group’s Board and Leadership agenda, and the adequacy of the Group’s response is reviewed on an ongoing basis.
• Business Continuity and Disaster Recovery plans are reviewed and approved on at least an annual basis by designated plan owners, and preparedness exercises are complemented by an automated Business Continuity Planning tool.
• Providing laptops for all employees globally removes the physical dependency on the office and allows employees to work securely from home.
• The Group’s technology environment is continually maintained and subject to regular testing, such as penetration testing, vulnerability scans and patch management. Technology processes and controls are also upgraded where appropriate to ensure ongoing technology performance and resilience.
• An externally managed security operations centre supplies the Group with skilled security experts and technology to proactively detect and prevent potential threats and to recover from security incidents, including cyber attacks.
  
  

Trend and Outlook

We have continued to invest in our platform to support the increasing breath and scale of our business and to position ICG for future growth, as noted in the CEO review on page 4.

To maintain pace with the ever-evolving threat landscape, the Group continues to invest in systems and services that improve our ability to respond to business continuity events of all forms. Effective oversight of technology and business facing third-party suppliers forms one of the cornerstones of the Group’s ongoing business continuity programme and a key part of the Group’s regular business continuity and disaster recovery testing regime.

As part of the Group’s commitment to cyber and information security, ICG certified against the ISO27001 framework in the early part of FY24. Up-to-date and maintained cyber hygiene, vulnerability scanning, technical surveillance countermeasures alongside user education make up the core components of the Group’s cyber security with external threat intelligence used to inform investments in solutions to ensure our data is protected and secure.

Third Party Provider Risk

Risk appetite: Moderate

Executive Director Responsible: David Bicarregui

Risk Description

The Group outsources a number of functions to third-party providers as part of our business model, as well as managing service provider arrangements on behalf of our funds. The most significant third-party provider relationships for both the Group and the funds are Third Party Administrators (TPAs). The risk that the TPAs fail to deliver services in accordance with their contractual obligations could compromise our operations and impair our ability to respond in a way which meets both client and stakeholder expectations and requirements. Any future over reliance on one or a very limited number of TPAs in a specific and important business area could also expose the Group to heightened levels of risk, particularly if the service is not easily substitutable. Additionally, the failure of the Group to maintain sufficient knowledge, understanding and oversight of the controls and processes in place to proactively manage our TPAs could damage the quality and reliability of these TPA relationships.

Key Controls and Mitigation
–  The TPA oversight framework consists of policies, procedures, and tools to govern the oversight of key suppliers, including our approach to selection, contracting and on-boarding, management and monitoring, and termination and exit. In particular, we undertake initial and ongoing due diligence of our TPAs to identify and effectively manage the business risks related to the delegation or outsourcing of our key functions.
–  Ongoing monitoring of the services delivered by our TPAs is delivered through regular oversight interactions where service levels are compared to the expected standards documented in service agreements and agreed-upon standards.

Trend and Outlook

The Group has continued to embed the TPA Governance and Oversight Framework during the course of the year, gathering consistent evidence of the ongoing performance of our TPAs.

This has allowed the respective operational oversight teams to identify trends and themes that impact service levels and provides a guide to where additional oversight activities are required. The teams work in partnership with our TPAs to ensure consistent performance levels are maintained and issues are redressed on a timely basis.

The KPI reporting also allows the Group to benchmark the performance of our TPAs against each other, thereby providing information to support a decision around potential rationalisation of the portfolio. Going forward, the Group will continue to assess the potential for improved operational efficiency and streamlined investor experience in reaching a decision on the appropriate number of TPAs to utilise.

Key Business Process Risk

Risk appetite: Moderate

Executive Director Responsible: David Bicarregui

Risk Description

All operational activities at the Group follow defined business processes. We face the risk of errors in existing processes, or from new processes as a result of the growth of the business and ongoing change activity which inherently increases the profile of operational risks across our business. The Group operates within a system of internal controls that provides oversight of business processes, which enables our business to be transacted and strategies and decision making to be implemented effectively. The risk of failure of significant business processes and controls could compromise our operations and disadvantage our clients, or expose the Group to unanticipated financial loss, regulatory censure, or damage to our reputation. This could in turn materially reduce our profitability.

Key Controls and Mitigation
–  Key business processes are regularly reviewed, and the risks and controls are assessed through the Risk and Control Self-Assessment (RCSA) process.
–  A ‘three lines of defence’ model is in place, which ensures clarity over individual and collective responsibility for process risk management and to ensure policies, procedures and activities have been established and are operating as intended.
–  Regular reporting and ongoing monitoring of underlying causes of operational risk events, to identify enhancements that require action.
–  A well-established incident management processes for dealing with system outages that impact important business processes.
–  An annual review of the Group’s material controls is undertaken by senior management and Executive Directors.

Trend and Outlook

Our RMF defines our approach to the identification, assessment, management and reporting of operational risks and associated controls across the business. There were no significant changes to the Group’s RMF’s overall approach to risk governance or its operation in the period, however the rollout of the new Governance, Risk and Compliance (GRC) system should see enhancements to the existing approach as well as potentially reducing the residual risk of business process risk through enhanced risk data and a more holistic view of our risk environment.

We monitor underlying causes of errors to identify areas for action, promoting a culture of accountability and continuously improving how we address issues. We also continue to enhance the RMF. Against the backdrop of macroeconomic uncertainty, and growth of the business, the operational risk profile has remained broadly stable with operational losses in line with previous years. Investment Operations, Fund Accounting and Finance continue to be the most material operational risk areas.

Key Business Process Risk exposure is elevated due to ongoing operational changes as the Group continues to make progress on the strategic initiative of “Scaling up and Scaling Out” by improving the scalability of our operations platform by implementing systems, enhancing infrastructure to manage our growth plans more effectively, and investing in the operations platform itself. Transformation and project activity, including workflow automation, is anticipated to yield more efficient and automated processes and a reduction in operational risk over the medium term.

RESPONSIBILITY STATEMENT

The responsibility statement below has been prepared in connection with the Company's full annual report for the year ending 31 March 2024. Certain parts thereof are not included within this announcement.

We confirm to the best of our knowledge:

• the financial statements, prepared in accordance with UK-adopted international accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and
• the management report, which is incorporated into the directors' report, includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties they face.

This responsibility statement was approved by the Board of Directors on 27 May 2024 and is signed on its behalf by:

Benoît Durteste		David Bicarregui
CEO		CFO

CONSOLIDATED INCOME STATEMENT

For the year ended 31 March 2024

	Year ended 31 March 2024	Year ended 31 March 2023
	£m	£m
Fee and other operating income	554.8	483.6
Finance loss	(10.5)	(17.1)
Net gains on investments	405.3	172.5
Total Revenue	949.6	639.0
Other income	21.6	15.5
Finance costs	(49.5)	(64.6)
Administrative expenses	(390.5)	(343.3)
Share of results of joint ventures accounted for using the equity method	(0.4)	4.4
Profit before tax from continuing operations	530.8	251.0
Tax charge	(62.4)	(29.4)
Profit after tax from continuing operations	468.4	221.6
Profit/ (loss) after tax on discontinued operations	6.0	56.8
Profit for the year	474.4	278.4
Attributable to:
Equity holders of the parent	473.4	280.6
Non-controlling interests	1.0	(2.2)
	474.4	278.4
Earnings per share attributable to ordinary equity holders of the parent
Basic (pence)	165.5p	98.2p
Diluted (pence)	162.1p	97.0p
Earnings per share for profit from continuing operations attributable to ordinary equity holders of the parent
Basic (pence)	163.4p	77.6p
Diluted (pence)	160.1p	76.6p

The accompanying notes 1 to 33 are an integral part of these financial statements.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 March 2024

	Year ended 31 March 2024	Year ended 31 March 2023
Group	£m	£m
Profit after tax	474.4	278.4
Items that may be subsequently reclassified to profit or loss if specific conditions are met
Exchange differences on translation of foreign operations	(4.6)	19.5
Deferred tax on equity investments translation	(0.2)	3.9
Total comprehensive income for the year	469.6	301.8
Attributable to:
Equity holders of the parent	468.6	304.0
Non-controlling interests	1.0	(2.2)
	469.6	301.8

The accompanying notes 1 to 33 are an integral part of these financial statements.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 March 2024

	31 March 2024 Group	31 March 2023 Group
	£m	£m
Non-current assets
Intangible assets	15.0	14.9
Property, plant and equipment	79.2	88.2
Investment property	82.7	0.8
Investment in Joint Venture accounted for under the equity method	0.0	5.8
Trade and other receivables	36.1	37.1
Financial assets at fair value	7,391.5	7,036.6
Derivative financial assets	4.9	8.4
Deferred tax asset	36.4	17.6
	7,645.8	7,209.4
Current assets
Trade and other receivables	389.6	232.0
Current tax debtor	19.1	57.0
Financial assets at fair value	73.2	4.7
Derivative financial assets	4.4	13.6
Cash and cash equivalents	990.0	957.5
	1,476.3	1,264.8
Assets of disposal groups held for sale	—	578.3
Total assets	9,122.1	9,052.5
Non-current liabilities
Trade and other payables	66.0	71.1
Financial liabilities at fair value	4,602.3	4,572.7
Financial liabilities at amortised cost	1,197.0	1,478.2
Other financial liabilities	99.2	79.6
Derivative financial liabilities	—	0.9
Deferred tax liabilities	22.4	35.5
	5,986.9	6,238.0
Current liabilities
Trade and other payables	529.2	471.4
Current tax creditor	37.8	14.8
Financial liabilities at amortised cost	250.4	58.5
Other financial liabilities	8.9	5.8
Derivative financial liabilities	9.2	14.8
	835.5	565.3
Liabilities of disposal groups held for sale	—	204.0
Total liabilities	6,822.4	7,007.3
Equity and reserves
Called up share capital	77.3	77.3
Share premium account	181.3	180.9
Other reserves	55.8	19.0
Retained earnings	1,987.5	1,742.6
Equity attributable to owners of the Company	2,301.9	2,019.8
Non-controlling interest	(2.2)	25.4
Total equity	2,299.7	2,045.2
Total equity and liabilities	9,122.1	9,052.5

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the year ended 31 March 2024

	Year ended 31 March 2024 Group	Year ended 31 March 2023 Group
	£m	£m
Cash flows generated from operations	297.1	324.0
Taxes paid	(41.2)	(32.4)
Net cash flows from operating activities	255.9	291.6
Investing activities
Purchase of intangible assets	(6.3)	(4.7)
Purchase of property, plant and equipment	(3.2)	(6.5)
Net cash flow from derivative financial instruments	31.5	(58.8)
Cash flow as a result of change in control of subsidiary	49.5	200.8
Net cash flows from investing activities	71.5	130.8
Financing activities
Purchase of own shares	—	(38.9)
Payment of principal portion of lease liabilities	(8.4)	(6.8)
Repayment of long-term borrowings	(50.7)	(194.6)
Dividends paid to equity holders of the parent	(223.4)	(236.4)
Net cash flows used in financing activities	(282.5)	(476.7)
Net increase/(decrease) in cash and cash equivalents	44.9	(54.3)
Effects of exchange rate differences on cash and cash equivalents	(12.4)	20.0
Cash and cash equivalents at 1 April	957.5	991.8
Cash and cash equivalents at 31 March	990.0	957.5

The Group’s cash and cash equivalents include £362.6m (2023: £407.5m) of restricted cash held principally by structured entities controlled by the Group (see note 6).

The accompanying notes 1 to 33 are an integral part of these financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 31 March 2024

			Other reserves
	Share capital (note 22)	Share premium (note 22)	Capital redemption reserve1	Share based payments reserve (note 24)	Own shares3 (note 23)	Foreign currency translation reserve2	Retained earnings	Total	Non-controlling interest	Total equity
Group	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Balance at 1 April 2023	77.3	180.9	5.0	73.3	(103.4)	44.1	1,742.6	2,019.8	25.4	2,045.2
Profit after tax	—	—	—	—	—	—	473.4	473.4	1.0	474.4
Exchange differences on translation of foreign operations	—	—	—	—	—	(4.6)	—	(4.6)	—	(4.6)
Deferred tax on equity investments translation	—	—	—	—	—	(0.2)	—	(0.2)	—	(0.2)
Total comprehensive income/(expense) for the year	—	—	—	—	—	(4.8)	473.4	468.6	1.0	469.6
Adjustment of non-controlling interest on disposal of subsidiary	—	—	—	—	—	—	—	—	(28.6)	(28.6)
Issue of share capital	0.0	—	—	—	—	—	—	0.0	—	0.0
Options/awards exercised4	—	0.4	—	(33.7)	24.2	—	(5.1)	(14.2)	—	(14.2)
Tax on options/awards exercised	—	—	—	7.2	—	—	—	7.2	—	7.2
Credit for equity settled share schemes	—	—	—	43.9	—	—	—	43.9	—	43.9
Dividends paid (note 14)	—	—	—	—	—	—	(223.4)	(223.4)	—	(223.4)
Balance at 31 March 2024	77.3	181.3	5.0	90.7	(79.2)	39.3	1,987.5	2,301.9	(2.2)	2,299.7

			Other reserves
	Share capital (note 22)	Share premium (note 22)	Capital redemption reserve1	Share based payments reserve (note 24)	Own shares3 (note 23)	Foreign currency translation reserve2	Retained earnings	Total	Non-controlling interest	Total equity
Group	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Balance at 1 April 2022	77.3	180.3	5.0	67.5	(93.0)	20.7	1,714.0	1,971.8	30.0	2,001.8
Profit after tax	—	—	—	—	—	—	280.6	280.6	(2.2)	278.4
Exchange differences on translation of foreign operations	—	—	—	—	—	19.5	—	19.5	—	19.5
Deferred tax on equity investment translation	—	—	—	—	—	3.9	—	3.9	—	3.9
Total comprehensive income/(expense) for the year	—	—	—	—	—	23.4	280.6	304.0	(2.2)	301.8
Adjustment of non-controlling interest on disposal of subsidiary	—	—	—	—	—	—	(1.3)	(1.3)	(31.1)	(32.4)
Acquisition of non-controlling interest	—	—	—	—	—	—	—	—	28.7	28.7
Issue of share capital	0.0	—	—	—	—	—	—	0.0	—	0.0
Own shares acquired in the year	—	—	—	—	(38.9)	—	—	(38.9)	—	(38.9)
Options/awards exercised4	—	0.6	—	(31.3)	28.5	—	(14.3)	(16.5)	—	(16.5)
Tax on options/awards exercised	—	—	—	(2.4)	—	—	—	(2.4)	—	(2.4)
Credit for equity settled share schemes	—	—	—	39.5	—	—	—	39.5	—	39.5
Dividends paid (note 14)	—	—	—	—	—	—	(236.4)	(236.4)	—	(236.4)
Balance at 31 March 2023	77.3	180.9	5.0	73.3	(103.4)	44.1	1,742.6	2,019.8	25.4	2,045.2

1. The capital redemption reserve is a reserve created when a company buys its own shares which reduces its share capital. £1.4m of the balance relates to the conversion of ordinary shares and convertible shares into ordinary shares in 1994. The remaining £3.6m relates to the cancellation of treasury shares in 2015.
2. Other comprehensive income/(expense) reported in the foreign currency translation reserve represents foreign exchange gains and losses on the translation of subsidiaries reporting in currencies other than sterling.
3. The movement in the Group Own shares reserve in respect of Options/awards exercised, represents the employee shares vesting net of personal taxes and social security.
4. The associated personal taxes and social security liabilities are settled by the Group with the equivalent value of shares retained in the Own shares reserve.

The accompanying notes 1 to 33 are an integral part of these financial statements.

NOTES TO THE FINANCIAL STATEMENTS

1. General information and basis of preparation

General information

Intermediate Capital Group plc (the ‘Parent Company’, ‘Company’ or ‘ICG plc’) is a public company limited by shares, incorporated, domiciled and registered in England and Wales under the Companies Act, with the company registration number 02234775. The registered office is Procession House, 55 Ludgate Hill, New Bridge Street, London EC4M 7JW.

The consolidated financial statements for the year to 31 March 2024 comprise the financial statements of the Parent Company and its consolidated subsidiaries (collectively, the ‘Group’). The nature of the Group’s operations and its principal activities are detailed in the Strategic Report.

Basis of preparation

The consolidated financial statements of the Group are prepared in accordance with UK-adopted international accounting standards (‘UK-adopted IAS’).

The financial statements have been prepared on a going concern basis and under the historical cost convention, except for financial instruments and investment property that are measured at fair value through profit and loss at the end of the reporting period, as detailed in note 5 and note 18, respectively, and certain investments in associates and joint ventures held for venture capital purposes, as detailed in note 29.

In the application of the Group’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The judgements, estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Details of the critical judgements made, and key sources of estimation uncertainty, are included in note 1 and in the note to which the critical judgement or source of estimation uncertainty relates.

In preparing the financial statements, the Directors have considered the impact of potential climate-related risks on a number of key estimates within the financial statements, including:

• the valuation of financial assets; and
• the application of the Group’s revenue recognition policy, primarily the impact on the net asset value (‘NAV’) of funds on which performance-related fees are generated.

Overall, the Directors concluded that climate-related risks do not have a material impact on the financial reporting judgements and estimates in the current year. This reflects the conclusion that climate change is not expected to have a significant impact on the Group’s short-term cash flows including those considered in the going concern and viability assessments.

The accounting policies as set out in the notes to the accounts have been applied consistently to all periods presented in these consolidated financial statements.

Basis of consolidation

The Group’s financial statements consolidate the results of Intermediate Capital Group plc and entities controlled by the Company for the period to 31 March each year. Control is achieved when the Company has power over the relevant activities of the investee, exposure to variable returns from the investee, and the ability to affect those returns through its power over the investee.

The assessment of control is based on all relevant facts and circumstances and the Group reassesses its conclusion if there is an indication that there are changes in facts and circumstances. Subsidiaries are included in the consolidated financial statements from the date that control commences, until the date that control ceases. See note 27 which lists the Group’s subsidiaries and controlled structured entities.

Each component of other comprehensive income and profit or loss is attributed to the owners of the Company and to the non-controlling interests.

Adjustments are made where required to the financial statements of subsidiaries for consistency with the accounting policies of the Group. All intra-group transactions, balances, unrealised income and expenses are eliminated on consolidation.

1. General information and basis of preparation continued

Key accounting judgements and estimates in the application of accounting policies

Key accounting judgements

In preparing the financial statements, apart from those involving estimations, two key accounting judgements have been made by the Directors in the application of the Group’s accounting policies which have the most significant effect on the amounts recognised in the consolidated financial statements:

• The Group’s assessment as to whether it controls certain investee entities, including third-party funds and carried interest partnerships, and is therefore required to consolidate the investee, as detailed above. The Group’s assessment of this critical judgement is discussed further in note 27.
• The application of the Group’s revenue recognition policy in respect of the performance fee component of management fees. Judgement is primarily applied in considering the timings of when expected performance conditions will be met and the appropriate constraint to be applied. The Group’s assessment of this key accounting judgement is discussed further in note 3.

Key sources of estimation uncertainty

The key sources of estimation uncertainty at the reporting date, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, results from the Group’s assessment of fair value of its financial assets and liabilities (discussed further in note 5 and note 7) and the impact of this assessment on trade and other payables related to the Deal Vintage Bonus (‘DVB’) - see notes 12 and 20.

Key accounting judgements and the Group’s assessment of fair value of its financial assets and liabilities are reviewed by the Audit Committee during the year and its involvement in the process is included in its report.

Foreign currencies

The functional currency of the Company is sterling as the Company’s shares are denominated in sterling and the Company’s costs are primarily incurred in sterling. The Group has determined the presentational currency of the Group is the functional currency of the Company. Information is presented to the nearest million (£m).

Transactions denominated in foreign currencies are translated using the exchange rates prevailing at the date of the transactions. At each reporting date, monetary assets and liabilities denominated in a foreign currency are retranslated at the rates prevailing at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated at the rate prevailing at the date the fair value was determined. Non-monetary items that are measured at historical cost are translated using rates prevailing at the date of the transaction.

The assets and liabilities of the Group’s foreign operations are translated using the exchange rates prevailing at the reporting date. Income and expense items are translated using the average exchange rates during the year. Exchange differences arising from the translation of foreign operations are taken directly to the foreign currency translation reserve. On disposal of a foreign operation, exchange differences previously recognised in other comprehensive income are reclassified to the income statement.

Going concern

The financial statements are prepared on a going concern basis, as the Board is satisfied that the Group have the resources to continue in business for a period of at least 18 months from approval of the financial statements.

In assessing the Group’s ability to continue in its capacity as a going concern, the Board considered a wide range of information relating to present and future projections of profitability and liquidity. The assessment also incorporates internally generated stress tests, including reverse stress testing, on key areas including fund performance risk and external environmental risk. The stress tests used were based upon an assessment of reasonably possible downside economic scenarios that the Group could be exposed to.

The review showed the Group has sufficient liquidity in place to support its business operations for the foreseeable future. Accordingly, the Directors have a reasonable expectation the Group has resources to continue as a going concern to 30 November 2025, an 18 month period from the date of approval of the financial statements.

2. Changes in accounting policies and disclosures

New and amended standards and interpretations

The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective. These new standards are not expected to have a material impact on the Group. No new standard implemented during the year had a material impact on the Group financial statements.

IFRS/IAS		Accounting periods commencing on or after
IAS 12	International Tax Reform - Pillar Two Model Rules	1 January 2024
IAS 1	Classification of Liabilities as Current or Non-current	1 January 2024
IAS 1	Non-current Liabilities with Covenants	1 January 2024
IFRS 16	Lease Liability in a Sale and Leaseback	1 January 2024
IAS 7 and IFRS 7	Supplier finance arrangements	1 January 2024

Changes in significant accounting policies

No changes to significant accounting policies were implemented.

3. Revenue

Revenue and its related cash flows, within the scope of IFRS 15 ‘Revenue from Contracts with Customers’, are derived from the Group’s fund management company activities and are presented net of any consideration payable to a customer in the form of rebates. The significant components of the Group’s fund management revenues are as follows:

	Year ended 31 March 2024	Year ended 31 March 2023
Type of contract/service	£m	£m
Management fees1	552.7	481.6
Other income	2.1	2.0
Fee and other operating income	554.8	483.6

¹Included within management fees is £76.2m (2023: £22.4m) of performance related fees.

Management fees
The Group earns management fees from its investment management services. Management fees are charged on third-party capital managed by the Group and are based on an agreed percentage of either committed capital, invested capital or NAV, dependent on the fund. Management fees comprise both non-performance and performance-related fee elements related to one contract obligation. Non-performance-related management fees for the year of £476.5m (2023: £459.2m) are charged in arrears and are recognised in the period services are performed.

Performance-related management fees (‘performance fees’) are recognised only to the extent it is highly probable that there will not be a significant reversal of the revenue recognised in the future. This is generally towards the end of the contract period or upon early liquidation of a fund. The estimate of performance fees is made with reference to the liquidation profile of the fund, which factors in portfolio exits and timeframes. For certain funds the estimate of performance fees is made with reference to specific requirements. A constraint is applied to the estimate to reflect uncertainty of future fund performance. Performance fees of £76.2m (2023: £22.4m) have been recognised in the year. Performance fees will only be crystallised and received in cash when the relevant fund performance hurdle is met.

There are no other individually significant components of revenue from contracts with customers.

Key accounting judgement
A key judgement for the Group is whether performance fees will meet their expected performance conditions within the expected timeframes. The Group bases its assessment on the best available information pertaining to the funds and the activity of the underlying assets within that fund. The valuation of the underlying assets within a fund will be subject to fluctuations in the future, including the impact of macroeconomic factors outside the Group’s control. The information on which this judgement is based is the liquidation NAV of the relevant funds (which are subject to annual audit).

The Directors base their projected views on a 24-month look-forward basis, the ‘forecast period’, from the year end. The Directors believe they have a reasonable basis on which to judge expected exits and value within a 24-month horizon, but not beyond that.

Within this forecast period, the Directors will consider funds that have either reached their hurdle rate or are expected to reach the hurdle rate in the forecast period. In determining whether a fund is expected to reach the hurdle rate, the key inputs are the latest expected repayment dates of the underlying assets and expected proceeds on realisation, as approved by the Fund Investment Committees.

Where the hurdle date is expected to be reached within 24 months of the year end but performance fees are not yet paid, a constraint will be applied within the determination of the performance fee receivable. Application of the constraint limits the revenue recognised. This is assessed on a case-by-case basis.

The weighted-average constraint at the reporting date is 56% (2023: 43%). If the average constraint were to increase by 10 percentage points to 66% (2023: 53%) this would result in a reduction in revenue of £15.88m (2023: £1.13m). Conversely, a 10% decrease in constraint would result in an increase in revenue of £15.88m (2023: £1.13m) being recognised in the income statement. In certain limited circumstances performance fees received may be subject to clawback provisions if the performance of the fund deteriorates materially following the receipt of performance fees.

4. Segmental reporting

For management purposes, the Group is organised into two operating segments, the Fund Management Company (‘FMC’) and the Investment Company (‘IC’) which are also reportable segments. In identifying the Group’s reportable segments, management considered the basis of organisation of the Group’s activities, the economic characteristics of the operating segments, and the type of products and services from which each reportable segment derives its revenues. Total reportable segment figures are alternative performance measures (‘APM’).

The Executive Directors, the chief operating decision makers, monitor the operating results of the FMC and the IC for the purpose of making decisions about resource allocation and performance assessment. The Group does not aggregate the FMC and IC as those segments do not have similar economic characteristics. Information about these segments is presented below.

The FMC earns fee income for the provision of investment management services and recognises the fair value movement on any associated hedging derivatives and incurs the majority of the Group’s costs in delivering these services, including the cost of the investment teams and the cost of support functions, primarily marketing, operations, information technology and human resources.

The IC is charged a management fee of 1% of the carrying value of the average balance sheet investment portfolio by the FMC and this is shown below as the Inter-segmental fee. It also recognises the fair value movement on any hedging derivatives. The costs of finance, treasury and legal teams, and other Group costs primarily related to being a listed entity, are allocated to the IC. The remuneration of the Executive Directors is allocated equally to the FMC and the IC.

The amounts reported for management purposes in the tables below are reconciled to the UK-adopted IAS reported amounts on the following pages.

	Year ended 31 March 2024				Year ended 31 March 2023
	FMC	IC	Reportable segments Total		FMC	IC	Reportable segments Total
	£m	£m	£m		£m	£m	£m
External fee income	579.1	—	579.1		501.0	2.6	503.6
Inter-segmental fee	25.0	(25.0)	—		25.0	(25.0)	—
Other operating income	0.9	1.0	1.9		0.5	1.7	2.2
Fund management fee income	605.0	(24.0)	581.0		526.5	(20.7)	505.8
Net investment returns	—	379.3	379.3		—	102.3	102.3
Dividend income	47.0	—	47.0		40.2	—	40.2
Net fair value (loss)/gain on derivatives	—	(7.3)	(7.3)		(26.8)	16.8	(10.0)
Total revenue	652.0	348.0	1,000.0		539.9	98.4	638.3
Interest income	—	21.5	21.5		—	13.9	13.9
Interest expense	(2.2)	(45.8)	(48.0)		(2.2)	(61.8)	(64.0)
Staff costs	(101.0)	(21.4)	(122.4)		(85.0)	(20.0)	(105.0)
Incentive scheme costs	(113.3)	(58.6)	(171.9)		(92.2)	(59.6)	(151.8)
Other administrative expenses	(61.0)	(20.4)	(81.4)		(49.8)	(23.5)	(73.3)
Profit before tax and discontinued operations	374.5	223.3	597.8		310.7	(52.6)	258.1

Reconciliation of APM amounts reported for management purposes to the financial statements reported under UK-adopted IAS

Included in the following tables within Consolidated entities are statutory adjustments made to the following. The impact of these adjustments on profit before tax is shown in the table on the following page:

• All income generated from the balance sheet investment portfolio is presented as net investment returns for Reportable segments purposes, under UK-adopted IAS it is presented within gains on investments and other operating income.
• Structured entities controlled by the Group are presented as fair value investments for Reportable segments, these entities are consolidated under UK-adopted IAS within Consolidated entities.
• Seed investments are presented as current financial assets for Reportable segments, these assets are presented under UK-adopted IAS as current financial assets, non-current financial assets or investment property within Consolidated entities.
• Other adjustments necessary to comply with UK-adopted IAS, including in respect of a fair value gain of £60m recognised in FY23 within Consolidated entities and subsequently recognised in FY24 within Reportable segments as this asset is now expected to be sold to a third party and not transferred to a fund.

  
4. Segmental reporting continued

Consolidated income statement

	Reportable segments	Consolidated entities	Financial statements
Year ended 31 March 2024	£m	£m	£m
Fund management fee income	579.1	(26.4)	552.7
Other operating income	1.9	0.2	2.1
Fee and other income	581.0	(26.2)	554.8
Dividend income	47.0	(47.0)	—
Net fair value loss on derivatives	(7.3)	(3.2)	(10.5)
Finance income/(loss)	39.7	(50.2)	(10.5)
Net investment returns/gains on investments	379.3	26.0	405.3
Total revenue	1,000.0	(50.4)	949.6
Other income	21.5	0.1	21.6
Finance costs	(48.0)	(1.5)	(49.5)
Staff costs	(122.4)	—	(122.4)
Incentive scheme costs	(171.9)	—	(171.9)
Other administrative expenses	(81.4)	(14.8)	(96.2)
Administrative expenses	(375.7)	(14.8)	(390.5)
Share of results of joint ventures accounted for using equity method	—	(0.4)	(0.4)
Profit before tax and discontinued operations	597.8	(67.0)	530.8
Tax charge	(78.5)	16.1	(62.4)
Profit after tax from discontinued operations	—	6.0	6.0
Profit after tax and discontinued operations	519.3	(44.9)	474.4

	Reportable segments	Consolidated entities	Financial statements
Year ended 31 March 2023	£m	£m	£m
Fund management fee income	503.6	(22.0)	481.6
Other operating income	2.2	(0.2)	2.0
Fee and other income	505.8	(22.2)	483.6
Dividend income	40.2	(40.2)	—
Net fair value loss on derivatives	(10.0)	(7.1)	(17.1)
Finance income/(loss)	30.2	(47.3)	(17.1)
Net investment returns/gains on investments	102.3	70.2	172.5
Total revenue	638.3	0.7	639.0
Other income	13.9	1.6	5.0
Finance costs	(64.0)	(0.6)	(64.6)
Staff costs	(105.0)	(0.1)	(105.1)
Incentive scheme costs	(151.8)	0.2	(151.6)
Other administrative expenses	(73.3)	(13.3)	(86.6)
Administrative expenses	(330.1)	(13.2)	(343.3)
Share of results of joint ventures accounted for using equity method	—	4.4	4.4
Profit before tax and discontinued operations	258.1	(7.1)	251.0
Tax charge	(28.8)	(0.6)	(29.4)
Profit after tax from discontinued operations	—	56.8	56.8
Profit after tax and discontinued operations	229.3	49.1	278.4

4. Segmental reporting continued

Consolidated statement of financial position

	2024
	Reportable segments	Consolidated entities	Financial statements
Year ended 31 March 2024	£m	£m	£m
Non-current financial assets	2,713.7	4,682.7	7,396.4
Other non-current assets	166.5	82.9	249.4
Cash	627.4	362.6	990.0
Current financial assets	366.6	(289.0)	77.6
Other current assets	299.1	109.6	408.7
Total assets	4,173.3	4,948.8	9,122.1
Non-current financial liabilities	1,266.4	4,632.1	5,898.5
Other non-current liabilities	87.3	1.1	88.4
Current financial liabilities	268.4	0.1	268.5
Other current liabilities	255.8	311.2	567.0
Total liabilities	1,877.9	4,944.5	6,822.4
Equity	2,295.4	4.3	2,299.7
Total equity and liabilities	4,173.3	4,948.8	9,122.1

	2023
	Reportable segments	Consolidated entities	Financial statements
Year ended 31 March 2023	£m	£m	£m
Non-current financial assets	2,642.2	4,402.8	7,045.0
Other non-current assets	158.4	6.0	164.4
Cash	550.0	407.5	957.5
Current financial assets	282.4	(264.1)	18.3
Other current assets	243.7	623.6	867.3
Total assets	3,876.7	5,175.8	9,052.5
Non-current financial liabilities	1,558.0	4,573.4	6,131.4
Other non-current liabilities	104.5	2.1	106.6
Current financial liabilities	79.1	—	79.1
Other current liabilities	157.7	532.5	690.2
Total liabilities	1,899.3	5,108.0	7,007.3
Equity	1,977.4	67.8	2,045.2
Total equity and liabilities	3,876.7	5,175.8	9,052.5

4. Segmental reporting continued

Consolidated statement of cash flows

	2024
	Reportable segments	Consolidated entities	Financial Statements
	£m	£m	£m
Profit/(loss) before tax from continuing operations	597.8	(67.0)	530.8
Adjustments for non-cash items:
Fee and other operating (income)/expense	(581.0)	26.2	(554.8)
Net investment returns	(379.3)	(26.0)	(405.3)
Net fair value (gain)/loss on derivatives	(23.5)	0.7	(22.8)
Impact of movement in foreign exchange rates	30.9	2.4	33.3
Interest income	(68.5)	46.9	(21.6)
Interest expense	48.0	1.5	49.5
Depreciation, amortisation and impairment of property, plant, equipment and	18.0	—	18.0
Share-based payment expense	43.9	—	43.9
Working capital changes:
Increase in trade receivables	(8.5)	(80.2)	(88.7)
Increase/(decrease) in trade and other payables	50.5	(68.2)	(17.7)
	(271.7)	(163.7)	(435.4)
Proceeds from sale of current financial assets and disposal groups held for sale	319.2	—	319.2
Purchase of current financial assets and disposal groups held for sale	(312.1)	—	(312.1)
Purchase of investments	(322.5)	(1,407.2)	(1,729.7)
Proceeds from sales and maturities of investments	403.0	1,830.1	2,233.1
Issuance of CLO notes1	—	—	—
Redemption of CLO notes1	—	(389.1)	(389.1)
Interest and dividend income received	122.2	372.0	494.2
Fee and other operating income received	492.0	4.4	496.4
Interest paid	(49.3)	(330.2)	(379.5)
Cash flow generated from/(used in) operations	380.8	(83.7)	297.1
Taxes paid	(41.2)	—	(41.2)
Net cash flows from/(used in) operating activities	339.6	(83.7)	255.9
Investing activities
Purchase of intangible assets	(6.3)	—	(6.3)
Purchase of property, plant and equipment	(3.2)	—	(3.2)
Net cash flow from derivative financial instruments	31.5	—	31.5
Cash flow as a result of acquisition of subsidiaries	—	49.5	49.5
Net cash flows from investing activities	22.0	49.5	71.5
Financing activities
Payment of principal portion of lease liabilities	(8.4)	—	(8.4)
Repayment of long-term borrowings	(50.7)	—	(50.7)
Dividends paid to equity holders of the parent	(223.4)	—	(223.4)
Net cash flows used in financing activities	(282.5)	—	(282.5)
Net increase/decrease in cash and cash equivalents	79.1	(34.2)	44.9
Effects of exchange rate differences on cash and cash equivalents	(1.7)	(10.7)	(12.4)
Cash and cash equivalents at 1 April	550.0	407.5	957.5
Cash and cash equivalents at 31 March	627.4	362.6	990.0

4. Segmental reporting continued

	2023
	Reportable segments	Consolidated entities	Financial Statements
	£m	£m	£m
Profit/(loss) before tax from continuing operations	258.1	(7.1)	251.0
Adjustments for non-cash items:
Fee and other operating (income)/expense	(505.8)	22.2	(483.6)
Net investment returns	(102.3)	(70.2)	(172.5)
Net fair value loss on derivatives	34.9	—	34.9
Impact of movement in foreign exchange rates	(24.9)	7.1	(17.8)
Interest income	(13.9)	(1.6)	(15.5)
Interest expense	64.0	0.6	64.6
Depreciation, amortisation and impairment of property, plant, equipment and	18.2	—	18.2
Share-based payment expense	39.5	0	39.5
Change in disposal groups held for sale	—	(8.8)	(8.8)
Working capital changes:
(Increase)/decrease in trade receivables	(48.3)	36.3	(12.0)
Decrease in trade and other payables	(41.3)	(155.6)	(196.9)
	(321.8)	(177.1)	(498.9)
Proceeds from sale of current financial assets and disposal groups held for sale	45.5	—	45.5
Purchase of current financial assets and disposal groups held for sale	(211.9)	—	(211.9)
Purchase of investments	(453.8)	(920.8)	(1,374.6)
Proceeds from sales and maturities of investments	689.4	1,032.4	1,721.8
Issuance of CLO notes1	—	0.4	0.4
Redemption of CLO notes1	—	(45.6)	(45.6)
Interest and dividend income received	106.8	256.0	362.8
Fee and other operating income received	573.3	14.6	587.9
Interest paid	(63.5)	(199.9)	(263.4)
Cash flow generated from/(used in) operations	363.9	(39.9)	324.0
Taxes paid	(32.4)	—	(32.4)
Net cash flows from/(used in) operating activities	331.5	(39.9)	291.6
Investing activities
Purchase of intangible assets	(4.7)	—	(4.7)
Purchase of property, plant and equipment	(6.5)	—	(6.5)
Net cash flow from derivative financial instruments	(58.8)	—	(58.8)
Cash flow as a result of acquisition of subsidiaries	—	200.8	200.8
Net cash flows (used in)/from investing activities	(70.0)	200.8	130.8
Financing activities
Purchase of Own Shares	(38.9)	—	(38.9)
Payment of principal portion of lease liabilities	(6.8)	—	(6.8)
Repayment of long-term borrowings	(194.6)	—	(194.6)
Dividends paid to equity holders of the parent	(236.4)	—	(236.4)
Net cash flows used in financing activities	(476.7)	—	(476.7)
Net (decrease)/increase in cash and cash equivalents	(215.2)	160.9	(54.3)
Effects of exchange rate differences on cash and cash equivalents	3.7	16.3	20.0
Cash and cash equivalents at 1 April	761.5	230.3	991.8
Cash and cash equivalents at 31 March	550.0	407.5	957.5

4. Segmental reporting continued

Geographical analysis of non-current assets

	Year ended 31 March 2024	Year ended 31 March 2023
Asset Analysis by Geography	£m	£m
Europe (including UK)	132.5	116.4
Asia Pacific	62.5	7.3
North America	54.4	40.7
Total	249.4	164.4

Geographical analysis of Group revenue

	Year ended 31 March 2024	Year ended 31 March 2023
Income Analysis by Geography	£m	£m
Europe (including UK)	726.5	415.3
Asia Pacific	87.2	58.6
North America	135.9	165.1
Total	949.6	639.0

5. Financial assets and liabilities

Accounting policy Financial assets Financial assets can be classified into the following categories: Amortised Cost, Fair Value Through Profit and Loss (‘FVTPL’) and Fair Value Through Other Comprehensive Income (‘FVOCI’). The Group has classified all invested financial assets as FVTPL. Financial assets at FVTPL are initially recognised and subsequently measured at fair value. A valuation assessment is performed on a recurring basis with gains or losses arising from changes in fair value recognised through net gains on investments in the consolidated income statement. Dividends or interest earned on the financial assets are also included in the net gains on investments. Where the Group holds investments in a number of financial instruments such as debt and equity in a portfolio company, the Group views their entire investment as a unit of account for valuation purposes. Industry standard valuation guidelines such as the International Private Equity and Venture Capital (’IPEV’) Valuation Guidelines - December 2022, allow for a level of aggregation where there are a number of financial instruments held within a portfolio company. Recognition of financial assets When the Group invests in the capital structure of a portfolio company, these assets are initially recognised and subsequently measured at fair value, and transaction costs are recognised in the consolidated income statement immediately. Derecognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when substantially all the risks and rewards of ownership of the asset are transferred to another party. On derecognition of a financial asset in its entirety, the difference between the asset’s carrying value amount and the sum of the consideration received and receivable, is recognised in profit or loss. Key sources of estimation uncertainty on financial assets Fair value is the amount for which an asset could be exchanged, or liability settled, between knowledgeable, willing parties in an arm’s length transaction at the reporting date. The fair value of investments is based on quoted prices, where available. Where quoted prices are not available, the fair value is estimated in line with IFRS and industry standard valuation guidelines such as IPEV for direct investments in portfolio companies, and the Royal Institute of Chartered Surveyors Valuation – Global Standards 2020 for investment property. These valuation techniques can be subjective and include assumptions which are not supportable by observable data. Details of the valuation techniques and the associated sensitivities are further disclosed in this note on page 49. Given the subjectivity of investments in private companies, senior and subordinated notes of Collateralised Loan Obligation vehicles and investments in investment property, these are key sources of estimation uncertainty, and as such the valuations are approved by the relevant Fund Investment Committees and Group Valuation Committee. The unobservable inputs relative to these investments are further detailed below.

5. Financial assets and liabilities continued

Fair value measurements recognised in the statement of financial position

The information set out below provides information about how the Group and Company determines fair values of various financial assets and financial liabilities, grouped into Levels 1 to 3 based on the degree to which the fair value is observable.

• Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities
• Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
• Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs)
  
  

The following table summarises the valuation of the Group’s financial assets and liabilities by fair value hierarchy:

	As at 31 March 2024				As at 31 March 2023
	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Group	£m	£m	£m	£m	£m	£m	£m	£m
Financial assets
Investment in or alongside managed funds1	5.7	3.6	2,300.7	2,310.0	7.2	1.8	2,144.3	2,153.3
Consolidated CLOs and credit funds	—	4,154.9	462.6	4,617.5	—	4,101.4	567.7	4,669.1
Derivative assets	—	9.3	—	9.3	—	22.0	—	22.0
Investment in private companies2	—	—	401.7	401.7	—	—	100.4	100.4
Investment in public companies	4.5	—	—	4.5	5.1	—	—	5.1
Non-consolidated CLOs and credit funds	—	111.3	19.7	131.0	—	105.8	7.5	113.3
Disposal groups held for sale	—	—	—	—	—	—	163.2	163.2
Total financial assets3	10.2	4,279.1	3,184.7	7,474.0	12.3	4,231.0	2,983.1	7,226.4
Financial liabilities
Liabilities of consolidated CLOs and credit funds	—	(4,415.6)	(186.7)	(4,602.3)	—	(4,508.0)	(64.7)	(4,572.7)
Derivative liabilities	—	(9.2)	—	(9.2)	—	(15.7)	—	(15.7)
Disposal groups held for sale	—	—	—	—	—	—	—	—
Total financial liabilities	—	(4,424.8)	(186.7)	(4,611.5)	—	(4,523.7)	(64.7)	(4,588.4)

1. Level 3 investments in or alongside managed funds includes £1,212.3m Corporate Investments & US Mid Market, £517.9m Strategic Equity, LP Secondaries, Recovery Fund, Life Sciences, £58.2m Senior Debt Partners, £82.1m North America Credit Partners, £399.6m real estate funds, and £16.8m credit funds.
2. Level 3 Investment in private companies includes £359.9m subordinated debt and equity (2023: £91.3m) and £41.8m of real estate funds (2023: £9.1m), including assets reclassified from Disposal groups held for sale.
3. Total financial assets correspond to the sum of non-current and current financial assets at fair value and the sum of non-current and current financial derivatives on the face of the balance sheet.
   
   

Valuations

Valuation process

The Group Valuation Committee (‘GVC’) is responsible for reviewing and concluding on the fair value of the Group’s balance sheet investment positions in accordance with the Group’s Valuation Policy. This includes consideration of the valuations received from the underlying funds. The GVC reviews its fair values on a quarterly basis and reports to the Audit Committee semi-annually. The GVC is independent of the boards of directors of the funds, and no member of the GVC is a member of either the Group’s investment teams or fund Investment Committees (‘ICs’).

The ICs are responsible for the review, challenge, and approval of the underlying funds’ valuations of their assets. Sources of the valuation reviewed by the ICs include the ICG investment team, third-party valuation services and third-party fund administrators as appropriate. The IC provides those valuations to the Group, as an investor in the fund assets. The IC is also responsible for escalating significant events regarding the valuation to the Group (as an investor in the fund assets), for example change in valuation methodologies, potential impairment events, or material judgements.

The table in page 49 outlines in more detail the range of valuation techniques, as well as the key unobservable inputs for each category of Level 3 assets and liabilities.
5. Financial assets and liabilities continued

Investment in or alongside managed funds

When fair values of publicly traded closed-ended funds and open-ended funds are based on quoted market prices in an active market for identical assets without any adjustments, the instruments are included within Level 1 of the hierarchy. The Group values these investments at bid price for long positions and ask price for short positions.

The Group also co-invests with funds, including credit and private equity secondary funds, which are not quoted in an active market. The Group considers the valuation techniques and inputs used by these funds to ensure they are reasonable, appropriate and consistent with the principles of fair value. The latest available NAV of these funds are generally used as an input into measuring their fair value. The NAV of the funds are adjusted, as necessary, to reflect restrictions on redemptions, and other specific factors relevant to the funds. In measuring fair value, consideration is also given to any transactions in the interests of the funds. The Group classifies these funds as Level 3.

Investment in private companies

The Group takes debt and equity stakes in private companies that are, other than on very rare occasions, not quoted in an active market and uses either a market-based valuation technique or a discounted cash flow technique to value these positions.

The Group’s investments in private companies are held at fair value using the most appropriate valuation technique based on the nature, facts and circumstances of the private company. The first of two principal valuation techniques is a market comparable companies technique. The enterprise value (‘EV’) of the portfolio company is determined by applying an earnings multiple, taken from comparable companies, to the profits of the portfolio company. The Group determines comparable private and public companies, based on industry, size, location, leverage and strategy, and calculates an appropriate multiple for each comparable company identified. The second principal valuation technique is a discounted cash flow (‘DCF’) approach. Fair value is determined by discounting the expected future cash flows of the portfolio company to the present value. Various assumptions are utilised as inputs, such as terminal value and the appropriate discount rate to apply. Typically, the DCF is then calibrated alongside a market comparable companies approach. Alternate valuation techniques may be used where there is a recent offer or a recent comparable market transaction, which may provide an observable market price and an approximation to fair value of the private company. The Group classified these assets as Level 3.

Investment in public companies

Quoted investments are held at the last traded bid price on the reporting date. When a purchase or sale is made under contract, the terms of which require delivery within the timeframe of the relevant market, the contract is reflected on the trade date.

Investment in loans held in consolidated structured entities

The loan asset portfolios of the consolidated structured entities are valued using observable inputs such as recently executed transaction prices in securities of the issuer or comparable issuers and from independent loan pricing sources. To the extent that the significant inputs are observable the Group classifies these assets as Level 2 and other assets are classified as Level 3. Level 3 assets are valued using a discounted cash flow technique and the key inputs under this approach are detailed on page 49.

Derivative assets and liabilities

The Group uses market-standard valuation models for determining fair values of over-the-counter interest rate swaps, currency swaps and forward foreign exchange contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including both credit and debit valuation adjustments for counterparty and own credit risk, foreign exchange spot and forward rates and interest rate curves. For these financial instruments, significant inputs into models are market observable and are included within Level 2.

Senior and subordinated notes of CLO vehicles

The Group holds investments in the senior and subordinated notes of the CLOs it manages, predominately driven by European Union risk-retention requirements. The Group employs DCF analysis to fair value these investments, using several inputs including constant annual default rates, prepayments rates, reinvestment rates, recovery rates and discount rates. The DCF analysis at the reporting date shows that the senior notes are typically expected to recover all contractual cash flows, including under stressed scenarios, over the life of the CLOs. Observable inputs are used in determining the fair value of senior notes and these instruments are therefore classified as Level 2. Unobservable inputs are used in determining the fair value of subordinated notes, which are therefore classified as Level 3 instruments.

5. Financial assets and liabilities continued

Liabilities of consolidated CLO vehicles

Rated debt liabilities of consolidated CLOs are generally valued at par plus accrued interest, which we assess as fair value. Observable inputs are used in determining the fair value of these instruments, including the valuation of the CLO loan asset portfolio. As a result we deem these liabilities as Level 2.

Unrated/subordinated debt liabilities of consolidated CLOs are valued directly in line with the fair value of the CLO loan asset portfolios. These underlying assets mostly comprise observable loan securities traded in active markets. The underlying assets are reported in both Level 2 and Level 3. As a result of this methodology of deriving the valuation of unrated/subordinated debt liabilities from a combination of Level 2 and Level 3 asset values, we deem these liabilities to be Level 3.

Real estate assets

To the extent that the Group invests in real estate assets, whether through an investment in a managed fund or an investment in a private company, the underlying assets may be classified as either a financial asset or investment property in accordance with IAS 40 ‘Investment Property’. The fair values of the directly held material investment properties have been recorded based on independent valuations prepared by third-party real estate valuation specialists in line with the Royal Institution of Chartered Surveyors Valuation – Global Standards 2020. At the end of each reporting period, the Group reviews its assessment of the fair value of each property, taking into account the most recent independent valuations. The Directors determine a property value within a range of reasonable fair value estimates, based on information provided. All resulting fair value estimates for properties are included in Level 3.

Reconciliation of Level 3 fair value measurement of financial assets                                                                                                                                                                               

The following tables set out the movements in recurring financial assets valued using the Level 3 basis of measurement in aggregate. Within the income statement, realised gains and fair value movements are included within gains on investments, and foreign exchange gains/(losses) are included within finance costs. Transfers between levels take place when there are changes to the observability of inputs used in the valuation of these assets. This is determined based on the year-end valuation and transfers therefore take place at the end of the reporting period.

	Investment in or alongside managed funds	Investment in loans held in consolidated entities	Investment in private companies	Subordinated notes of CLO vehicles	Disposal groups held for sale	Total
Group	£m	£m	£m	£m	£m	£m
At 1 April 2023	2,144.3	567.7	100.4	7.5	163.2	2,983.1
Total gains or losses in the income statement
– Net investment return2	284.0	11.5	14.4	2.9	63.3	376.1
– Foreign exchange	(50.7)	(14.0)	(4.3)	(0.4)	3.4	(66.0)
Purchases	301.8	234.2	74.5	9.7	213.1	833.3
Exit proceeds	(378.7)	(195.6)	(19.1)	—	(207.2)	(800.6)
Transfers in1	—	96.9	—	—	—	96.9
Transfers out1	—	(238.1)	—	—	—	(238.1)
Reclassification3	—	—	235.8	—	(235.8)	—
At 31 March 2024	2,300.7	462.6	401.7	19.7	—	3,184.7

1. During the year certain assets in Investments in loans held in consolidated entities were reassessed as Level 3 (from Level 2) or Level 2 (from Level 3) and these changes are reported as a transfers in or transfers out in the year.
   
   

2. Included within net investment returns are £345.1m of unrealised gains (which includes accrued interest).
3. During the year the group reclassified all its financial assets previously included in disposal groups held for sale into investments in private companies (see note 28)

5. Financial assets and liabilities continued

	Investment in or alongside managed funds	Investment in loans held in consolidated entities	Investment in private companies	Subordinated notes of CLO vehicles	Disposal groups held for sale	Total
Group	£m	£m	£m	£m	£m	£m
At 1 April 2022	2,112.9	145.2	122.7	9.1	89.2	2,479.1
Total gains or losses in the income statement
– Net investment return2	172.9	(9.6)	(21.2)	(1.3)	(7.1)	133.7
– Foreign exchange	67.4	15.5	13.2	0.5	5.8	102.4
Purchases	416.2	60.2	6.7	—	158.7	641.8
Exit proceeds	(625.1)	(100.7)	(21.0)	(0.8)	(23.8)	(771.4)
Transfers in1,3	—	457.1	—	—	—	457.1
Transfers out1,3	—	—	—	—	(59.6)	(59.6)
At 31 March 2023	2,144.3	567.7	100.4	7.5	163.2	2,983.1

1. During the year certain assets in Investments in loans held in consolidated entities were reassessed as Level 3 (from Level 2) and these changes are reported as a transfer in the year. Transfers out of Disposal groups held for sale represented the re-designation of an asset as Investment Property (see note 28)
2. Included within net investment returns are £141.8m of unrealised gains (which includes accrued interest) 
3. The prior period transfers between levels have been re-presented to separately disclose transfers in and transfers out of Level 3.

Reconciliation of Level 3 fair value measurements of financial liabilities

The following tables sets out the movements in reoccurring financial liabilities valued using the Level 3 basis of measurement in aggregate. Within the income statement, realised gains and fair value movements are included within gains on investments, and foreign exchange gains/(losses) are included within finance costs. Transfers in and out of Level 3 financial liabilities were due to changes to the observability of inputs used in the valuation of these liabilities. During the year ended 31 March 2024 changes in the fair value of the assets of consolidated credit funds resulted in a reduction in the fair value of the financial liabilities of those consolidated credit funds, reported as a ‘fair value gain’ in the table below.

	2024	2023
	Financial liabilities designated as FVTPL	Financial liabilities designated as FVTPL
Group	£m	£m
At 1 April	64.7	239.6
Total gains or losses in the income statement
– Fair value gains	102.3	(178.2)
– Foreign exchange losses	(1.7)	12.8
Purchases	21.4	23.8
Disposal groups held for sale	—	(5.0)
Transfer between levels	—	(28.3)
At 31 March	186.7	64.7

5. Financial assets and liabilities continued

Valuation inputs and sensitivity analysis

The following table summarises the inputs and estimates used for items categorised in Level 3 of the fair value hierarchy together with a quantitative sensitivity analysis:

	Fair Value As at 31 March 2024	Fair Value As at 31 March 2023	Primary Valuation Technique1	Key Unobservable Inputs	Range	Weighted Average/ Fair Value Inputs	Sensitivity/ Scenarios	Effect on Fair Value 31 March 2024
	£m	£m						£m
Structured & Private Equity: Corporate Investments & US Mid-Market	1,490.6	1,341.3	Market comparable companies	Earnings multiple	5.0x – 29.0x	15.1x	'+10% Earnings multiple2	187.6
			Discounted cash flow	Discount rate	7.5% - 20.5%	11.2        %	'-10% Earnings multiple2	(187.6)
				Earnings multiple	6.1x – 21.5x	11.8x
Structured & Private Equity: Strategic Equity, LP Secondaries, Recovery Fund, Life Sciences	589.9	589.4	Third-party valuation / funding round value	N/A	N/A	N/A	+10% valuation	59.0
							-10% valuation	(59.0)
Private Debt: North American Credit Partners	91.7	120.7	Market comparable companies	Earnings multiple	5.5x – 29.0x	14.1x	'+10% Earnings multiple2	9.7
							'-10% Earnings multiple2	(9.7)
Private Debt: Senior Debt Partners	58.2	47.8	Discounted cash flow	Probability of default	1.0%-2.2%	1.0        %	Upside case	—
				Loss given default	32.2        %	32.2        %	Downside case	(0.5)
				Maturity of loan	3 years	3 years
				Effective interest rate	9.6%-11.5%	11.2        %
Real Assets	441.4	293.6	Third-party valuation	N/A	N/A	N/A	+10% Third-party valuation	44.1
			LTV-based impairment model	N/A	N/A	N/A	-10% Third-party valuation	(44.1)
Credit: Non-consolidated CLOs and credit funds	19.7	7.5	Discounted cash flow	Discount rate	15.0% - 15.5%	15.1        %
				Default rate	3% - 4.5%	3.3        %	Upside case3	22.8
				Prepayment rate %	15% -20%	19.5        %	Downside case3	(23.8)
				Recovery rate %	75.0        %	75.0        %
				Reinvestment price	99.5        %	99.5        %
Credit: Consolidated CLOs and credit funds	462.6	567.7	Third-party valuation	N/A	N/A	N/A	+10% Third-party valuation	46.3
							-10% Third-party valuation	(46.3)
Credit: Liquid Funds	30.6	15.1	Third-party valuation	N/A	N/A	N/A	+10% Third-party valuation	3.1
							-10% Third-party valuation	(3.1)
Total financial assets	3,184.7	2,983.1					Total Upside sensitivity	372.5
							Total Downside sensitivity	(374.1)
Liabilities of Consolidated CLOs and credit funds	(186.7)	(64.7)	Third-party valuation	N/A	N/A	N/A	+10% Third-party valuation	(18.7)
							-10% Third-party valuation	18.7
Total financial liabilities	(186.7)	(64.7)

1. Where the Group has co-invested with its managed funds, it is the type of the underlying investment, and the valuation techniques used for these underlying investments, that is set out here.
2. Investments in the following strategies are sensitised using the actual or implied earnings multiple to provide a consistent, comparable basis for this analysis: Corporate Investments, US Mid-Market, North America Credit Partners.
3. The sensitivity analysis is performed on the entire portfolio of subordinated notes of CLO vehicles that the Group has invested in with total value of £187.7m (2023: £182.8m). The default rate applied was set at 4.5% until 2025, reducing by 0.5% semi-annually during 2025 and reverting to 3% in 2026. The upside case is based on the default rate being lowered to 2.5% p.a. for the next 21 months then to 2.0% for the 3 following months, keeping all other parameters consistent. The downside case is based on the default rate being increased over the next 21 months to 6.5% then to 6.0% for the 3 following months, keeping all other parameters consistent.
   
   

5. Financial assets and liabilities continued

Derivative financial instruments

Accounting policy Derivative financial instruments for economic hedging The Group holds derivative financial instruments to hedge foreign currency and interest rate exposures. Derivatives are recognised at fair value determined using independent third-party valuations or quoted market prices. Changes in fair values of derivatives are recognised immediately in Finance loss in the Income Statement. A derivative with a positive fair value is recognised as a financial asset while a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a non-current asset or non-current liability if the remaining maturity of the instrument is more than 12 months from the reporting date, otherwise a derivative will be presented as a current asset or current liability.

	2024			2023
	Contract or underlying principal amount	Fair values		Contract or underlying principal amount	Fair values
Group		Asset	Liability		Asset	Liability
	£m	£m	£m	£m	£m	£m
Cross currency swaps	118.8	6.2	(5.5)	121.6	7.5	(8.5)
Forward foreign exchange contracts	1,201.8	3.1	(3.7)	1,365.1	14.5	(7.2)
Total	1,320.6	9.3	(9.2)	1,486.7	22.0	(15.7)

The Group holds £5.5m of cash pledged as collateral by its counterparties as at 31 March 2024 (31 March 2023: £8.5m). All the Credit Support Annexes that have been agreed with our counterparties are fully compliant with European Market Infrastructure Regulation ‘EMIR’.

The fair value movements in derivatives during the year is £(10.5)m (2023: £(17.1)m). There was no change in fair value related to credit risk in relation to derivatives as at 31 March 2024 (31 March 2023: £nil).

Within the International Swaps and Derivatives Association (‘ISDA’) Master Agreements in place with our counterparties, in the event of a default, the close-out netting provision would result in all obligations under a contract being terminated with a subsequent combining of positive and negative replacement values into a single net payable or receivable.

6. Cash and cash equivalents

	2024	2023
	£m	£m
Cash and cash equivalents
Cash at bank and in hand	990.0	957.5

Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets approximates to their fair value. Cash and cash equivalents at the end of the reporting period as shown in the consolidated statement of cash flows can be reconciled to the related items in the consolidated statement of financial position as shown above.

The Group’s cash and cash equivalents include £362.6m (2023: £407.5m) of restricted cash, held principally by structured entities controlled by the Group. The Group does not have legal recourse to these balances as their sole purpose is to service the interests of the investors in these structured entities.

In the prior year £5.5m of cash and cash equivalents were included in disposal groups held for sale (note 28).

7. Financial liabilities

Accounting policy Financial liabilities, which include borrowings and listed notes and bonds (with the exception of financial liabilities designated as FVTPL), are initially recognised at fair value net of transaction costs and subsequently measured at amortised cost using the effective interest rate method. Arrangement and commitment fees are included within the carrying value of financial liabilities. Lease liabilities are initially measured at the present value of all the future lease payments. The present value at the inception of the lease is determined by discounting all future lease payments at the Group’s centrally determined incremental borrowing rate at the date of inception of the lease. In calculating the present value of lease payments, the Group uses its incremental borrowing rate because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Financial liabilities at FVTPL are initially recognised and subsequently measured at fair value on a recurring basis. Gains or losses arising from changes in fair value of derivative financial liabilities are recognised in Finance loss in the income statement. Gains or losses arising from changes in fair value of liabilities of Structured entities controlled by the Group recognised through gains on investments in the income statement. The Group has designated financial liabilities at fair value relating to consolidated structured entities as such liabilities are managed by the Group on a fair value basis. The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or expire.

			2024		2023
	Interest rate %	Maturity	Current	Non-current	Current	Non-current
Group			£m	£m	£m	£m
Liabilities held at amortised cost
- Private placement	2.02% - 5.35%	2024 -  2029	248.7	346.4	56.8	604.8
- Listed notes and bonds	1.63% - 2.50%	2027 - 2030	2.5	851.3	2.5	874.9
- Unsecured bank debt¹	SONIA +1.38%	2026	(0.8)	(0.7)	(0.8)	(1.5)
Total Liabilities held at amortised cost			250.4	1,197.0	58.5	1,478.2
Lease liabilities	2.85% - 7.09%	2024 - 2034	8.9	69.3	5.8	79.6
Other financial liabilities	1.34% - 6.20%	2024 - 2028	—	29.9	—	—
Liabilities held at FVTPL:
- Derivative financial liabilities			9.2	—	14.8	0.9
- Structured entities controlled by the Group	0.60% - 10.90%	2030-2038	—	4,602.3	—	4,572.7
			268.5	5,898.5	79.1	6,131.4

1. Unsecured bank debt represents the value of associated fees which are amortised over the life of the facility.
   
   

7. Financial liabilities continued

The fair value of the Listed notes and bonds, being the market price of the outstanding bonds is £788.9m (2023: £613.1m).

Other financial liabilities are borrowings related to seed investments.

Details of the cash outflows related to leases are in the Consolidated statement of cash flows, interest expenses associated with lease liabilities are in note 10, the Right of Use (‘ROU’) assets and the income from subleasing ROU assets are in note 17 and the maturity analysis of the lease liabilities are in note 21 .

Movement in financial liabilities arising from financing activities

The following table sets out the movements in total liabilities held at amortised cost arising from financing activities undertaken during the year.

	2024	2023
	£m	£m
At 1 April	1,622.1	1,712.1
Movement as a result of change in control of subsidiary	21.5	—
Repayment of long term borrowings	(50.7)	(194.6)
Reclassification1	7.7	—
Payment of principal portion of lease liabilities	(8.4)	(6.8)
Establishment of lease liability	1.2	33.0
Net interest movement	1.7	1.0
Foreign exchange movement	(39.6)	77.4
At 31 March	1,555.5	1,622.1

1. Borrowings related to seed investments acquired during the year.

8. Other income

Accounting policy The Group earns interest on its cash balances, excluding balances within structured entities controlled by the Group. These amounts are recognised as income in the period in which it is earned.

	2024	2023
	£m	£m
Interest income on bank deposits	21.6	15.5
	21.6	15.5

9. Net gains on investments

Accounting policy The Group recognises net gains and losses on investments comprising realised and unrealised gains and losses from disposals and revaluations of financial assets and financial liabilities measured at fair value.

	2024	2023
	£m	£m
Financial assets
Change in fair value of financial instruments designated at FVTPL	933.5	167.6
Financial liabilities
Change in fair value of financial instruments designated at FVTPL	(528.2)	4.9
Net gains arising on investments	405.3	172.5

10. Finance costs

Accounting policy Interest expense on the Group’s debt, excluding financial liabilities within structured entities controlled by the Group, is recognised using the effective interest rate method based on the expected future cash flows of the liabilities over their expected life. Financial liabilities within structured entities controlled by the Group are accounted for within Net gains and losses arising on investment (see note 9). Interest expense associated with lease obligations represents the unwinding of the lease liability discount, accounted for in accordance with IFRS 16 (see note 17).

Finance costs	2024	2023
	£m	£m
Interest expense recognised on financial liabilities held at amortised cost	42.2	57.3
Arrangement and commitment fees	4.6	4.7
Interest expense associated with lease obligations	2.7	2.6
	49.5	64.6

11. Administrative expenses

Further detail in respect of material administrative expenses reported on the income statement is set out below:

	2024	2023
	£m	£m
Staff costs	294.3	256.7
Amortisation and depreciation	17.9	18.2
Operating lease expenses	1.9	2.8
Auditor's remuneration	2.4	2.3

Auditor’s remuneration includes fees for audit and non-audit services payable to the Group’s auditor, Ernst and Young LLP, and are analysed as below.

	2024	2023
	£m	£m
ICG Group
Audit fees
Group audit of the annual accounts	1.7	1.5
Audit of subsidiaries' annual accounts	0.3	0.3
Audit of controlled CLOs1	0.1	0.1
Total audit fees	2.1	1.9
Non audit fees
Audit-related assurance services	0.2	0.3
Other assurance services	0.1	0.1
Total non audit fees	0.3	0.4
Total auditor's remuneration incurred by the Group	2.4	2.3

1. The 2023 fees relating to the audit of controlled CLOs have been updated for engagements agreed subsequent to the approval of the prior year financial statements.

12. Employees and Directors

Accounting policy The Deal Vintage Bonus (‘DVB’) scheme forms part of the Group’s Remuneration Policy for investment executives. DVB is reported within Wages and salaries. Payments of DVB are made in respect of plan years, which are aligned to the Group’s financial year. Payments of DVB are made only when the performance threshold for the plan year has been achieved on a cash basis and proceeds are received by the Group. An estimate of the DVB liability for a plan year is developed based on the following inputs: expected realisation proceeds; expected timing of realisations; and allocations of DVB to qualifying investment professionals. The Group accrues the estimated DVB cost associated with that plan year evenly over five years on average, reflecting the average holding period for the underlying investments and therefore the period over which services are provided by the scheme participants.

	2024	2023
	£m	£m
Directors’ emoluments	5.1	4.9
Employee costs during the year including Directors:
Wages and salaries	253.4	228.7
Social security costs	30.7	20.5
Pension costs	10.2	7.5
Total employee costs (note 11)	294.3	256.7
The monthly average number of employees (including Executive Directors) was:
Investment Executives	289	268
Marketing and support functions	350	293
Executive Directors	3	3
	642	564

ICG plc, the Company, does not have any employees but relies on the expertise and knowledge of employees of ICG FMC Limited, Intermediate Capital Group Inc., Intermediate Capital Group SAS, Intermediate Capital Asia Pacific Limited, ICG (Singapore) Pte Ltd, ICG Beratungsgesellschaft mbH, ICG Europe S.a.r.l, Intermediate Capital Managers (Aus) PTY Ltd and Intermediate Capital Group Polska Sp. z.o.o, subsidiaries of ICG plc.

Contributions to the Group’s defined contribution pension schemes are charged to the consolidated income statement as incurred.

The performance related element included in employee costs is £171.9m (2023: £151.6m) which represents the annual bonus scheme, Omnibus Scheme, the Growth Incentive Scheme and the DVB Scheme.

In addition, during the year, third-party funds have paid £43.7m (2023: £46.0m) to former employees and £46.0m (2023: £93.4m) to current employees, including Executive Directors, relating to distributions from investments in carried interest partnerships (‘CIPs’) made by these employees in prior periods. Such amounts become due over time if, and when, specified performance targets are ultimately realised in cash by the funds and paid by the carried interest partnerships of the funds (see note 27). As these funds and CIPs are not consolidated, these amounts are not included in the Group’s consolidated income statement.

13. Tax expense

Accounting policy The tax expense comprises current and deferred tax. Current tax assets and liabilities comprise those obligations to, or claims from, tax authorities relating to the current or prior reporting periods, that are unpaid at the reporting date. Deferred tax is provided in respect of temporary differences between the carrying amounts of assets and liabilities and their tax bases. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deferred tax assets can be utilised. Deferred tax is not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities in a transaction, other than a business combination, that affects neither the tax nor the accounting profit. Deferred tax assets and liabilities are calculated at the tax rates that are expected to be applied to their respective period of realisation, provided they are enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset when there is a legally enforceable right of set off, when they relate to income taxes levied by the same tax authority and the Group intends to settle on a net basis. Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statement, except where they relate to items that are charged or credited directly to equity, in which case the related deferred tax is also charged or credited directly to equity.

	2024	2023
	£m	£m
Current tax:
Current year	86.0	16.9
Prior year adjustment	15.4	(9.7)
	101.4	7.2
Deferred tax:
Current year	(28.1)	14.1
Prior year adjustments	(10.9)	8.1
	(39.0)	22.2
Tax on profit on ordinary activities	62.4	29.4

The Group is an international business and operates across many different tax jurisdictions. Income and expenses are allocated to these jurisdictions based on transfer pricing methodologies set out both (i) in the laws of the jurisdictions in which the Group operates, and (ii) under guidelines set out by the Organisation for Economic Co-operation and Development (‘OECD’).

The effective tax rate reported by the Group for the period ended 31 March 2024 of 11.7% (2023: 11.7%) is lower than the statutory UK corporation tax rate of 25% (2023:19%).

The FMC activities are subject to tax at the relevant statutory rates ruling in the jurisdictions in which the income is earned. The lower effective tax rate compared to the statutory UK rate is largely driven by the IC activities. The IC benefits from statutory UK tax exemptions on certain forms of income arising from both foreign dividend receipts and gains from assets qualifying for the substantial shareholdings exemption. The effect of these exemptions means that the effective tax rate of the Group is highly sensitive to the relative mix of IC income, and composition of such income, in any one period.

Due to the application of tax law requiring a degree of judgement, the accounting thereon involves a level of estimation uncertainty which tax authorities may ultimately dispute. Tax liabilities are recognised based on the best estimates of probable outcomes and with regard to external advice where appropriate. The principal factors which may influence the Group’s future tax rate are changes in tax legislation in the territories in which the Group operates, the relative mix of FMC and IC income, the mix of income and expenses earned and incurred by jurisdiction and the timing of recognition of available deferred tax assets and liabilities.

13. Tax expense continued
A reconciliation between the statutory UK corporation tax rate applied to the Group’s profit before tax and the reported effective tax rate is provided below.

	2024	2023
	£m	£m
Profit on ordinary activities before tax	530.8	251.0
Tax at 25% (2023:19%)	132.7	47.7
Effects of
Prior year adjustment to current tax	15.4	(9.6)
Prior year adjustment to deferred tax	(10.9)	8.1
	137.2	46.2
Non-taxable and non-deductible items	1.7	(0.3)
Non-taxable investment company income	(59.9)	(22.5)
Trading income generated by overseas subsidiaries subject to different tax rates	(16.6)	4.0
Deferred tax adjustment	—	2.0
Tax charge for the period	62.4	29.4

Deferred tax

Deferred tax (asset)/liability	Investments	Share based payments and compensation deductible as paid	Tax losses carried forward	Other temporary differences	Total
Group	£m	£m	£m	£m	£m
As at 31 March 2022	36.1	(38.1)	(2.0)	(5.9)	(9.9)
Prior year adjustment	2.0	0.2	2.2	5.2	9.6
Impact of changes to statutory tax rates	0.3	(1.1)	(0.7)	1.1	0.6
Charge / (Credit) to equity	2.2	3.4	—	1.0	5.6
Charge / (Credit) to income	5.2	(0.7)	0.1	9.5	14.1
Movement in Foreign Exchange on retranslation	—	—	—	(0.4)	(0.4)
As at 31 March 2023	45.8	(36.3)	(0.4)	8.8	17.9
Reclassification between categories	2.7	1.7	—	(4.4)	—
Reclassification of deferred tax liability out of discontinued operations	14.0	—	—	—	14.0
Prior year adjustment	(4.1)	—	(1.6)	(5.2)	(10.9)
Charge / (Credit) to equity	0.2	(6.9)		—	(6.7)
Charge / (Credit) to income	(11.4)	(10.0)	(5.3)	(1.4)	(28.1)
Movement in foreign exchange on retranslation	—	—	—	(0.2)	(0.2)
As at 31 March 2024	47.2	(51.5)	(7.3)	(2.4)	(14.0)

During the year deferred tax assets that reversed, due to timing differences, were mainly due to the utilisation of tax losses and unpaid interest expense in the Group’s US business. As set out in the table above in column ‘Share based payments and compensation deductible as paid’, deferred tax assets at the reporting date were solely due to employee remuneration schemes in the UK and US.

The Group has undertaken a review of the level of recognition of deferred tax assets and is satisfied they are recoverable and therefore have been recognised in full. There are no deferred tax assets recognised on the basis of losses.

In its March 2021 Budget, the UK Government announced that the UK rate of corporation tax would increase from 19% to 25% from 1 April 2023 . This legislative change has been substantively enacted, and has been considered when calculating the closing deferred tax balances at the reporting date.

The mandatory IAS 12 temporary exception from the recognition and disclosure of deferred taxes arising from implementation of the OECD’s Pillar Two model rules has been applied. The OECD's Pillar II model rules, which establish a global minimum tax rate of 15% apply for financial years beginning on or after 31 December 2023. The first period the rules are implemented for the Group are from 1 April 2024 (financial year ending 31 March 2025). The Group has performed an impact analysis and does not expect the implementation to be significant.

14. Dividends

Accounting policy Dividends are distributions of profit to holders of Intermediate Capital Group plc’s share capital and as a result are recognised as a deduction in equity. Final dividends are announced with the Annual Report and Accounts and are recognised when they have been approved by shareholders. Interim dividends are announced with the Half Year Results and are recognised when they are paid.

	2024		2023
	Per share pence	£m	Per share pence	£m
Ordinary dividends paid
Final	52.2	149.5	57.3	164.4
Interim	25.8	73.9	25.3	72.0
	78.0	223.4	82.6	236.4
Proposed final dividend	53.2	152.6	52.2	148.8

Of the £223.4m (2023: £236.4m) of ordinary dividends paid during the year, £1.8m (2023: £4.3m) were reinvested under the dividend reinvestment plan offered to shareholders.

15. Earnings per share

	Year ended 31 March 2024	Year ended 31 March 2023
Earnings	£m	£m
Earnings for the purposes of basic and diluted earnings per share being net profit attributable to equity holders of the Parent
Continuing operations	467.4	221.6
Discontinued operations	6.0	59.0
	473.4	280.6
Number of shares
Weighted average number of ordinary shares for the purposes of basic earnings per share	286,123,236	285,613,961
Effect of dilutive potential ordinary share options	5,888,040	3,698,954
Weighted average number of ordinary shares for the purposes of diluted earnings per share	292,011,276	289,312,915
Earnings per share for continuing operations 1
Basic, profit from continuing operations attributable to equity holders of the parent (pence)	163.4p	77.6p
Diluted, profit from continuing operations attributable to equity holders of the parent (pence)	160.1p	76.6p
Earnings per share for discontinued operations 1
Basic, profit from discontinued operations attributable to equity holders of the parent (pence)	2.1p	20.6p
Diluted, profit from discontinued operations attributable to equity holders of the parent (pence)	2.0p	20.4p

1.        The prior period has been re-presented to separately disclose Earnings per share for continuing operations and Earnings per share for discontinued operations.

16. Intangible assets

Accounting policy Business combinations Business combinations are accounted for using the acquisition method. The acquisition method involves the recognition of all assets, liabilities and contingent liabilities of the acquired business at their fair value at the acquisition date. The excess of the fair value at the date of acquisition of the cost of investments in subsidiaries over the fair value of the net assets acquired which is not allocated to individual assets and liabilities is determined to be goodwill. Goodwill is reviewed at least annually for impairment. Investment management contracts Intangible assets with finite useful lives that are acquired separately, including investment management contracts, are carried at cost less accumulated depreciation and impairment losses. These are measured at cost and are amortised on a straight line basis over the expected life of the contract (eight years). Computer software Research costs associated with computer software are expensed as they are incurred. Other expenditure incurred in developing computer software is capitalised only if all of the following criteria are demonstrated: An asset is created that can be separately identified; It is probable that the asset created will generate future economic benefits; and The development cost of the asset can be measured reliably. Following the initial recognition of development expenditure, the cost is amortised over the estimated useful life of the asset created, which is determined as three years. Amortisation commences on the date that the asset is brought into use. Work-in-progress assets are not amortised until they are brought into use and transferred to the appropriate category of intangible assets. Amortisation of intangible assets is included in administrative expenses in the income statement and detailed in note 11.

Impairment of non-financial assets and goodwill

The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

16. Intangible assets continued

	Computer software		Goodwill1		Investment management contracts		Total
	2024	2023	2024	2023	2024	2023	2024	2023
Group	£m	£m	£m	£m	£m	£m	£m	£m
Cost
At 1 April	25.0	20.5	4.3	4.3	19.1	26.3	48.4	51.1
Reclassified3	(0.8)	—	—	—	—	—	(0.8)	—
Additions	6.3	4.7	—	—	—	—	6.3	4.7
Derecognised2	(12.5)	(0.3)	—	—	(18.3)	(7.1)	(30.8)	(7.4)
Exchange differences	(0.1)	0.1	—	—	0.3	(0.1)	0.2	—
At 31 March	17.9	25.0	4.3	4.3	1.1	19.1	23.3	48.4
Amortisation
At 1 April	16.4	12.4	—	—	17.1	21.6	33.5	34.0
Charge for the year	3.4	4.0	—	—	2.2	2.7	5.6	6.7
Derecognised2	(12.5)	—		—	(18.3)	(7.2)	(30.8)	(7.2)
At 31 March	7.3	16.4	—	—	1.0	17.1	8.3	33.5
Net book value	10.6	8.6	4.3	4.3	0.1	2.0	15.0	14.9

1. Goodwill was acquired in the ICG-Longbow Real Estate Capital LLP business combination and represents a single cash generating unit. The recoverable amount of the real estate cash generating unit is based on fair value less costs to sell where the fair value equates to a multiple of adjusted net income, in line with the original consideration methodology. The significant headroom on the recoverable amount is not sensitive to any individual assumption.
2. Investment management contracts and Computer Software derecognised represented fully amortised balances.
3. During the year, assets previously classified as computer software were determined to relate to leasehold improvements. These assets were transferred at book value and there was no profit or loss arising on transfer.
   
   

During the financial year ended 31 March 2024, the Group recognised an expense of £0.1m (2023: £0.5m) in respect of research and development expenditure.

17. Property, plant and equipment

Accounting policy The Group’s property, plant and equipment provide the infrastructure to enable the Group to operate. Assets are initially stated at cost, which includes expenditure associated with acquisition. The cost of the asset is recognised in the income statement as an amortisation charge on a straight line basis over the estimated useful life, determined as three years for furniture and equipment and five years for short leasehold premises. Right of Use (‘ROU’) assets and associated leasehold improvements are amortised over the full contractual lease term. Group as a lessee Included within the Group’s property, plant and equipment are its ROU assets. ROU assets are the present value of the Group’s global leases and comprise all future lease payments, and all expenditure associated with acquiring the lease. The Group’s leases are primarily made up of its global offices. The Group has elected to capitalise initial costs associated with acquiring a lease before commencement as a ROU asset. The cost of the ROU asset is recognised in the income statement as an amortisation charge on a straight line basis over the life of the lease term. Short-term leases and leases of low value assets The Group applies the short-term lease recognition exemption to its short-term leases (those that have a lease term of 12 months or less from the commencement date which do not contain a purchase option). The Group also applies the recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as administrative expenses on a straight line basis over the lease term.

17. Property, plant and equipment continued

	Furniture and equipment			ROU asset			Leasehold improvements			Total
	2024	2023		2024	2023		2024	2023		2024	2023
Group	£m	£m		£m	£m		£m	£m		£m	£m
Cost
At 1 April	7.5	4.5		90.0	67.7		14.7	11.3		112.2	83.5
Reclassified1	—	—		—	—		0.8	—		0.8	—
Additions	1.3	3.1		1.2	33.8		1.9	3.4		4.4	40.3
Disposals	(2.9)	(0.4)		(1.2)	(11.7)		(0.6)	—		(4.7)	(12.1)
Exchange differences	—	0.3		(0.9)	0.2		—	—		(0.9)	0.5
At 31 March	5.9	7.5		89.1	90.0		16.8	14.7		111.8	112.2
Depreciation
At 1 April	4.2	2.9		16.8	18.2		3.0	2.0		24.0	23.1
Charge for the year	1.7	1.4		9.2	9.1		1.5	1.0		12.4	11.5
Disposals	(3.1)	(0.1)		(0.3)	(10.5)		(0.4)	—		(3.8)	(10.6)
At 31 March	2.8	4.2		25.7	16.8		4.1	3.0		32.6	24.0
Net book value	3.1	3.3		63.4	73.2		12.7	11.7		79.2	88.2

1. During the year, assets previously classified as computer software were determined to relate to leasehold improvements. These assets were transferred at book value and there was no profit or loss arising on transfer.
   
   

Group as Lessor

Accounting policy Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease term and is included in other income in the consolidated income statement due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and amortised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned. The Group has entered into sub-lease agreements of certain office buildings (see Note 17 above). These leases have terms of between two and five years. Rental income recognised by the Group during the year was £0.4m (2023: £0.4m). Future minimum rentals receivable under non-cancellable operating leases as at 31 March are as follows:

	2024	2023
Group	£m	£m
Within one year	0.4	0.4
After one year but not more than five years	0.4	0.8
At 31 March	0.8	1.2

18. Investment property

Accounting policy The Group holds investment property for the development of the Group’s long-term real assets strategy. Properties are being held with a purpose to earn rental income and/or for capital appreciation and are not occupied by the Group. IAS 40 Investment Property requires that the property be measured initially at cost, including transaction costs, and subsequently measured at fair value. Gains or losses from changes in the fair values of investment properties are included in the profit or loss in the period in which they arise. The fair value of the investment properties (Level 3) has been recorded based on independent valuations prepared by Knight Frank, third-party real estate valuation specialists in line with the Royal Institution of Chartered Surveyors Valuation – Global Standards 2020. A market and income approach was performed to estimate the fair value of the Group’s investments. These valuation techniques can be subjective and include assumptions which are not supportable by observable data. Details of the valuation techniques and the associated sensitivities are further disclosed in note 5.

	2024	2023
Group	£m	£m
Investment property at fair value
At 1 April	0.8	1.5
Additions	51.9	—
Reclassified1	54.5	—
Fair value loss	(24.5)	(0.7)
At 31 March	82.7	0.8

1. Prior to the financial year end, the Group reclassified £54.5m of disposal groups held for sale to investment property.
   
   

18. Investment property continued
During the year, the Group held £0.0m (2023: £284.0m) of investment property within discontinued operations (see note 28).

The losses arising from investment properties carried at fair value is £(24.5)m (2023: £(0.7)m).

The Group has no restrictions on the realisability of its investment properties and no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance and enhancements.

19. Trade and other receivables

Accounting policy Trade and other receivables represent amounts the Group is due to receive in the normal course of business and are held at amortised cost. Trade and other receivables excluding those held in structured entities controlled by the Group include performance fees, which are considered contract assets under IFRS 15 and will only be received after realisation of the underlying assets, see note 3 and note 30. Trade and other receivables within structured entities controlled by the Group relate principally to unsettled trades on the sale of financial assets. Amounts owed by Group companies are repayable on demand. To the extent that amounts are owed by Group companies engaged in investment activities the Company has assessed these receivables as non-current, reflecting the illiquidity of the underlying investments. Trade and other receivables from Group entities are considered related party transactions as stated in note 26. The carrying value of trade and other receivables reported within current assets approximates fair value as these are short-term and do not contain any significant financing components. The carrying value of trade and other receivables reported within non-current assets approximates fair value as these do not contain any significant financing components. The Company has adopted the simplified approach to measuring the loss allowance as lifetime Expected Credit Loss (‘ECL’), as permitted under IFRS 9. The ECL of trade and other receivables arising from transactions with Group entities or its affiliates are expected to be nil or close to nil. The assets do not contain any significant financing components, therefore the simplified approach is deemed most appropriate.

	2024	2023
	£m	£m
Trade and other receivables within structured entities controlled by the Group	107.6	43.7
Trade and other receivables excluding those held in structured entities controlled by the Group	240.2	178.3
Prepayments	41.8	10.0
Total current assets	389.6	232.0
Non-current assets
Trade and other receivables excluding those held in structured entities controlled by the Group	36.1	37.1
Total non-current assets	36.1	37.1

Non-current trade and other receivables excluding those held in structured entities controlled by the Group comprises performance-related fees (see note 3).

20. Trade and other payables

Accounting policy Trade and other payables within structured entities controlled by the Group relate principally to unsettled trades on the purchase of financial assets within structured entities controlled by the Group. Trade and other payables excluding those held in structured entities controlled by the Group are held at amortised cost and represent amounts the Group is due to pay in the normal course of business. Amounts owed to Group companies are repayable on demand. The carrying value of trade and other payables approximates fair value as these are short term and do not contain any significant financing components. Trade and other payables from Group entities are considered related party transactions as stated in note 26. Key sources of estimation uncertainty on trade and other payables excluding structured entities controlled by the Group. Payables related to the DVB scheme are key estimates based on the inputs described in note 12. The sensitivity of the DVB to a 10% increase in the fair value of the underlying investments is an increase of £13.13m (2023: £10.25m) and to a decrease of 10% is a decrease of £13.13m (2023: £10.25m).

	2024	2023
	£m	£m
Trade and other payables within structured entities controlled by the Group	316.3	328.1
Trade and other payables excluding those held in structured entities controlled by the Group	209.6	140.2
Amounts owed to Group companies	—	—
Social security tax	3.3	3.1
Total current trade and other payables	529.2	471.4
Non-current liabilities
Trade and other payables excluding those held in structured entities controlled by the Group	66.0	71.1
Total non-current trade and other payables	66.0	71.1

Current trade and other payables excluding those held in structured entities controlled by the Group includes £78.0m (2023: £67.5m) in respect of other compensation costs and £65.3m (2023: £31.4m) in respect of DVB, (see note 12) and non-current Trade and other payables excluding those held in structured entities controlled by the Group is entirely comprised of amounts payable in respect of DVB (2023: all DVB).

21. Financial risk management
The Group has identified financial risk, comprising market and liquidity risk, as a principal risk. Further details are set out on page 22. The Group has exposure to market risk (including exposure to interest rates and foreign currency), liquidity risk and credit risk arising from financial instruments.

Interest rate risk
The Group’s assets include both fixed and floating rate loans.

The Group’s operations are financed with a combination of its shareholders’ funds, bank borrowings, private placement notes, public bonds, and fixed and floating rate notes. The Group manages its exposure to market interest rate movements by matching, to the extent possible, the interest rate profiles of assets and liabilities and by using derivative financial instruments.

The sensitivity of floating rate financial assets to a 100 basis points interest rate increase is £56.0m (2023: £56.5m) and to a decrease is £56.0m (2023: £(56.5)m). The sensitivity of financial liabilities to a 100 basis point interest rate increase is £46.9m (2023: £47.1m) and to a decrease is £46.9m (2023: £(47.1)m). These amounts would be reported within Net gains on investments. There is an indirect exposure to interest rate risk through the impact on the performance of the portfolio companies of the funds that the Group has invested in, and therefore the fair valuations. There is no interest rate risk exposure on fixed rate financial assets or liabilities.

Exposure to interest rate risk

	2024			2023
	Floating	Fixed	Total	Floating	Fixed	Total
Group	£m	£m	£m	£m	£m	£m
Financial assets (excluding investments in loans held in consolidated entities)	839.5	3,023.4	3,862.9	744.4	3,049.1	3,793.5
Investments in loans held in consolidated entities	4,762.4	319.9	5,082.3	4,901.1	253.9	5,155.0
Financial liabilities (excluding borrowings and loans held in consolidated entities)	—	(1,734.6)	(1,734.6)	—	(1,929.2)	(1,929.2)
Borrowings and loans held in consolidated entities	(4,688.9)	(391.2)	(5,080.1)	(4,706.6)	(371.5)	(5,078.1)
	913.0	1,217.5	2,130.5	938.9	1,002.3	1,941.2

Foreign exchange risk
The Group is exposed to currency risk in relation to non-sterling currency transactions and the translation of non-sterling net assets. The Group’s most significant exposures are to the euro and the US dollar. Exposure to currency risk is managed by matching assets with liabilities to the extent possible and through the use of derivative instruments.

The Group regards its interest in overseas subsidiaries as long-term investments. Consequently, it does not hedge the translation effect of exchange rate movements on the financial statements of these businesses.
The Group is also exposed to currency risk arising on the translation of fund management fee income receipts, which are primarily denominated in euro and US dollar.

The effect of fluctuations in other currencies is considered by the Directors to be insignificant in the current and prior year. The net assets/(liabilities) by currency and the sensitivity of the balances to a strengthening of foreign currencies against sterling are shown below:

Market risk - Foreign exchange risk	2024
	Net statement of financial Position exposure	Forward exchange contracts	Net exposure	Sensitivity to strengthening	Increase in net assets
	£m	£m	£m	%	£m
Sterling	401.7	1,121.1	1,522.8	—	—
Euro	804.0	(450.7)	353.3	15%	53.0
US dollar	710.3	(492.1)	218.2	20%	43.6
Other currencies	206.7	(178.2)	28.5	10-25%	—
	2,122.7	0.1	2,122.8	—	96.6

21. Financial risk management continued

Market risk - Foreign exchange risk	2023
	Net statement of financial Position exposure	Forward exchange contracts	Net exposure	Sensitivity to strengthening	Increase in net assets
	£m	£m	£m	%	£m
Sterling	726.8	772.7	1,499.5	—	—
Euro	552.0	(259.3)	292.7	15%	43.9
US dollar	564.5	(324.9)	239.6	20%	47.9
Other currencies	195.6	(182.2)	13.4	10-25%	—
	2,038.9	6.3	2,045.2	—	91.8

The weakening of the above currencies would have resulted in an equal but opposite impact, being a decrease in net assets

Liquidity risk
The Group makes commitments to its managed funds in advance of that capital being invested. These commitments are typically drawn over a five-year investment period (see note 25 for outstanding commitments). Funds typically have a 10-year contractual life. The Group manages its liquidity risk by maintaining headroom on its financing facilities.

The table below shows the liquidity profile of the Group’s financial liabilities, based on contractual repayment dates of principal and interest payments. Future interest and principal cash flows have been calculated based on exchange rates and floating rate interest rates as at 31 March 2024. It is assumed that Group borrowings under its senior debt facilities remain at the same level as at 31 March 2024 until contractual maturity. Included in financial liabilities are contractual interest payments. All financial liabilities, excluding structured entities controlled by the Group, are held by the Company.

Liquidity profile

	Contractual maturity analysis
	Less than one year	One to two years	Two to five years	More than five years	Total
As at 31 March 2024	£m	£m	£m	£m	£m
Financial liabilities
Private placements	267.0	194.7	185.2	0.0	646.9
Listed notes and bonds	17.6	17.6	466.5	438.1	939.8
Debt issued by controlled structured entities	576.8	262.6	2,065.3	4,362.8	7,267.5
Derivative financial instruments	0.9	(4.8)	—	0.0	(3.9)
Lease liabilities	10.8	10.4	30.1	34.6	85.9
Other financial liabilities	9.2	1.4	23.2	—	33.8
	882.3	481.9	2,770.3	4,835.5	8,970.0

As at 31 March 2024 the Group has liquidity of £1,177.4m (2023: £1,099.9m) which consists of undrawn debt facility of £550m (2023: £550m) and £627.4m (2023: £549.9m) of unencumbered cash. Unencumbered cash excludes £362.6m (2023: £407.6m) of restricted cash held principally by structured entities controlled by the Group.

	Contractual maturity analysis
	Less than one year	One to two years	Two to five years	More than five years	Total
As at 31 March 2023	£m	£m	£m	£m	£m
Financial liabilities
Private placements	78.2	273.5	282.2	106.7	740.6
Listed notes and bonds	18.1	18.1	486.8	461.5	984.5
Debt issued by controlled structured entities	176.3	204.6	2,430.4	3,748.0	6,559.3
Derivative financial instruments	(1.6)	(3.1)	(4.4)	0.0	(9.1)
Lease liabilities	8.5	11.3	32.0	46.1	97.9
	279.5	504.4	3,227.0	4,362.3	8,373.2

The Group’s policy is to maintain continuity of funding. Due to the long-term nature of the Group’s assets, the Group seeks to ensure that the maturity of its debt instruments is matched to the expected maturity of its assets.

21. Financial risk management continued

Credit risk
Credit risk is the risk of financial loss to the Group as a result of a counterparty failing to meet its contractual obligations. This risk is principally in connection with the Group’s investments.

This risk is mitigated by the disciplined credit procedures that the relevant Fund Investment Committees have in place prior to making an investment and the ongoing monitoring of investments throughout the ownership period. In addition, the risk of significant credit loss is further mitigated by the Group’s diversified investment portfolio in terms of geography and industry sector. The Group is exposed to credit risk through its financial assets (see note 5) and investment in joint ventures reported at fair value.

Exposure to credit risk

	Group	2023
	£m	£m
Investment in private and public companies	406.2	267.3
Investment in managed funds	2,310.0	2,153.4
Non-consolidated CLOs and credit funds	131.0	113.3
Consolidated CLOs and credit funds	4,617.5	4,669.1
Derivatives assets	9.3	22.0
Investment in joint venture	—	5.8
Total financial assets at fair value	7,474.0	7,230.9

The Group manages its operational cash balance by the regular forecasting of cash flow requirements, debt management and cash pooling arrangements. Credit risk exposure on cash and derivative instruments is managed in accordance with the Group’s treasury policy which provides limits on exposures with any single financial institution. The majority of the Group’s surplus cash is held in AAA rated Money Market funds. Other credit exposures arise from outstanding derivatives with financial institutions rated from A- to A+.

The Group is exposed to credit risk as a result of financing guarantees provided. The maximum exposure to guarantees is £7.3m (2023: £7.9m). No liability has been recognised in respect of these guarantees.

The Directors consider the Group’s credit exposure to trade and other receivables to be low and as such no further analysis has been presented. The Directors consider the credit risk of consolidated CLOs and credit funds to be low.

The Group’s investments in consolidated CLOs and credit funds controlled by the Group principally comprise senior loans. The Group’s exposure to the credit risk of this collateral, in these consolidated entities, is limited to its investment into these entities, which at 31 March 2024 was £297.8m (2023: £339.4m).

The carrying amount of financial assets at fair value through profit and loss represents the Directors’ assessment of the maximum credit risk exposure of the Group and Company at the balance sheet date.

Other than the Group investments in non-consolidated CLOs and consolidated CLOs, the Group has no direct exposure to defaulted and past due financial assets.

Capital management

Managing capital is the ongoing process of determining and maintaining the quantity and quality of capital appropriate for the Group and ensuring capital is deployed in a manner consistent with the expectations of our stakeholders. The primary objectives of the Group’s capital management are (i) align the Group’s interests with its clients, (ii) grow third-party fee income in the FMC and (iii) maintain robust capitalisation, including ensuring that the Group complies with externally imposed capital requirements by the Financial Conduct Authority (the FCA). The Group’s strategy has remained unchanged from the year ended 31 March 2024.

(i) Regulatory capital requirements

The Group is required to hold capital resources to cover its regulatory capital requirements. The Group’s capital for regulatory purposes comprises the capital and reserves of the Company, comprising called up share capital, reserves and retained earnings as disclosed in the Statement of Changes in Equity (see page 33). The full Pillar 3 disclosures are available on the Group’s website: www.icgam.com.

21. Financial risk management continued

(ii) Capital and risk management policies

The capital structure of the Group under UK-adopted IAS consists of cash and cash equivalents, £990m (2023: £957.5m) (see note 6); debt, which includes borrowings, £1,447.4m, (2023: £1,536.7m) (see note 7) and the capital and reserves of the Company, comprising called up share capital, reserves and retained earnings as disclosed in the Statement of Changes in Equity, £896.5m (2023: £825.8m). Details of the Reportable segment capital structure are set out in note 4.

22. Called up share capital and share premium
Share capital represents the number of issued ordinary shares in Intermediate Capital Group plc multiplied by their nominal value of 26¼p each.

Under the Company’s Articles of Association, any share in the Company may be issued with such rights or restrictions, whether in regard to dividend, voting, transfer, return of capital or otherwise as the Company may from time to time by ordinary resolution determine or, in the absence of any such determination, as the Board may determine. All shares currently in issue are ordinary shares of 26¼p each carrying equal rights. The Articles of Association of the Company cannot be amended without shareholder approval.

The Directors may refuse to register any transfer of any share which is not a fully paid share, although such discretion may not be exercised in a way which the Financial Conduct Authority regards as preventing dealings in the shares of the relevant class or classes from taking place on an open and proper basis. The Directors may likewise refuse to register any transfer of a share in favour of more than four persons jointly.

The Company is not aware of any other restrictions on the transfer of ordinary shares in the Company other than:

• Certain restrictions that may from time to time be imposed by laws and regulations (for example, insider trading laws or the UK Takeover Code)
• Pursuant to the Listing Rules of the Financial Conduct Authority whereby certain employees of the Company require approval of the Company to deal in the Company’s shares

The Company has the authority limited by shareholder resolution to issue, buy back, or cancel ordinary shares in issue (including those held in trust, described below). New shares are issued when share options are exercised by employees. The Company has 294,365,326 authorised shares (2023: 294,332,182)

	Number of ordinary shares of 26¼p allotted, called up and fully paid	Share Capital £m	Share Premium £m
1 April 2023	294,332,182	77.3	180.9
Shares issued	33,144	—	0.4
31 March 2024	294,365,326	77.3	181.3

	Number of ordinary shares of 26¼p allotted, called up and fully paid	Share Capital £m	Share Premium £m
1 April 2022	294,285,804	77.3	180.3
Shares issued	46,378	—	0.6
31 March 2023	294,332,182	77.3	180.9

23. Own shares reserve

Accounting policy Own shares are recorded by the Group when ordinary shares are purchased in the market by ICG plc or through the ICG Employee Benefit Trust 2015 (‘EBT’). The EBT is a special purpose vehicle, with the purpose of purchasing and holding shares of the Company for the hedging of future liabilities arising as a result of the employee share-based compensation schemes, (see note 24) in a way that does not dilute the percentage holdings of existing shareholders. Own shares are held at cost and their purchase reduces the Group’s net assets by the amount spent. When shares vest or are cancelled, they are transferred from own shares to the retained earnings reserve at their weighted average cost. No gain or loss is recognised on the purchase, sale, issue or cancellation of the Company’s own shares.

The movement in the year is as follows:

	2024	2023	2024	2023
	£m	£m	Number	Number
1 April	103.4	93	9,249,895	7,734,849
Purchased (ordinary shares of 26¼p)	—	38.9	—	3,000,000
Options/awards exercised	(24.2)	(28.5)	(1,583,032)	(1,484,954)
As at 31 March	79.2	103.4	7,666,863	9,249,895

Of the total shares held by the Group, 3,733,333 shares were held by the Company in the Own Share Reserve at 31 March 2024 and 31 March 2023 at a cost of £21.3m. These shares were purchased through a share buy back programme in prior years.

The number of shares held by the Group at the balance sheet date represented 2.6% (2023: 3.1%) of the Parent Company’s allotted, called up and fully paid share capital.

24. Share-based payments

Accounting policy The Group issues compensation to its employees under equity-settled share-based payment plans. Equity-settled share-based payments are measured at the fair value of the awards at grant date. The fair value includes the effect of non-market based vesting conditions. The fair value determined at the date of grant is expensed on a straight line basis over the vesting period. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest as a result of non-market based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the income statement with a corresponding adjustment to equity.

The total charge to the income statement for the year was £43.9m (2023: £39.5m) and this was credited to the share-based payments reserve. Details of the different types of awards are as follows:

Intermediate Capital Group plc Omnibus Plan

The Omnibus Plan provides for three different award types: Deferred Share Awards, PLC Equity Awards and Special Recognition Awards.

Deferred Share Awards

Awards are made after the end of the financial year (and in a small number of cases during the year) to reward employees for delivering cash profits, managing the cost base, and employing sound risk and business management. These share awards typically vest one-third at the end of the first, second and third years following the year of grant, unless the individual leaves for cause or to join a competitor. Dividend equivalents accrue to participants during the vesting period and are paid at the vesting date. Awards are based on performance against the individual’s objectives. There are no further performance conditions.

24. Share-based payments continued

PLC Equity Awards

Awards are made after the end of the financial year to reward employees, including Executive Directors, for increasing long-term shareholder value. These share awards typically vest one-third at the end of the third, fourth and fifth years following the year of grant, unless the individual leaves for cause or to join a competitor. Dividend equivalents accrue to participants during the vesting period and are paid at the vesting date. Awards are based on performance against the individual’s objectives. There are no further performance conditions.

Special Recognition Awards

Awards are made after the end of the financial year to reward employees for delivering cash profits, managing the cost base, and employing sound risk and business management. These share awards vest at the end of the first year following the year of grant, unless the individual leaves for cause or to join a competitor. Dividend equivalents accrue to participants during the vesting period and are paid at the vesting date. Awards are based on performance against the individual’s objectives. There are no further performance conditions.

Share awards outstanding under the Omnibus Plan were as follows:

Deferred share awards	Number		Weighted average fair value
	2024	2023	2024	2023
Outstanding at 1 April	2,964,516	2,470,280	15.75	16.52
Granted	2,316,207	1,811,061	13.35	14.27
Vested	(1,476,697)	(1,316,825)	15.62	15.00
Outstanding as at 31 March	3,804,026	2,964,516	14.35	15.75

	Number		Weighted average fair value
PLC Equity awards	2024	2023	2024	2023
Outstanding at 1 April	2,142,252	2,139,210	12.21	10.33
Granted	982,261	777,577	13.35	14.27
Vested	471,806	(774,535)	12.17	9.84
Outstanding as at 31 March	3,596,319	2,142,252	14.68	12.21

	Number		Weighted average fair value
Special Recognition Awards	2024	2023	2024	2023
Outstanding as at 1 April	46,154	—	14.27	—
Granted	—	46,154	—	14.27
Vesting	(46,154)	—	14.27	—
Outstanding as at 31 March	—	46,154	—	14.27

The fair values of awards granted under the ICG plc Omnibus Plan are determined by the average share price for the five business days prior to grant

Intermediate Capital Group plc Buy Out Awards

Buy Out Awards are shares awarded to new employees in lieu of prior awards forfeited. These share awards shall vest or be forfeited according to the schedule and terms of the forfeited awards, and any performance conditions detailed in the individual’s employment contract. Buy Out Awards may be cash settled. Buy Out Awards outstanding were as follows:

	Number		Weighted average fair value
Buy Out Awards	2024	2023	2024	2023
Outstanding as at 1 April	1,097,088	155,940	12.96	12.85
Granted	180,336	1,307,916	14.46	12.68
Vesting	(468,121)	(366,768)	13.55	13.35
Outstanding as at 31 March	809,303	1,097,088	13.41	12.96

The fair values of the Buy Out Awards granted are determined by the average share price for the five business days prior to grant.

24. Share-based payments continued

Save As You Earn

The Group offers a Sharesave Scheme (‘SAYE’) to its UK employees. Options are granted at a 20% discount to the prevailing market price at the date of issue. Options to this equity-settled scheme are exercisable at the end of a three-year savings contract. Participants are not entitled to dividends prior to the exercise of the options. The maximum amount that can be saved by a participant in this way is £6,000 in any tax year.

Fair value is measured using the Black–Scholes valuation model, which considers the current share price of the Group, the risk-free interest rate and the expected volatility of the share price over the life of the award. The expected volatility was calculated by analysing three years of historic share price data of the Group.

The total amount to be expensed over the vesting period is determined by reference to the fair value of the share awards and options at grant date, which is remeasured at each reporting date. The total amount to be expensed during the year is £169,587 (2023: £210,031).

Save As You Earn	Number		Weighted average fair value
	2024	2023	2024	2023
Outstanding as at 1 April	103,818	199,737	5.00	4.54
Granted	197,452	—	4.00	—
Vesting	(32,851)	(46,378)	3.32	3.26
Forfeited	(46,298)	(49,541)	5.54	4.30
Outstanding as at 31 March	222,121	103,818	4.25	5.00

Growth Incentive Award

The Growth Incentive Award ('GIA’) is a market-value share option. Grants of options are made following the end of the financial year to reward employees for performance and to enhance alignment of interests. The GIA is a right to acquire shares during the exercise period (seven years following the vesting date) for a price equal to the market value of those shares on the grant date. These options vest at the end of the third year following the year of grant, unless the individual leaves for cause or to join a competitor. Awards are based on performance against the individual’s objectives.

Growth Incentive Award	Number		Weighted average fair value
	2024	2023	2024	2023
Outstanding as at 1 April	463,000	—	3.13	—
Granted	—	480,000	—	3.13
Vesting	—	—	—	—
Forfeited	(52,000)	(17,000)	3.13	—
Outstanding as at 31 March	411,000	463,000	3.13	3.13

25. Financial commitments

As described in the Strategic Report, the Group invests balance sheet capital alongside the funds it manages to grow the business and create long-term shareholder value. Commitments are made at the time of a fund’s launch and are drawn down with the fund as it invests (typically over five years). Commitments may increase where distributions made are recallable. Commitments are irrevocable. At the balance sheet date the Group had undrawn commitments, which can be called on over the commitment period, as follows:

	2024	2023
	£m	£m
ICG Europe Fund V	24.2	29.9
ICG Europe Fund VI	79.8	82.0
ICG Europe Fund VII	105.2	111.7
ICG Europe Fund VIII	192.4	185.5
ICG Mid-Market Fund	14.3	25.1
ICG Mid-Market Fund II	64.1	—
Intermediate Capital Asia Pacific Fund III	60.7	45.4
ICG Asia Pacific Fund IV	52.3	93.5
ICG Strategic Secondaries Fund II	32.1	33.1
ICG Strategic Equity Fund III	95.9	72.3
ICG Strategic Equity Fund IV	35.6	38.8
ICG Strategic Equity Fund V	79.2	—
ICG Recovery Fund II	40.8	34.3
LP Secondaries	20.8	47.4
ICG Senior Debt Partners II	4.0	3.8
ICG Senior Debt Partners III	5.1	5.8
ICG Senior Debt Partners IV	6.7	7.3
Senior Debt Partners V	26.6	42.3
Senior Debt Partners NYCERS	1.6	—
ICG North American Private Debt Fund	26.9	27.5
ICG North American Private Debt Fund II	24.6	27.9
ICG North American Credit Partners III	79.2	38.1
ICG-Longbow UK Real Estate Debt Investments V	0.2	0.2
ICG-Longbow UK Real Estate Debt Investments VI	12.4	13.9
ICG-Longbow Development Fund	6.8	6.8
ICG Living	20.9	21.8
ICG Infrastructure Equity Fund I	31.7	59.8
ICG Infrastructure Equity Fund II	10.1	—
ICG Private Markets Pooling - Sale and Leaseback	18.4	35.9
ICG Sale & Leaseback II	16.5	17.0
ICG Metropolitan 2	36.8	—
	1,225.9	1,107.1

26. Related party transactions

Subsidiaries

The Group is not deemed to be controlled or jointly controlled by any party directly or through intermediaries. The Group consists of the Parent Company, Intermediate Capital Group plc, incorporated in the UK, and its subsidiaries listed in note 27. All entities meeting the definition of a controlled entity as set out in IFRS 10 are consolidated within the results of the Group. All transactions between the Parent Company and its subsidiary undertakings are classified as related party transactions for the Parent Company financial statements and are eliminated on consolidation. Significant transactions with subsidiary undertakings relate to dividends received, the aggregate amount received during the year is £240.0m (2023: £386.6m) and recharge of costs to a subsidiary of £93.2m (2023: £168.5m)

Associates and joint ventures

An associate is an entity over which the Group has significant influence, but not control, over the financial and operating policy decisions of the entity. As the investments in associates are held for venture capital purposes they are designated at fair value through profit or loss. A joint venture is an arrangement whereby the parties have joint control over the arrangements, see note 29. Where the investment is held for venture capital purposes they are designated as fair value through profit or loss. These entities are related parties and the significant transactions with associates and joint ventures are as follows:

	2024	2023
	£m	£m
Income statement
Net gains/(losses) on investments	84.5	(17.2)
	84.5	(17.2)

	2024	2023
	£m	£m
Statement of financial position
Trade and other receivables	179.2	66.8
Trade and other payables	(155.0)	(52.3)
	24.2	14.5

Unconsolidated structured entities

The Group has determined that, where the Group holds an investment, loan, fee receivable, guarantee or commitment with an investment fund, carried interest partnership or CLO, this represents an interest in a structured entity in accordance with IFRS 12 Disclosure of Interest in Other Entities (see note 30). The Group provides investment management services and receives management fees (including performance-related fees) and dividend income from these structured entities, which are related parties. Amounts receivable and payable from these structured entities arising in the normal course of business remain outstanding. At 31 March 2023, the Group’s interest in and exposure to unconsolidated structured entities are as follows:

	2024	2023
	£m	£m
Income statement
Management fees	502.5	473.5
Performance fees	75.7	19.4
Dividend income	—	0.1
	578.2	493.0
	2024	2023
	£m	£m
Statement of financial position
Performance fees receivable	83.7	37.5
Trade and other receivables	848.1	781.9
Trade and other payables	(807.4)	(718.3)
	124.4	101.1

26. Related party transactions continued

Key management personnel

Key management personnel are defined as the Executive Directors. The Executive Directors of the Group are Benoît Durteste , David Bicarregui and Antje Hensel-Roth.

The compensation of key management personnel during the year was as follows:

	2024	2023
	£m	£m
Short-term employee benefits	3.7	3.7
Post-employment benefits	0.2	0.1
Other long-term benefits	0.2	0.9
Share-based payment benefits	6.9	7.0
	11.0	11.7

Fees paid to Non-Executive Directors were as follows:

	2024	2023
	£000	£000
William Rucker	375.0	63.9
Andrew Sykes	120.0	290.5
Rosemary Leith	134.5	113.9
Matthew Lester	120.5	116.5
Virginia Holmes	120.5	120.5
Stephen Welton	90.5	90.5
Amy Schioldager	125.0	125.0
Rusty Nelligan	104.5	108.5
Kathryn Purves	—	134.5

The remuneration of Directors and key executives and Non-Executive Directors is determined by the Remuneration Committee having regard to the performance of individuals and market rates.

27. Subsidiaries

Accounting policy Investment in subsidiaries The Group consists of the Parent Company, Intermediate Capital Group plc, and its subsidiaries, described collectively herein as ‘ICG’ or the ‘Group’. Investments in subsidiaries in the Parent Company statement of financial position are recorded at cost less provision for impairments or at fair value through profit or loss. Key accounting judgement A key judgement for the Group is whether the Group controls an investee or fund and is required to consolidate the investee or fund into the results of the Group. Control is determined by the Directors’ assessment of decision making authority, rights held by other parties, remuneration and exposure to returns. When assessing whether the Group controls any fund it manages (or any entity associated with a fund) it is necessary to determine whether the Group acts in the capacity of principal or agent for the third-party investor. An agent is a party primarily engaged to act on behalf and for the benefit of another party or parties, whereas a principal is primarily engaged to act for its own benefit. A key judgement when determining that the Group acts in the capacity of principal or agent is the kick-out rights of the third-party fund investors. We have reviewed these kick-out rights, across each of the entities where the Group has an interest. Where fund investors have substantive rights to remove the Group as the investment manager it has been concluded that the Group is an agent to the fund and thus the fund does not require consolidation into the Group. We consider if the Group has significant influence over these entities and, where we conclude it does, we recognise them as associates. Where the conclusion is that the Group acts in the capacity of principal the fund has been consolidated into the Group’s results. Where the Group has Trust entities in investment deals or fund structures, a key judgement is whether the Trust is acting on behalf of the Group or another third party. Where the Trust is considered to act as an agent of the Group, the Trust and its related subsidiaries have been consolidated into the Group. As a fund manager ICG participates in carried interest partnerships (CIPs), the participants of which are the Group, certain of the Group’s employees and others connected to the underlying fund. These vehicles have two purposes: 1) to facilitate payments of carried interest from the fund to carried interest participants, and 2) to facilitate individual co-investment into the funds. The Directors have undertaken a control assessment of each CIP in accordance with IFRS10 and have considered whether the CIP participants were providing a service for the benefit of the Group. In undertaking this assessment the Directors took account of the following key considerations: the Group’s exposure to the variable returns of the CIP is limited to the amounts allocated to the Group (see ’Other information’). Such allocations are typically 20% or less of total returns realised by the CIP with the balance attributable to other participants CIPs are used to facilitate substantial co-investment by individuals in the underlying funds. These individuals are exposed to the risk of personal financial loss fund investors can, in certain conditions, veto changes in the key persons managing the fund The Directors have assessed that certain CIPs are controlled, and they are included within the list of controlled structured entities below. The Directors conclude that other CIPs are not controlled by the Group. The Directors conclude that other CIPs are not controlled by the Group.

27. Subsidiaries continued

The Group consists of a Parent Company, Intermediate Capital Group plc, incorporated in the UK, and a number of subsidiaries held directly or indirectly by ICG plc, which operate and are incorporated around the world. The subsidiary undertakings of the Group are shown below. All are wholly owned, and the Group’s holding is in the ordinary share class, except where stated. The Companies Act 2006 requires disclosure of certain information about the Group’s related undertakings. Related undertakings are subsidiaries, joint ventures and associates.

The registered office of all related undertakings at 31 March 2024 was Procession House, 55 Ludgate Hill, New Bridge Street, London EC4M 7JW, unless otherwise stated.

The financial year end of all related undertakings is 31 March, unless otherwise stated.

All entities are consolidated as at 31 March

Directly held subsidiaries

Name	Ref1	Country of incorporation	Principal activity	Share class	% Voting rights held
ICG Asset Management Limited		United Kingdom	Holding company	Ordinary shares	100%
ICG FMC Limited		England & Wales	Holding company	Ordinary shares	100%
Intermediate Capital Investments Limited		England & Wales	Investment company	Ordinary shares	100%
ICG Global Investment UK Limited		England & Wales	Holding company	Ordinary shares	100%
ICG Carbon Funding Limited		England & Wales	Investment company	Ordinary shares	100%
ICG Longbow Richmond Limited		England & Wales	Holding company	Ordinary shares	100%
ICG-Longbow BTR Limited		England & Wales	Holding company	Ordinary shares	100%
ICG Japan (Funding 2) Limited		England & Wales	Holding company	Ordinary shares	100%
ICG Longbow Development (Brighton) Limited		England & Wales	Holding company	Ordinary shares	100%
LREC Partners Investments No. 2 Limited		England & Wales	Investment company	Ordinary shares	55%
ICG Longbow Senior Debt I GP Limited		England & Wales	General partner	Ordinary shares	100%
ICG Debt Advisors (Cayman) Ltd	4	Cayman Islands	Advisory company	Ordinary shares	100%
ICG Re Holding (Germany) GmbH	9	Germany	Special purpose vehicle	Ordinary shares	100%
ICG Watch Jersey GP Limited	19	Jersey	General partner	Ordinary shares	100%
Intermediate Investments Jersey Limited	19	Jersey	Investment company	Ordinary shares	100%
Intermediate Capital Group Espana SL	33	Spain	Advisory company	Ordinary shares	100%

1         Registered addresses are disclosed on page 79.
27. Subsidiaries continued

Indirectly held subsidiaries

Name	Ref1	Country of incorporation	Principal activity	Share class	% Voting rights held
ICG Alternative Investment Limited		England & Wales	Advisory company	Ordinary shares	100%
Intermediate Capital Managers Limited		England & Wales	Advisory company	Ordinary shares	100%
Intermediate Capital Asia Pacific Limited	12	Hong Kong	Advisory company	Ordinary shares	100%
ICG Europe S.à r.l.	23	Luxembourg	Advisory company	Ordinary shares	100%
ICG Enterprise Co-Investment GP Limited		England & Wales	General Partner	Ordinary shares	100%
ICG-Longbow B Investments L.P.		England & Wales	Investment company	N/A	50%
ICG-Longbow Development GP LLP		England & Wales	General Partner	N/A	—%
Longbow Real Estate Capital LLP		England & Wales	Advisory company	N/A	—%
ICG Senior Debt Partners UK GP Limited		England & Wales	General Partner	Ordinary shares	100%
Intermediate Capital Group SAS	8	France	Advisory company	Ordinary shares	100%
ICG Nordic AB	34	Sweden	Advisory company	Ordinary shares	100%
Intermediate Capital Group Dienstleistungsgesellschaft mbH	9	Germany	Service company	Ordinary shares	100%
Intermediate Capital Group Benelux B.V.	30	Netherlands	Advisory company	Ordinary shares	100%
Intermediate Capital Group Inc.	17	United States	Advisory company	Ordinary shares	100%
Intermediate Capital GP 2003 Limited	19	Jersey	General Partner	Ordinary shares	100%
Intermediate Capital GP 2003 No.1 Limited	19	Jersey	General Partner	Ordinary shares	100%
Intermediate Capital Asia Pacific Mezzanine 2005 GP Limited	19	Jersey	General Partner	Ordinary shares	100%
Intermediate Capital Asia Pacific Mezzanine Opportunity 2005 GP Limited	19	Jersey	General Partner	Ordinary shares	100%
Intermediate Capital Asia Pacific 2008 GP Limited	19	Jersey	General Partner	Ordinary shares	100%
ICG Europe Fund V GP Limited	18	Jersey	General Partner	Ordinary shares	100%
Intermediate Capital Group Beratungsgesellschaft GmbH	9	Germany	Advisory company	Ordinary shares	100%
Intermediate Capital Group (Singapore) Pte. Limited	32	Singapore	Advisory company	Ordinary shares	100%
ICG North America Associates LLC	17	Delaware	General Partner	Ordinary shares	100%
ICG Japan KK	14	Japan	Advisory company	Ordinary shares	100%
ICG Asia Pacific Fund III GP Limited	19	Jersey	General Partner	Ordinary shares	100%
ICG Alternative Credit (Luxembourg) GP S.A.	25	Luxembourg	General Partner	Ordinary shares	100%
ICG Alternative Credit (Cayman) GP Limited	5	Cayman Islands	General Partner	Ordinary shares	100%
ICG Senior Debt Partners	28	Luxembourg	General Partner	Ordinary shares	100%
ICG Strategic Secondaries Carbon Associates LLC	17	Delaware	General Partner	Ordinary shares	100%
ICG European Fund 2006 B GP Limited	19	Jersey	General Partner	Ordinary shares	100%
ICG Europe Fund VI GP Limited	18	Jersey	General Partner	Ordinary shares	100%
ICG Total Credit (Global) GP, S.à r.l.	24	Luxembourg	General Partner	Ordinary shares	100%
ICG EFV MLP Limited	18	Jersey	General Partner	Ordinary shares	100%
ICG-Longbow IV GP S.à r.l.	20	Luxembourg	General Partner	Ordinary shares	100%
ICG Europe Fund VI Lux GP S.à r.l.	20	Luxembourg	General Partner	Ordinary shares	100%
ICG Centre Street Partnership GP Limited	18	Jersey	General Partner	Ordinary shares	100%
Intermediate Capital Group Polska Sp. z.o.o	31	Poland	Service company	Ordinary shares	100%
ICG Recovery Fund 2008 B GP Limited	19	Jersey	General Partner	Ordinary shares	100%
ICG Europe Fund VII GP S.à r.l.	28	Luxembourg	General Partner	Ordinary shares	100%
ICG - Longbow Fund V GP S.à r.l.	22	Luxembourg	General Partner	Ordinary shares	100%
ICG Private Markets GP S.à r.l.	27	Luxembourg	General Partner	Ordinary shares	100%
ICG Europe Mid-Market Fund GP S.à r.l.	28	Luxembourg	General Partner	Ordinary shares	100%
Intermediate Capital Inc	17	Delaware	Dormant	Ordinary shares	100%
ICG MF 2003 No.1 EGP 1 Limited		England & Wales	General Partner	Ordinary shares	100%
ICG MF 2003 No.1 EGP 2 Limited		England & Wales	General Partner	Ordinary shares	100%
ICG MF 2003 No. 3 EGP 1 Limited		England & Wales	General Partner	Ordinary shares	100%
ICG MF 2003 No.3 EGP 2 Limited		England & Wales	General Partner	Ordinary shares	100%
ICG Private Credit GP S.à r.l.	28	Luxembourg	General Partner	Ordinary shares	100%
Intermediate Capital Group (Italy) S.r.l	13	Italy	Advisory company	Ordinary shares	100%
ICG-LONGBOW SENIOR GP LLP		England & Wales	General Partner	N/A	—%
ICG Alternative Credit Warehouse Fund I GP, LLC	17	Delaware	General Partner	Ordinary shares	100%
ICG Alternative Credit (Jersey) GP Limited	19	Jersey	General Partner	Ordinary shares	100%
ICG Enterprise Carry GP Limited	19	Jersey	General Partner	Ordinary shares	100%
ICG Senior Debt Partners Performance GP Limited	19	Jersey	General Partner	Ordinary shares	100%
ICG Structured Special Opportunities GP Limited	5	Cayman Islands	General Partner	Ordinary shares	100%
ICG Asia Pacific Fund IV GP S.à r.l.	27	Luxembourg	General Partner	Ordinary shares	100%
ICG European Credit Mandate GP S.à r.l.	28	Luxembourg	General Partner	Ordinary shares	100%
ICG Infrastructure Equity Fund I GP S.a.r.l	29	Luxembourg	General Partner	Ordinary shares	100%
ICG LP Secondaries Fund Associates I S.a. r.l.	29	Luxembourg	General Partner	Ordinary shares	100%
ICG US Senior Loan Fund GP Ltd	5	Cayman Islands	General Partner	Ordinary shares	100%
ICG Recovery Fund II GP S.à r.l.	29	Luxembourg	General Partner	Ordinary shares	100%
ICG Strategic Equity IV GP LP	16	Delaware	Limited Partner	N/A	—%
ICG North American Private Debt (Offshore) GP Limited Partnership	5	Cayman Islands	Limited Partner	N/A	—%
ICG Europe Fund VI GP Limited Partnership	18	Jersey	Limited Partner	N/A	—%
ICG Strategic Secondaries Carbon (Offshore) GP LP	5	Cayman Islands	Limited Partner	N/A	—%
ICG Strategic Secondaries II (Offshore) GP LP	5	Cayman Islands	Limited Partner	N/A	—%
ICG Strategic Secondaries II GP LP	16	Delaware	Limited Partner	N/A	—%
ICG North American Private Debt II GP LP	17	Delaware	Limited Partner	N/A	—%
ICG North American Private Debt II (Offshore) GP LP	5	Cayman Islands	Limited Partner	N/A	—%
ICG Japan Cayman Performance GP Limited	5	Cayman Islands	General Partner	Ordinary shares	100%
ICG Strategic Equity Side Car GP LP	5	Cayman Islands	Limited Partner	N/A	—%
ICG Strategic Equity III (Offshore) GP LP	5	Cayman Islands	Limited Partner	N/A	—%
ICG Australian Senior Debt GP Limited	5	Cayman Islands	General Partner	Ordinary shares	100%
ICG Strategic Equity Side Car (Onshore) GP LP	16	Delaware	Limited Partner	N/A	—%
ICG Europe Fund VIII GP S.à r.l.	29	Luxembourg	General Partner	Ordinary shares	100%
ICG North American Private Equity I GP LP	21	Delaware	Limited Partner	N/A	—%
ICG Real Estate Debt VI GP S.à r.l.	27	Luxembourg	General Partner	Ordinary shares	100%
ICG Excelsior GP S.à r.l.	29	Luxembourg	General Partner	Ordinary shares	100%
ICG Life Sciences GP S.à r.l.	27	Luxembourg	General Partner	Ordinary shares	100%
ICG Strategic Equity Associates IV S.à r.l	29	Luxembourg	General Partner	Ordinary shares	100%
ICG Strategic Equity IV GP LP SCSp	29	Luxembourg	Limited Partner	N/A	—%
ICG RE AUSTRALIA GROUP PTY LTD	3	Australia	Service company	Ordinary shares	100%
ICG (DIFC) Limited	26	United Arab Emirates	Service company	Ordinary shares	100%
ICG Metropolitan GP S.à r.l.	22	Luxembourg	General Partner	Ordinary shares	100%
ICG Senior Debt Partners GP S.à r.l.	27	Luxembourg	General Partner	Ordinary shares	100%
ICG Real Estate Senior Debt V GP S.à r.l.	27	Luxembourg	General Partner	Ordinary shares	100%
ICG SRE GP II S.à r.l.	22	Luxembourg	General Partner	Ordinary shares	100%
ICG Living GP S.a r.l.	22	Luxembourg	General Partner	Ordinary shares	100%
ICG Europe Mid-Market Fund II GP S.à r.l.	29	Luxembourg	General Partner	Ordinary shares	100%
ICG Infrastructure Fund II GP S.à r.l	29	Luxembourg	General Partner	Ordinary shares	100%
ICG Strategic Equity GP V S.à r.l.	29	Luxembourg	General Partner	Ordinary shares	100%
ICG Fund Advisors LLC	17	Delaware	Advisory company	Ordinary shares	100%
ICG Alternative Credit LLC	17	Delaware	Advisory company	Ordinary shares	100%
ICG Strategic Equity Advisors LLC	17	Delaware	Advisory company	Ordinary shares	100%
ICG Debt Administration LLC	17	Delaware	Service company	Ordinary shares	100%
ICG Strategic Equity Associates II LLC	16	Delaware	General Partner	Ordinary shares	100%
ICG Velocity Co-Investor Associates LLC	16	Delaware	General Partner	Ordinary shares	100%
ICG Debt Advisors LLC - Manager Series	17	Delaware	Advisory company	Ordinary shares	100%
ICG North America Associates II LLC	17	Delaware	General Partner	Ordinary shares	100%
ICG Strategic Equity Associates III LLC	16	Delaware	General Partner	Ordinary shares	100%
ICG Augusta Associates LLC	16	Delaware	General Partner	Ordinary shares	100%
ICG STRATEGIC EQUITY ASSOCIATES IV LLC	16	Delaware	General Partner	Ordinary shares	100%
ICG LP Secondaries Associates I LLC	16	Delaware	General Partner	Ordinary shares	100%
ICG North America Associates III LLC	17	United States	General Partner	Ordinary shares	100%
ICG Global Investment Jersey Limited	18	Jersey	Investment company	Ordinary shares	100%
ICG North America Holdings Limited	5	Cayman Islands	Investment company	Ordinary shares	100%
ICG Global Nominee Jersey Limited	18	Jersey	Special purpose vehicle	Ordinary shares	100%
ICG Global Nominee Jersey 2 Limited	18	Jersey	Special purpose vehicle	Ordinary shares	100%
ICG RE CORPORATE AUSTRALIA PTY LTD	3	Australia	Service company	Ordinary shares	100%
ICG RE CAPITAL PARTNERS AUSTRALIA PTY LTD	3	Australia	Advisory company	Ordinary shares	100%
ICG RE FUNDS MANAGEMENT AUSTRALIA PTY LTD	3	Australia	Service company	Ordinary shares	100%
Intermediate Capital Managers (Australia) PTY Limited	2	Australia	Advisory company	Ordinary shares	100%
Intermediate Capital Australia PTY Limited	1	Australia	Advisory company	Ordinary shares	100%
ICG Alternative Investment (Netherlands) B.V.	30	Netherlands	Advisory company	Ordinary shares	100%
ICG Asia Pacific Fund IV GP LP SCSp	27	Luxembourg	Limited Partner	N/A	—%
ICG Augusta GP LP	5	Cayman Islands	Limited Partner	N/A	—%
ICG NA Debt Co-Invest Limited	15	England & Wales	Investment company	Ordinary shares	100%
ICG Debt Advisors LLC – Holdings Series	17	Delaware	Investment company	Ordinary shares	100%
ICG EFV MLP GP LIMITED		England & Wales	General Partner	Ordinary shares	100%
ICG Europe Fund VII GP LP SCSp	28	Luxembourg	Limited Partner	N/A	—%
ICG Europe Fund VIII GP LP SCSp	29	Luxembourg	Limited Partner	N/A	—%
ICG Europe Mid-Market Fund GP LP SCSp	28	Luxembourg	Limited Partner	N/A	—%
ICG European Credit Mandate GP LP SCSp	28	Luxembourg	Limited Partner	N/A	—%
ICG EXCELSIOR GP LP SCSp	29	Luxembourg	Limited Partner	N/A	—%
ICG Executive Financing Limited	19	Jersey	Service company	Ordinary shares	100%
ICG Infrastructure Equity Fund I GP LP SCSp	29	Luxembourg	Limited Partner	N/A	—%
ICG Life Sciences GP LP SCSp	27	Luxembourg	Limited Partner	N/A	—%
Avanton Richmond Developments Limited	7	England & Wales	Special purpose vehicle	Ordinary shares	70%
ICG LP Secondaries I GP LP SCSp	29	Luxembourg	Limited Partner	N/A	—%
ICG Employee Benefit Trust 2015	11	Guernsey	N/A	Ordinary shares	100%
ICG Private Markets General Partner SCSp	27	Luxembourg	General Partner	N/A	—%
ICG Real Estate Debt VI GP LP SCSp	27	Luxembourg	Limited Partner	N/A	—%
ICG Recovery Fund II GP LP SCSp	29	Luxembourg	Limited Partner	N/A	—%
ICG Strategic Equity Side Car II GP LP	5	Cayman Islands	Limited Partner	N/A	—%
ICG Strategic Equity Side Car II (Onshore) GP LP	16	Delaware	Limited Partner	N/A	—%
ICG Velocity GP LP	16	Delaware	Limited Partner	N/A	—%
ICG Velocity Co-Investor GP LP	16	Delaware	Limited Partner	N/A	—%
ICG Velocity Co-Investor (Offshore) GP LP	5	Cayman Islands	Limited Partner	N/A	—%
Wise Living Homes Limited	6	England & Wales	Special purpose vehicle	Ordinary shares	83%
Wise Limited Amber Langley Mill Limited	6	United Kingdom	Special purpose vehicle	Ordinary shares	83%
ICG Longbow Development Debt Limited		England & Wales	Investment company	Ordinary shares	100%
ICG-Longbow Investment 3 LLP		England & Wales	Special purpose vehicle	N/A	—%
ICG Asia Pacific Fund III GP Limited Partnership	19	Jersey	Limited Partner	N/A	—%
ICG Europe Fund V GP Limited Partnership	18	Jersey	Limited Partner	N/A	—%
ICG Europe Copenhagen, filial af ICG Europe S.à r.l.	35	Denmark	Branch	N/A	100%
ICG Europe SARL - Frankfurt Branch	36	Germany	Branch	N/A	100%
ICG Europe SARL - Milan Branch	37	Italy	Branch	N/A	100%
ICG Europe SARL - Paris Branch	38	France	Branch	N/A	100%
ICG North America Associates III S.à r.l.	27	Luxembourg	General Partner	Ordinary shares	100%
ICG North American Private Debt GP LP	17	Delaware	Limited Partner	N/A	—%
ICG Real Estate Opportunities APAC GP S.à r.l.	22	Luxembourg	General Partner	Ordinary shares	100%
ICG Strategic Equity GP V LLC	16	Delaware	General Partner	Ordinary shares	100%
Intermediate Capital Managers Limited (France Branch)	38	France	Branch	N/A	100%
ICG Infrastructure APAC I GP S.à r.l.	22	Luxembourg	General Partner	Ordinary shares	100%
Rock Investments GP S.à r.l.	27	Luxembourg	General Partner	Ordinary shares	100%
ICG Real Estate Debt VII GP Sarl	22	Luxembourg	General Partner	Ordinary shares	100%
ICG Seed Asset Founder LP Limited	19	Jersey	Special purpose vehicle	Ordinary shares	100%
ICG North American Private Equity Debt Limited	19	Jersey	Special purpose vehicle	Ordinary shares	100%
ICG Real Estate E Debt Limited	19	Jersey	Special purpose vehicle	Ordinary shares	100%
ICG Life Sciences Debt Limited	19	Jersey	Special purpose vehicle	Ordinary shares	100%
ICG North American Private Equity Associates I LLC	21	Delaware	General Partner	Ordinary shares	100%
ICG North American Private Equity Fund I LP	21	Delaware	Special purpose vehicle	N/A	—%
ICG Life Sciences SCSp	27	Luxembourg	Limited Partner	N/A	—%
ICG Life Sciences Feeder SCSp	27	Luxembourg	Special purpose vehicle	N/A	—%
ICG Funding Lux S.à r.l.	22	Luxembourg	Special purpose vehicle	Ordinary shares	100%
Atlanta Investment PTE. Limited	10	Singapore	Special purpose vehicle	Ordinary shares	100%
ICG Infrastructure APAC Fund SCSp	22	Luxembourg	Special purpose vehicle	N/A	—%
ICG Infrastructure APAC Investment PTE. Limited	10	Singapore	Special purpose vehicle	Ordinary shares	100%
Montero PTE Ltd	10	Singapore	Special purpose vehicle	Ordinary shares	100%
ICG Real Estate Opportunities APAC Fund SCSP	22	Luxembourg	Special purpose vehicle	N/A	—%
Yangju Investment PTE. LTD.	10	Singapore	Special purpose vehicle	Ordinary shares	100%
Montero Japan Master Pte. Ltd	10	Singapore	Special purpose vehicle	Ordinary shares	100%
Montero Cruise JP 1 Pte. Ltd	10	Singapore	Special purpose vehicle	Ordinary shares	100%
Montero Cruise JP 2 Pte. Ltd	10	Singapore	Special purpose vehicle	Ordinary shares	100%
Capstone Living and Stay General Private Investment Company No. 1	0	South Korea	Portfolio Company	Ordinary shares	100%
Capstone Living and Stay General Private Investment Company No. 2	0	South Korea	Portfolio Company	Ordinary shares	100%
Rifa Private Real Estate Trust No. 24	0	South Korea	Portfolio Company	Ordinary shares	100%

27. Subsidiaries continued

	Registered offices
1	Level 18, 88 Phillip Street, Sydney, NSW 2000, Australia
2	Level 31, 88 Phillip Street, Sydney, NSW 2000, Australia
3	Level 9, 88 Phillip Street, Sydney, NSW 2000, Australia
4	75 Fort Street, Clifton House, c/o Estera Trust (Cayman) Limited, PO Box 1350, Grand Cayman, KY1-1108, Cayman Islands
5	PO Box 309, Ugland House, C/o Maples Corporate Services Limited, Grand Cayman, KY1-1104, Cayman Islands
6	17 Regan Way, Chetwynd Business Park, Chilwell, Nottingham, NG9 6RZ, England & Wales
7	Brock House, 19 Langham Street, London, England, W1W 6BP
8	1 rue de la Paix, Paris, 75002, France
9	12th Floor, An der Welle 5, Frankfurt, 60322, Germany
10	9 Temasek Boulevard, #12-01/02. Suntec Tower Two, 038989, Singapore
11	c/o Zedra Trust Company (Guernsey) Limited, 3rd Floor, Cambridge House, Le Truchot, St Peter Port, GY1 1WD, Guernsey
12	Suites 1301-02, 13/F, AIA Central, 1 Connaught Road Central, Hong Kong
13	Corso Giacomo Matteotti 3, Milan, 20121, Italy
14	Level 23, Otemachi Nomura Building, 2-1-1 Otemachi, Chiyoda-ku, Tokyo, 100-0004, Japan
15	25 Farringdon Street, London, EC4A 4AB
16	c/o Maples Fiduciary Services (Delaware) Inc., Suite 302, 4001 Kennett Pike, Wilmington, DE, 19807, United States
17	c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, DE, 19801, United States
18	IFC 1, The Esplanade, St. Helier, JE1 4BP, Jersey
19	Ogier House,44 The Esplanade, St. Helier, JE4 9WG, Jersey
20	12E, rue Guillaume Kroll, L - 1882 Luxembourg
21	c/o Intertrust Corporate Services Delaware LTD, Suite 210, 200 Bellevue Parkway, Wilmington, DE, 19809, United States
22	3, rue Gabriel Lippmann, L - 5365 Munsbach, Luxembourg
23	32-36, boulevard d'Avranches L - 1160 Luxembourg, 1160, Luxembourg
24	49 Avenue John F. Kennedy, Luxembourg, L-1855, Luxembourg
25	5 Allée Scheffer, Luxembourg, L-2520, Luxembourg
26	Index Tower, Floor 4, Unit 404, Dubai International Financial Centre, Dubai, United Arab Emirates
27	6, rue Eugene Ruppert, Luxembourg, L-2453, Luxembourg
28	60, Avenue J.F. Kennedy, Luxembourg, L-1855, Luxembourg
29	6H Route de Trèves, Senningerberg, L-2633, Luxembourg
30	Paulus Potterstraat 20, 2hg., Amsterdam, 1071 DA, Netherlands
31	Spark B, Aleja Solidarności 171, Warsaw, 00-877, Poland
32	8 Marina View, #32-06. Asia Square Tower 1, 018960, Singapore
33	Serrano 30-3º, 28001 Madrid, Spain
34	David Bagares Gata 3, 111 38 Stockholm
35	Female Founders House Bredgade 45B, 3., kontor, Copenhagen, 607 1260, Denmark
36	12th Floor, Stockwerk, An der Welle 5, Frankfurt, 60322, Germany
37	Corso Giacomo Matteotti 3, Milan, 20121, Italy
38	1 rue de la Paix, Paris, 75002, France

27. Subsidiaries continued
The table below shows details of structured entities that the Group is deemed to control:

Name of subsidiary	Country of incorporation	% of ownership interests and voting rights
ICG US CLO 2014-1, Ltd.	Cayman Islands	50%
ICG US CLO 2014-2, Ltd.	Cayman Islands	72%
ICG US CLO 2014-3, Ltd.	Cayman Islands	51%
ICG US CLO 2015-1, Ltd.	Cayman Islands	50%
ICG US CLO 2015-2R, Ltd.	Cayman Islands	83%
ICG US CLO 2016-1, Ltd.	Cayman Islands	63%
ICG US CLO 2017-1, Ltd.	Cayman Islands	60%
ICG US CLO 2020-1, Ltd.	Cayman Islands	52%
ICG EURO CLO 2021-1 DAC	Ireland	67%
ICG EURO CLO 2023-2 DAC	Ireland	100%
St. Paul's CLO II DAC	Ireland	85%
St. Paul's CLO III-R DAC	Ireland	62%
St. Paul's CLO VI DAC	Ireland	53%
St. Paul's CLO VIII DAC	Ireland	53%
St. Paul's CLO XI DAC	Ireland	57%
ICG Euro CLO 2023-1 DAC	Ireland	100%
ICG Enterprise Carry (1) LP	Jersey	100%
ICG Enterprise Carry (2) LP	Jersey	50%
ICG US Senior Loan Fund	Cayman Islands	100%
ICG Total Credit (Global) SCA	Luxembourg	100%
ICG Newground RE Finance Trust 1	Australia	100%

The structured entities controlled by the Group include £5,089.7m (2023: £5,160.8m) of assets and £5,087.7m (2023: £5,109.2m) of liabilities within 21 funds listed above. These assets are restricted in their use to being the sole means by which the related fund liabilities can be settled. All other assets can be accessed or used to settle the other liabilities of the Group without significant restrictions.
The Group has not provided contractual or non-contractual financial or other support to a consolidated structured entity during the period. It is not the current intention to provide such support, including the intention to assist the structured entity in obtaining financial support

Subsidiary audit exemption

For the period ended 31 March 2024, the following companies were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies. The member(s)¹ of the following companies have not required them to obtain an audit of their financial statements for the period ended 31 March 2024.

Company	Registered number	Member(s)
ICG FMC Limited	7266173	Intermediate Capital Group plc
ICG Global Investment UK Limited	7647419	Intermediate Capital Group plc
ICG Japan (Funding 2) Limited	9125779	Intermediate Capital Group plc
ICG Longbow Development (Brighton) Limited	8802752	Intermediate Capital Group plc
ICG Longbow Richmond Limited	11210259	Intermediate Capital Group plc
ICG Longbow BTR Limited	11177993	Intermediate Capital Group plc
ICG Longbow Senior Debt I GP Limited	2276839	Intermediate Capital Group plc
Intermediate Capital Investments Limited	2327070	Intermediate Capital Group plc
LREC Partners Investments No. 2 Limited	7428335	Intermediate Capital Group plc
ICG Longbow Development Debt Limited	9907841	ICG-Longbow Development GP LLP
ICG IC Holdco Limited	14542130	Intermediate Capital Group plc
ICG-Longbow Development GP LLP	OC396833	Intermediate Capital Group plc, ICG FMC Limited
ICG-Longbow Investment 3 LLP	OC395389	ICG FMC Limited, Intermediate Capital Managers Limited
ICG-Longbow Senior GP LLP	OC427634	Intermediate Capital Group plc, ICG FMC Limited

1 Shareholders or Partners, as appropriate

28. Disposal groups held for sale and discontinued operations

Accounting policy Non-current financial assets held for sale and disposal groups The Group may make an investment and hold the asset on its balance sheet prior to it being transferred into a fund or sold to third-party investors. When assets are expected to be held for a period for up to a year, these assets may be classified as held for sale. Where the investment is held through a controlled investee the investee entity is classified as a disposal group held for sale. The conditions for disposal groups held for sale are regarded as met only when the asset is available for immediate sale, the Directors are committed to the sale, and the sale is expected to be completed within one year from the date of classification. Assets within disposal groups held for sale are recognised at the lower of fair value less cost to sell and their carrying amount as required by IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations, except where the asset is a financial instrument or investment property. The measurement of these assets is determined by IFRS 9 Financial Instruments and IAS 40 Investment Property respectively. The Group’s measurement of these assets is detailed in note 5. Subsidiaries within disposal groups held for sale which were acquired with a view to resale are assessed as discontinued operations.

Financial year ended 31 March 2024 As at 31 March 2024, management have assessed that it is no longer highly probable that the remaining assets classified as disposal groups held for sale at the prior reporting date will be disposed of in the next 12 months and therefore have ceased to classify these assets as held for sale. As at 31 March 2024 these assets are now classified either as financial assets at fair value through profit and loss in accordance with IFRS 9 (see note 5) or investment properties at fair value through profit and loss in accordance with IAS 40 (see note 18). Assets were reclassified at fair value. During the year the majority of discontinued operations were derecognised following the sale of controlling interests in the subsidiaries to third-party investors (see note 31 for details of full realisations). A loss on disposal of £9.3m was recognised in respect of a full disposal of a discontinued operation and a loss of £3.9m was recognised in respect of a partial disposal of a discontinued operation, both to third parties. The retained interests do not meet the definition of held for sale and are classified as continuing operations. Prior year profit after tax of those discontinued operations not disposed during the year is immaterial and have not been re-presented to continuing operations.

29. Associates and joint ventures

Accounting policy Investment in associates An associate is an entity over which the Group has significant influence, but no control, over the financial and operating policy decisions of the entity. As the investments in associates are held for venture capital purposes they are designated at fair value through profit or loss. Investment in joint ventures A joint venture is a joint arrangement whereby the parties that have joint control over the arrangement have rights to the net assets of the arrangements. The results and assets and liabilities of joint ventures are incorporated in these financial statements using the equity method of accounting from the date on which the investee becomes a joint venture, except when the investment is held for venture capital purposes in which case they are designated as fair value through profit and loss. Under the equity method, an investment in a joint venture is initially recognised in the consolidated statement of financial position at cost, and adjusted thereafter to recognise the Group’s share of the joint venture’s profit or loss. The nature of some of the activities of the Group associates and joint ventures are investment related which are seen as complementing the Group’s operations and contributing to achieving the Group’s overall strategy. The remaining associates and joint ventures are portfolio companies not involved in investment activities.

Details of associates and joint ventures

Details of each of the Group’s associates at the end of the reporting period are as follows:

Name of associate	Principal activity	Country of incorporation	Proportion of ownership interest/voting rights held by the Group	Income distributions received from associate	Proportion of ownership interest/voting rights held by the Group	Income distributions received from associate
			2024	2024	2023	2023
ICG Europe Fund V Jersey Limited1	Investment company	Jersey	20%	4.5	20%	11
ICG Europe Fund VI Jersey Limited1	Investment company	Jersey	17%	(3)	17%	24.7
ICG North American Private Debt Fund2	Investment company	United States of America	20%	1.1	20%	5.5
ICG Asia Pacific Fund III Singapore Pte. Limited3	Investment company	Singapore	20%	4.1	20%	(1.2)
Ambient Enterprises LLC2	Investment company	United States of America	43%	—	50%	—
KIK Equity Co-invest LLC2	Investment company	United States of America	25%	—	25%	—
Seaway Topco, LP2	Investment company	United States of America	49%	—	—%	—

During the year the Group’s investments in Seaway Topco, LP was assessed as associate. All associates are accounted for at fair value.

1. The registered address for this entity is IFC 1 – The Esplanade, St Helier, Jersey JE1 4BP.
2. The registered address for this entity is c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, DE, 19801, United States
3. The registered address for this entity is 9 Raffles Place. #26-01. Republic Plaza, 048619, Singapore
   
   

The Group has a shareholding in each of ICG Europe Fund V Jersey Limited, ICG Europe Fund VI Jersey Limited, ICG North American Private Debt Fund, ICG Asia Pacific Fund III Singapore Pte. Limited and KIK Equity Co-invest LLC arising from its co-investment with a fund. The Group appoints the General Partner (GP) to each of these fund. The investors have substantive rights to remove the GP without cause. The Funds also each have an Advisory Council, nominated by the investors, whose function is to ensure that the GP is acting in the interest of investors. As the Group has a 17%–25% holding, and therefore significant influence in each entity, they have been considered as associates

The proportion of ownership interest in this Ambient Enterprises LLC has reduced in the year as a result of dilution.

29. Associates and joint ventures continued

Details of each of the Group’s joint ventures at the end of the reporting period are as follows:

Name of joint venture	Accounting method	Principal activity	Country of incorporation	Proportion of ownership interest held by the Group 2024	Proportion of voting rights held by the Group 2024
Nomura ICG KK	Equity	Advisory company	Japan	—        %	—        %
Brighton Marina Group Limited	Fair value	Investment company	United Kingdom	70        %	70        %

Brighton Marina Group Limited is accounted for at fair value in accordance with IAS28 and IFRS9 and the Group’s accounting policy in note 5 to the financial statements.

The Group holds 70% of the ordinary shares of Brighton Marina Group Limited and the management of this entity is jointly controlled with a third party who the Group does not control and therefore the Group is unable to execute decisions without the consent of the third party.

Summarised financial information for equity accounted joint ventures

During the year the Group disposed of its interest in ICG Nomura KK. Nomura ICG KK made no profit from continuing operations and total comprehensive income for the year ended 31 March 2024 (2023: £8.8m), of which the Group’s share of results accounted for using the equity method is (£0.4m) for the year ended 31 March 2024 (2023: £4.4m).

Significant restriction

There are no significant restrictions on the ability of associates and joint ventures to transfer funds to the Group other than having sufficient distributable reserves.

Summarised financial information for associates material to the reporting entity

The Group’s only material associate is ICG Europe Fund VI Jersey Limited which is an associate measured at fair value through profit and loss. The information below is derived from the IFRS financial statements of the entities. Materiality has been determined by the carrying value of the associate as a percentage of total Group assets.

The entity allows the Group to co-invest with ICG Europe Fund VI, aligning interests with other investors. In addition to the returns on its co-investment the Group receives performance-related fee income from the funds (see note 3). This is industry standard and is in line with other funds in the industry.

	ICG Fund VI Jersey Limited
	2024	2023
	£m	£m
Current assets	0.6	8.1
Non-current assets	975.4	1,023.9
Current liabilities	—	(55.8)
	976.0	976.2
Revenue	185.0	47.3
Expenses	(0.2)	(24.1)
Total comprehensive income	184.8	23.2

30. Unconsolidated structured entities

A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements. The Group has determined that it has an interest in a structured entity where the Group holds an investment, loan, fee receivable or commitment with an investment fund or CLO. Where the Group does not hold an investment in the structured entity, management has determined that the characteristics of control, in accordance with IFRS 10, are not met.

The Group, as fund manager, acts in accordance with the pre-defined parameters set out in various agreements. The decision-making authority of the Group and the rights of third parties are documented. These agreements include management fees that are commensurate with the services provided and performance fee arrangements that are industry standard. As such, the Group is acting as agent on behalf of these investors and therefore these entities are not consolidated into the Group’s results. Consolidated structured entities are detailed in note 27.

At 31 March 2024, the Group’s interest in and exposure to unconsolidated structured entities including outstanding management and performance fees are detailed in the table below, and recognised within financial assets at FVTPL and trade and other receivables in the statement of financial position:

	2024
Funds	Investment in Fund	Management fees receivable	Management fee rates	Performance fees receivable	Performance fee rates	Maximum exposure to loss
	£m	£m	%	£m	%	£m
CLOs	295.9	4.2	0.19% to 0.50%	—	0.05% to 0.20%	300.1
Credit Funds	22.1	9.3	0.29% to 1.50%	13.0	20% of returns in excess of 0% for Alternative Credit Fund only	44.4
Corporate Investment Funds	1,402.7	61.6	0.43% to 1.50%	66.4	20%–25% of total performance fee of 10%–20% of profit over the threshold	1,530.7
Real Asset Funds	401.6	17.7	0.30% to 1.24%	—	20% of total performance fee of 15%–20% of profit over the threshold	419.3
Secondaries Funds	455.8	38.5	0.75% to 1.37%	4.3	20% of total performance fee of 12.5%–20% of profit over the threshold	498.6
Total	2,578.1	131.3		83.7		2,793.1

	2023
Funds	Investment in Fund	Management fees receivable	Management fee rates	Performance fees receivable	Performance fee rates	Maximum exposure to loss
	£m	£m	%	£m	%	£m
CLOs	298.3	4.1	0.19% to 0.50%	—	0.05% to 0.20%	302.4
Credit Funds	65.9	8.6	0.29% to 1.50%	(0.3)	20% of returns in excess of 0% for Alternative Credit Fund only	74.2
Corporate Investment Funds	1,341.5	55.9	0.43% to 1.50%	37.6	20%–25% of total performance fee of 20% of profit over the threshold	1,435.0
Real Asset Funds	288.5	12.0	0.30% to 1.24%	—	20% of returns in excess of 9% IRR	300.5
Secondaries Funds	441.1	20.2	0.75% to 1.37%	0.2	10%–20% of total performance fee of 8%–20% of profit over the threshold	461.5
Total	2,435.3	100.8		37.5		2,573.6

The Group’s maximum exposure to loss is equal to the value of any investments held and unpaid management fees and performance fees.

The Group has not provided non-contractual financial or other support to the unconsolidated structured entities during the year. It is not the current intention to provide such support, including the intention to assist the structured entity in obtaining financial support.

31. Net cash flows from operating activities

Accounting policy Cash flows arising from the acquisition and disposal of assets to seed new investment strategies are classified as operating, as this activity is undertaken to establish new sources of fund management fee income, growing the operating activities of the Group.

	Year ended 31 March 2024 Group	Year ended 31 March 2023 Group
	£m	£m
Profit before tax from continuing operations	530.8	251.0
Adjustments for non-cash items:
Fee and other operating income	(554.8)	(483.6)
Net investment returns	(405.3)	(172.5)
Interest income	(21.6)	(15.5)
Net fair value (gain)/loss on derivatives	(22.8)	34.9
Impact of movement in foreign exchange rates	33.3	(17.8)
Interest expense	49.5	64.6
Depreciation, amortisation and impairment of property, plant, equipment and intangible assets	18.0	18.2
Share-based payment expense	43.9	39.5
Change in disposal groups held for sale	—	(8.8)
Working capital changes:
Increase in trade and other receivables	(88.7)	(12.0)
Decrease in trade and other payables	(17.7)	(196.9)
	(435.4)	(498.9)
Proceeds from sale of current financial assets and disposal groups held for sale	319.2	45.5
Purchase of current financial assets and disposal groups held for sale	(312.1)	(211.9)
Purchase of investments	(1,729.7)	(1,374.6)
Proceeds from sales and maturities of investments	2,233.1	1,721.8
Issuance of CLO notes1	—	0.4
Redemption of CLO notes1	(389.1)	(45.6)
Interest received2	447.2	322.6
Dividends received2	47.0	40.2
Fee and other operating income received	496.4	587.9
Interest paid	(379.5)	(263.4)
Cash flows generated from operations	297.1	324.0
Taxes paid	(41.2)	(32.4)
Net cash flows from operating activities	255.9	291.6

1. The prior period has been re-presented to separately disclose the gross amounts of issuance and redemption of CLO notes, previously included within the “Purchase of Investment” and “Proceeds from sales and maturities of investments” lines respectively.
2. The prior period has been re-presented to separately disclose Interest received and Dividends received, previously disclosed as “Interest and dividend income received”.

Included within Proceeds from sale of current financial assets and disposal groups held for sale is i) cash consideration received of £240.0m in respect of the disposals of the Group's real estate seed investments in Metropolitan SCSp and Metropolitan 2 SCSp resulting in a loss of control by the Group in those entities. Immediately prior to the disposal the net asset value of these interests was £247.1m, predominantly comprised of investment property; ii) cash consideration received of £26.9m in respect of the disposal of the Group’s interest in an LP Secondaries transaction, resulting in a loss of control by the Group in that entity. Immediately prior to the disposal the net asset value of this interest was £26.6m, comprised of interests in private equity funds; and iii) cash consideration of £1.7m and non-cash consideration of £15.2m in respect of the partial disposal of the Group's seed investment in Seaway Topco LP resulting in a loss of control by the Group. Immediately prior to the disposal the net asset value of this interest was £40.1m, predominantly comprised of goodwill (see note 28).

Purchase of current financial assets and disposal groups held for sale includes £123.1m (FY23: £56.4m) of financial assets and £169.5m (FY23: £100.6m) of investment property held by controlled subsidiaries.

32. Contingent liabilities
The Parent Company and its subsidiaries may be party to legal claims arising in the course of business. The Directors do not anticipate that the outcome of any such potential proceedings and claims will have a material adverse effect on the Group’s financial position and at present there are no such claims where their financial impact can be reasonably estimated. The Parent Company and its subsidiaries may be able to recover any monies paid out in settlement of claims from third parties. There are no other material contingent liabilities.

33. Post balance sheet events

There have been no material events since the balance sheet date.

Other information

Outstanding debt facilities

	Currency	Drawn £m	Undrawn £m	Total £m	Interest rate	Maturity
ESG-linked RCF	GBP	—	550.0	550.0	SONIA +1.375%	January-26
Eurobond 2020	EUR	427.0	—	427.0	1.60%	February-27
ESG Linked Bond	EUR	427.0	—	427.0	2.50%	January-30
Total bonds		854.0	—	854.0
PP 2015 – Class C	USD	63.0	—	63.0	5.20%	May-25
PP 2015 – Class F	EUR	38.0	—	38.0	3.40%	May-25
Private Placement 2015		101.0	—	101.0
PP 2016 – Class B	USD	90.0	—	90.0	4.70%	September-24
PP 2016 – Class C	USD	43.0	—	43.0	5.00%	September-26
PP 2016 – Class E	EUR	19.0	—	19.0	3.00%	January-27
PP 2016 – Class F	EUR	26.0	—	26.0	2.70%	January-25
Private Placement 2016		178.0	—	178.0
PP 2019 – Class A	USD	99.0	—	99.0	4.80%	April-24
PP 2019 – Class B	USD	79.0	—	79.0	5.00%	March-26
PP 2019 – Class C	USD	99.0	—	99.0	5.40%	March-29
PP 2019 – Class D	EUR	38.0	—	38.0	2.00%	April-24
Private Placement 2019		315.0	—	315.0
Total Private Placements		594.0	—	594.0
Total		1,448.0	550.0	1,998.0

Glossary

Non-IFRS alternative performance measures (APM) are defined below:

Term		Short Form		Definition
APM cash				Total cash excluding balances within consolidated structured entities.
APM earnings per share		EPS		APM profit after tax (annualised when reporting a six-month period’s results) divided by the weighted average number of ordinary shares as detailed in note 15.
APM Group profit before tax				Group profit before tax adjusted for the impact of the consolidated structured entities (see note 4). As at 31 March, this is calculated as follows:
						2024	2023
				Profit before tax		£530.80	£251.0m
				Plus/Less consolidated structured entities		£67.0m	£7.1m
				APM Group profit/(loss) before tax		£597.8m	£258.1m
Assets under management		AUM		Value of all funds and assets managed by the Group. AUM is calculated by adding third-party AUM and the value of the Balance Sheet Investment Portfolio.
						2024	2023
				Third Party AUM		$94.5bn	$77.0bn
				Balance Sheet Investment Portfolio		$3.9bn	$3.2bn
				Total AUM		$98.4bn	$80.2bn
Available cash				Total available cash comprises APM cash less regulatory liquidity requirements.
						2024	2023
				APM cash		£627.4m	£550.0m
				Regulatory liquidity requirement		(£53.0)m	(£44.0)m
				Available cash		£574.4m	£506.0m
Balance sheet investment portfolio				The balance sheet investment portfolio represents financial assets from the statement of financial position, adjusted for the impact of the consolidated structured entities and excluding derivatives and other financial assets.
						2024	2023
				Total non current and current financial assets	Note 4	£3,080.3m	£2,924.6m
				Derivative (assets)		(£10.3)m	(£22.6)m
				Total balance sheet investment portfolio		£3,070.0m	£2,902m
Cash profit		PICP		Cash profit is defined as internally reported profit before tax and incentive schemes, adjusted for non-cash items
						2024	2023
				APM profit before tax		£597.8m	£258.1m
				Add back incentive schemes		£171.9m	£151.8m
				Other adjustments		(£258.8)m	£121.9m
				Cash profit		£510.9m	£531.8m
Earnings per share		EPS		Profit after tax (annualised when reporting a six-month period’s results) divided by the weighted average number of ordinary shares as detailed in note 15.
EBITDA				Earnings before interest, tax, depreciation and amortisation.
Equalisation				When new third-party clients subscribe to a closed-end fund after the first close, they pay a pre-agreed return to clients who subscribed to the fund at an earlier close. This compensates those clients for their capital being tied up for longer. This is referred to as 'equalisation' and can result in gain or loss for earlier investors compared to the latest fund valuation.
Group cashflows from operating activities- APM				Group cashflows from operating activities – APM is net cash flows from operating activities adjusted for interest paid
						2024	2023
				Group cashflows from operating activities- APM		£388.9m	£395.0m
				Interest paid		(£49.3)m	(£63.5)m
				Net cash flows from/(used in) operating activities	Note 4	£339.6m	£331.5m
Group cashflows from financing activities - APM				Group cashflows from financing activities – APM is net cash flows from financing activities adjusted for interest paid and the payment of principal portion of lease liabilities
						2024	2023
				Group cashflows from financing activities - APM		£241.6m	(£533.4)m
				Interest paid		£49.3m	£63.5m
				Payment of principal portion of lease liabilities		(£8.4)m	(£6.8)m
				Net cash flows from/(used in) financing activities	Note 4	(£282.5)m	(£476.7)m
Term		Short Form		Definition
Net cash flows used in investing activities				Other operating cashflows is net cash flows from investing activities adjusted for the payment of principal portion of lease liabilities
						2024	2023
				Net cash flows used in investing activities		£22.0m	(£70.0)m
				Payment of principal portion of lease liabilities		(£8.4)m	(£6.8)m
				Other operating cashflows		£13.6m	(£76.8)m
Interest expense				Interest expense excludes the cost of financing associated with the consolidated structured entities. See note 10 for a full reconciliation.
APM net asset value per share		NAV per share		Total equity from the statement of financial position adjusted for the impact of the consolidated structured entities divided by the closing number of ordinary shares. As at 31 March, this is calculated as follows:
						2024	2023
				Total equity		£2,295.4m	£1,977.4m
				Closing number of ordinary shares		286,699,346	285,082,287
				Net asset value per share		801p	694p
Net current assets				The total of cash, plus current financial assets, plus other current assets, less current liabilities as internally reported. This excludes the consolidated structured entities. As at 31 March, this is calculated as follows:
						2024	2023
				Cash		£627.4m	£550.0m
				Current financial assets		£366.6m	£282.4m
				Other current assets		£299.1m	£243.7m
				Current financial liabilities		(£268.4)m	(£79.1)m
				Other current liabilities		(£255.8)m	(£157.7)m
				Net current assets		£768.9m	£839.3m
				On an IFRS basis net current assets are as follows:
						2024	2023
				Cash		£990.0m	£957.5m
				Current financial assets		—	—
				Other current assets		£486.3m	£307.3m
				Disposal groups held for sale		0	£578.3m
				Current financial liabilities		(£259.3)m	(£64.3)m
				Other current liabilities		(£576.2)m	(£501.0)m
				Liabilities directly associated with disposal groups held for sale		0	(£204.0)m
				Net current assets		£640.8m	£1,073.8m
Net financial debt				Net financial debt includes available cash whereas gearing uses gross borrowings and is therefore not impacted by movements in cash balances. Gross drawn debt less available cash of the Group, as at 31 March, is calculated as follows:
						2024	2023
				Total liabilities held at unamortised cost		£1447.4m	£1,536.7m
				Impact of upfront fees/unamortised discount		£0.6m	£1.3m
				Gross drawn debt (see page 86)		£1,448.0m	£1,538.0m
				Less available cash		(£574.4)m	(£506.0)m
				Net debt		£873.6m	£1,032.0m
Net gearing				Net debt, excluding the consolidated structured entities, divided by total equity from the statement of financial position adjusted for the impact of the consolidated structured entities. As at 31 March, this is calculated as follows:
						2024	2023
				Net debt		£874m	£1,032m
				Shareholders’ equity		£2,295.4m	£1,977.4m
				Net gearing		0.38x	0.52x
Net Investment Returns				Net Investment Returns is the total of interest income, capital gains, dividend and other income generated by the balance sheet investment portfolio less asset impairments.
Operating cashflow				Operating cashflow represents the cash generated from operating activities from the statement of cashflows, adjusted for the impact of the consolidated structured entities. See note 4 for a full reconciliation.
Operating profit margin				Fund Management Company profit before tax divided by Fund Management Company total revenue. As at 31 March this is calculated as follows:
						2024	2023
				Fund Management Company profit before tax		£374.4m	£310.7m
				Fund Management Company total revenue		£652.0m	£539.9m
				Operating profit margin		57.4%	57.5%
Term		Short Form		Definition
Third Party Fee Earning AUM				AUM for which the Group is paid a management fee or performance fee. Fee-earning AUM is determined by the fee basis on which the fund earns fees, either commitments or investments.
Total available liquidity				Total available liquidity comprises available cash and undrawn debt facilities.
Total fund size				Total fund size is the sum of third-party AUM and ICG plc’s commitment to that fund.
Weighted-average fee rate				An average fee rate across all strategies based on fee earning AUM in which the fees earned are weighted based on the relative AUM.

Other definitions which have not been identified as non-IFRS GAAP alternative performance measures are as follows:

Term		Short Form		Definition
Additions (of AUM)				Within AUM: New commitments of capital by clients including recycled AUM. Within third-party fee-earning AUM: the aggregate of new commitments of capital by clients that pay fees on committed capital, and deployment of capital that charges fees on invested capital.
AIFMD				The EU Alternative Investment Fund Managers Directive.
Alternative performance measure		APM		These are non-IFRS financial measures.
CAGR				Compound Annual Growth Rate.
Catch-up fees				Fees charged to investors who commit to a fund charging fees on commitments after its first close. This has the impact of backdating their commitment thereby aligning all investors in the fund.
Client base				Client base includes all direct investment fund and liquid credit fund investors.
Closed-end fund				A fund where investor’s commitments are fixed for the duration of the fund and the fund has a defined investment period.
Co-investment		Co-invest		A direct investment made alongside or in a fund taking a pro-rata share of all instruments.
Collateralised Loan Obligation		CLO		CLO is a type of investment grade security backed by a pool of loans.
Close				A stage in fundraising whereby a fund is able to release or draw down the capital contractually committed at that date.
Default				An ‘event of default’ is defined as: A company fails to make timely payment of principal and/or interest under the contractual terms of any financial obligation by the required payment date A restructuring of the company’s obligations as a result of distressed circumstances A company enters into bankruptcy or receivership
Deal Vintage Bonus				DVB awards are a long-term employee incentive, enabling certain investment teams, excluding Executive Directors, to share in the future realised profits from certain investments within the Group's balance sheet portfolio.
Direct investment funds				Funds which invest in self-originated transactions for which there is a low volume, illiquid secondary market.
DPI				Distributed to Paid-In Capital
Employee Benefit Trust		EBT		Special purpose vehicle used to purchase ICG plc shares which are used to satisfy share options and awards granted under the Group’s employee share schemes.
Environmental, Social and Governance		ESG		Environmental, social and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments.
Financial Conduct Authority		FCA		Regulates conduct by both retail and wholesale financial service companies in provision of services to consumers.
Financial Reporting Council		FRC		The UK’s independent regulator responsible for promoting high quality corporate governance and reporting.
Fund				A pool of third-party capital allocated to a specific investment strategy or strategies, managed by ICG plc or its affiliates.
Fund Management Company		FMC		The Group’s fund management business, which sources and manages investments on behalf of the IC and third-party funds.
Fund level leverage				Debt facilities utilised by funds to finance assets.
Gross money on invested capital		Gross MOIC		Total realised and unrealised value of investments (before deduction of any fees), divided by the total invested cost.
HMRC				HM Revenue & Customs, the UK tax authority.
IAS				International Accounting Standards.
IFRS				International Financial Reporting Standards as adopted by the United Kingdom.
Illiquid assets				Asset classes which are not actively traded.
Internal Rate of Return		IRR		The annualised return received by an investor in a fund. It is calculated from cash drawn from and returned to the investor together with the residual value of the asset.
Investment Company		IC		The Investment Company invests the Group’s balance sheet to seed and accelerate emerging strategies, and invests alongside the Group's more established funds to align interests between the Group's client, employees and shareholders. It also supports a number of costs including for certain central functions, a part of the Executive Directors' compensation and the portion of the investment teams' compensation linked to the returns of the balance sheet investment portfolio.
Key Person				Certain funds have a designated Key Person. The departure of a Key Person without adequate replacement triggers a contractual right for investors to cancel their commitments or kick-out of the Group as fund manager.
Key performance indicator		KPI		A business metric used to evaluate factors that are crucial to the success of an organisation.
Term		Short Form		Definition
Key risk indicator		KRI		A measure used to indicate how risky an activity is. It is an indicator of the possibility of future adverse impact.
Liquid assets				Asset classes with an active, established market in which assets may be readily bought and sold.
LTM EBITDA				Last twelve month's earning before interest, tax, depreciation and amortisation.
Market movements				Market movements of AUM comprises revaluation of non-USD denominated funds and changes in net asset value for funds where the measurement of AUM is based on the fund net asset value.
Money multiple		MOIC or MM		Cumulative returns divided by original capital invested.
Net currency assets				Net assets excluding certain items including; trade and other receivables, trade and other payables, property plant and equipment, cash balances held by the Group’s fund management entities and current and deferred tax assets and liabilities.
Open-ended fund				A fund which remains open to new commitments and where an investor’s commitment may be redeemed with appropriate notice.
Performance fees		Carried interest or Carry		Share of profits that the fund manager is due once it has returned the cost of investment and agreed preferred return to investors.
Principles for Responsible Investment		UN PRI		The Principles for Responsible Investment is an independent association promoting responsible investment to its network in order to enhance returns and better manage risks of investments.
Realisation				The return of invested capital in the form of principal, rolled-up interest and/or capital gain.
Realisations (of AUM)				Reductions in AUM due to capital being returned to investors and/or no longer able to be called by the fund, and the reduction in AUM due to step-downs.
Recycle (of AUM)				Where the fund is able to re-invest capital that has previously been invested and then realised. This is typically only within a defined period during the fund's investment period and is generally subject to certain requirements.
Relevant investments				Relevant investments include all direct investments within ICG’s Structured and Private Equity asset class and Infrastructure Equity strategy, where ICG has sufficient influence. Sufficient influence is defined by SBTi as follows: at least 25% of fully diluted shares and at least a board seat.
RCF				Revolving credit facility
Seed investments				Investments within the balance sheet investment portfolio that the Group anticipates transferring to a fund in due course, typically made where the Group is seeding new strategies in anticipation of raising a fund.
Step-down				A reduction in AUM resulting from the end of the investment period in an existing fund or when a subsequent fund starts to invest. Funds that charge fees on committed capital during the investment period will normally shift to charging fees on net invested capital post step-down. There is generally the ability to continue to call further capital from funds that have had a step-down in certain circumstances.
Separately Managed Account		SMA		Third-party capital committed by a single investor allocated to a specific investment strategy or strategies, managed by ICG plc or its affiliates.
Science-based target		SBT		A decarbonisation target independently validated by the Science Based Targets initiative (SBTi) which defines and promotes best practice in science-based target setting in line with the latest climate science.
Structured entities				Entities which are classified as investment funds, credit funds or CLOs and are deemed to be controlled by the Group, through its interests in either an investment, loan, fee receivable, guarantee or commitment.
Task Force on Climate-related Financial Disclosures				The TCFD was created by the Financial Stability Board to develop recommendations on the types of information that companies should disclose to support investors, lenders, and insurance underwriters in appropriately assessing and pricing a specific set of risks related to climate change.
Total AUM				The aggregate of the Third Party AUM and the Balance Sheet investment portfolio.
UK Corporate Governance Code		The Code		Sets out standards of good practice in relation to board leadership and effectiveness, remuneration, accountability and relations with shareholders.

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