LONDON, June 29, 2026, 16:10 BST
- ICG plc (LON:ICG) traded 1.33% higher at 1,675p as of 15:33 BST. FTSE 100 was down, with delayed data.
- ICG’s June 22 consensus sees fee-related EPS falling to 111p for FY27, down from 120p in FY26, though fee-earning AUM is set to go higher.
- The stock is trading around 15.1x FY27 consensus FRE per share at Monday’s close, with an implied FY27 dividend yield near 5.4%.
ICG plc (LON:ICG) climbed on Monday while the FTSE 100 lagged. Investors now have to decide if the stock’s recent rebound means the lower price already factors in an expected reset to earnings next year.
London Stock Exchange was open during the dateline, with XLON’s session from 0800 to 1630 BST. ICG shares were at 1,675p, up 1.33% at 15:33 BST according to the company’s feed. Hargreaves Lansdown quoted the FTSE 100 at 10,496.26, down 0.11%.
| Monday market read | ICG plc | FTSE 100 |
|---|---|---|
| Latest level | 1,675p | 10,496.26 |
| Day move | up 1.33% | off 0.11% |
| Read-through | ICG outperformed | FTSE dropped |
ICG’s gain hasn’t closed the gap from its earlier drop. Shares at 1,675p were still down around 28.4% from the 2,340p year high but up about 17.6% versus the 1,424.88p year low. AJ Bell pegged market cap at £4.86 billion and showed a P/E of 10.64.
ICG’s June 22 consensus points to a mixed view on the rebound. Analysts expect closing fee-earning AUM to reach $90.18 billion in FY27, up from $86.52 billion in FY26. But they see average FRE per share dropping to 111p, down from 120p. The file shows an FY27 dividend at 91p, up from 87p.
| ICG consensus bridge | FY26 actual | FY27 average estimate | Change |
|---|---|---|---|
| Fundraising | $16.64 bln | $10.66 bln | -35.9% |
| Closing fee-earning AUM | $86.52 bln | $90.18 bln | +4.2% |
| FRE per share | 120p | 111p | -7.5% |
| Dividend per share | 87p | 91p | +4.6% |
| Implied FRE multiple at 1,675p | 14.0x | 15.1x | — |
| Implied dividend yield at 1,675p | 5.2% | 5.4% | — |
This is important for ICG, which sits between two narratives. Assets keep climbing, but analysts see a drop in near-term fee-related EPS. For a private markets manager, that’s where equity holders tend to push on the model first.
ICG said assets under management for FY26 hit $126 billion with fundraising at $17 billion. The firm reported $36 billion in dry powder, management fees of £685 million, and fee-related earnings at £350 million. ICG raised its total ordinary dividend again, up to 87p, marking the 16th straight year of increases.
Chief Executive and CIO Benoît Durteste said in the May results that “liquidity and selectivity matter more than ever” and said ICG is still focused on cash realisations. ICG
The wealth channel could move the numbers if it pulls in fresh flows without pushing ICG into lower-quality deals. Back in November, Reuters said Amundi SA (EPA:AMUN) was buying 9.9% of ICG and got a 10-year deal to distribute ICG products across its global wealth network. Product launches are set for 2026.
Speaking at Amundi’s June 25 forum, Durteste laid out the risks. He said private assets are “fundamentally illiquid” and that the strategies “do not scale easily” if they want to keep performance. ICG
ICG is expanding origination in Asia. It announced on June 24 that its Asia-Pacific Infrastructure strategy partnered with Hanwha Energy Corporation Japan for Japanese renewables and related infrastructure. Devarshi Das, ICG’s Head of Asia-Pacific Infrastructure, said the deal boosts local origination and opens a pipeline of projects.
No new RNS for ICG showed up on the Investegate feed Monday. The most recent was posted June 22 and dealt with total voting rights and own-share buys.
ICG is set to go ex-div on June 11. AJ Bell has the dividend at 59.30p, with June 12 as the record date. Payment lands July 31, according to .
