Intermediate Capital Group PLC: Q1 27 update: FE AUM ahead of expectations; +3% QoQ/ +10% YoY

研报英文原文证据摘录

Intermediate Capital Group PLC: Q1 27 update: FE AUM ahead of expectations; +3% QoQ/ +10% YoY

Equity Research

European Diversified Financials

15 July 2026

Intermediate Capital Group PLC

Q1 27 update: FE AUM ahead of

expectations; +3% QoQ/ +10% YoY

Stronger-than-expected fundraising of $4.1bn, ahead of ICP.L/ICP LN OVERWEIGHT

POSITIVEBARCe ($2.9bn), driven by Europe IX and Real Asset. FE AUM EuropeanFinancials Diversified

was better than expected at $88.2bn; 1% ahead BBG cons and Price Target GBP 26.35

2% ahead of BARCe. Deployment and realisations lower but Price (14-Jul-26) GBP 17.90 Potential Upside/Downside +47.2%

Source: Bloomberg, Barclays ResearchEurope IX expected to close ahead of target at €12bn. Positive

update.

Michael Sanderson

Q1 27 gross fundraising of $4.1bn: Fundraising for the 3m to Jun-26 was ahead of Barclays' +44 (0)20 3134 2487

estimate of $2.9bn (no formal consensus), slightly down QoQ, but higher YoY, driven by michael.sanderson@barclays.com

Structured Capital and Secondaries ($2.2bn) which was primarily Europe IX ($2.1bn) and Real Barclays, UK

Assets ($1.3bn). Debt contributed a further $0.6bn, with SDP VI now launched and its first close Grace Dargan

expected before FY27-end. Fundraising since April 2024 now amounts to $44.6bn, representing +44 (0)20 3555 4065

c.80% of ICG's minimum $55bn fundraising target for April 2024- March 2028. grace.dargan@barclays.com

Barclays, UK

Deployment of $3bn: Deployment was lower QoQ/YoY (Q1 26: $6.6bn, Q4 26: $5bn), in line with

Hafsa YasirBARCe ($3bn), spread between Structured Capital and Secondaries ($1bn), Real Assets ($0.7bn)

+44 (0)20 7116 3644

and Debt ($1.3bn).

hafsa.yasir@barclays.com

Barclays, UKRealisations of $1.1bn: Realisations were also softer QoQ/YoY (Q1 26: $3bn, Q4 26: $2bn) vs