ICG Plc (ICGIN.L): Updating estimates post 1Q27 trading update

研报英文原文证据摘录

ICG Plc (ICGIN.L): Updating estimates post 1Q27 trading update

Equity Research

16 July 2026 | 8:08PM BST

ICG reported its 1Q27 trading statement (YE March) yesterday (July 15), which Oliver Carruthers, CFA

+44(20)7552-9364 |

further evidenced that fundraising momentum remains strong across the platform. In oliver.carruthers@gs.com

Goldman Sachs International

particular, Europe IX continues to track ahead of expectations, having reached

Anshika Mehrotra

€11bn at end-June (including GP Commit of c.€0.5bn) with management guiding to a +1(212)934-7679 |

€12bn final close in 2Q27, notably above its original target of €10bn. Management’s anshika.mehrotra@gs.comGoldman Sachs India SPL

commentary around SDP VI was also encouraging; while the strategy launch had Naimeh Sabourian

already been communicated for FY27, the expectation of a first close before YE FY27 +44(20)7051-0573naimeh.sabourian@gs.com|

points to strong momentum in the strategy. Despite this continued execution, ICG’s Goldman Sachs International

Fergusonshares remain undervalued relative to global peers, trading at 11x FY27E implied Tom | +44(20)7051-0547

standardised FRE valuation (GSe, even with an assumed 25% discount to NAV). We tom.ferguson@gs.com Goldman Sachs International

see the current entry point as attractive and reiterate our Buy rating. We also update

our estimates to reflect the release, and latest FX, with minor overall impacts to our

estimates. Reflecting these dynamics and a 1Q valuation roll forward, our price

target increases to 3,010p (vs. 2,910p previously).

Going forward, and incremental to these results, we expect investors will focus on: (i)

ongoing fundraising momentum, which continues to progress well ahead of