London, Feb 10, 2026, 09:31 GMT — Regular session
ICG plc (LSE: ICG) shares dropped 1.1% to 1,701 pence early Tuesday in London after the alternative asset manager announced a new Asia-Pacific Corporate strategy chief. The price was last seen at 1,701p, down from Monday’s 1,720p close, with intraday moves between 1,695p and 1,725p. Over the past year, shares have ranged from 1,540p to 2,468p. 1
ICG is bringing on new leadership in Asia at a moment when private-markets firms are still chasing growth across the region, though investors remain choosy about where to put fresh capital. For the firm, having a strong regional presence is key—fee income depends on both sourcing and investing funds.
The shift on Tuesday was minor—hardly a strong signal in either direction. Still, it sets out ICG’s intention: the firm is pushing for more homegrown transactions in Asia-Pacific’s middle-market segment, where credit doesn’t always flow freely and deals tend to have quirks in underwriting.
ICG has tapped Sujey Subramanian as its new head of Asia-Pacific Corporate investment strategy, bringing him on board in Singapore from May 1. Subramanian was previously deputy chief investment officer and led Southeast Asia at PAG. “We are delighted to welcome Sujey to ICG,” said CEO and CIO Benoît Durteste, citing strong prospects in Asia-Pacific. Subramanian described ICG as a “top-tier global alternative asset manager” and said he plans to grow the regional team’s track record. 2
ICG reported AUM of $127 billion as of end-December in its latest trading update, with $85 billion of that generating fees. The group pointed to $36 billion in dry powder—capital committed but not yet put to work—and said quarterly fundraising hit $4.4 billion. Liquidity sat at £1.4 billion, while net financial debt totaled £239 million. ICG called transaction volumes a modest rebound, though activity varied across asset classes. 3
Fee-earning AUM tends to get most of the attention from investors, since it’s the foundation for management fees. Performance fees, by contrast, fluctuate depending on exits and swings in valuations. Bringing in a senior hire won’t show up in this quarter’s earnings, but it does have the potential to influence the future pipeline that feeds those numbers.
The risks aren’t new. Should Asia-Pacific deal flow taper off, or exits get delayed, dry powder could pile up and fee growth might stall—bigger team or not.
ICG’s full-year numbers for the 12 months to March 31 are on deck for May 21, and investors are watching for details on fundraising, deployment and signs of how much pace the new financial year has picked up. 4
