White papers and research

Sign up to receive ICG research by email.
Sign up
  • 11 April 2017

    Global Economic and Investment Outlook: Late cycle, not end cycle

    Markets appear to have pared back some of their initial euphoria about US President Trump’s much touted fiscal stimulus programme, with US bond yields and the US dollar coming under pressure this year. Despite deflated fiscal expectations, strong global growth momentum has continued to power risk assets higher.

    View full article

  • 8 March 2017

    Private debt in Asia: Early stage growth

    An overview of the evolution of Asia's private debt market, its major drivers and key characteristics. It also highlights crucial differences between individual country markets and provides an assessment of how this dynamic industry is likely to evolve in the coming years. Published in The Global Guide To Private Debt which is a one-off book published by Private Debt Investor (PDI) and available for general purchase.

    View full article

  • 3 March 2017

    How investors can benefit from a liquid/illiquid combination

    Investors are increasingly recognising the benefits of running private debt and liquid senior secured debt strategies in tandem, according to Max Mitchell and Zak Summerscale of Intermediate Capital Group

    View full article

  • 11 January 2017

    Global Economic and Investment Outlook: Exuberance Overdone

    2016 ended on a euphoric note, with Donald Trump's surprise US presidential election victory driving equity benchmarks to record highs, bond yields back to 2014 levels and the US dollar to a fourteen year high.

    View full article

  • 10 October 2016

    European Credit Markets Review – September 2016

    We have seen a marked turnaround in market sentiment since the lows of Q1 2016. European sub-IG credit has been no exception, with European high yield total returns (BAML HPID) of 8.6% YTD through August and up 12.3% from the Feb 12th low point.

    View full article

  • 3 October 2016

    Flexibility and diversification in one place

    Multi-strategy alternative credit investing can provide investors with diversification, good returns and efficiency. Benoît Durteste of ICG explains how.

    View full article

  • 1 September 2016

    European Credit Markets Review: Brexit Special

    The result of the UK's referendum on EU membership was largely unexpected and led to significant volatility in financial markets, both before and after the vote.

    View full article

  • 28 June 2016

    Brexit - A Shot in the Hull

    The direct economic and financial impact of the UK's vote to leave the EU is likely to be substantial for the UK, less-so for the rest of the world...

    View full article

  • 28 January 2016

    Private Fund Restructuring

    Q&A discussion with Andrew Hawkins, Global Head of Secondaries, ICG

    View full article

  • 23 September 2015

    The Rise of Private Debt as an Institutional Asset Class

    For private debt, the 2008 credit crisis was a game changer.

    The ensuing turmoil hastened its migration as an institutional asset class from the periphery to the core in the wake of two developments.

    View full article

  • 7 May 2015

    ICG - Empire Building

    "ICG today is very different from ICG two years ago, even," says Christophe Evain, managing director and chief executive officer of the European-headquartered, €14.9 billion investment manager.

    View full article

  • 8 December 2014

    The rise and rise of direct lending

    As a new funding solution for corporates, as well as an asset class for institutional investors, European direct lending has evolved strongly this year. Max Mitchell, Head of Direct Lending at ICG, examines the reasons why.

    View full article

  • 2 September 2014

    Confusion persists as direct lending goes mainstream

    As the number of new entrants into the direct lending market rises, it is clear alternative lenders have moved into the mainstream. But are sponsorless corporates ready for this type of lending?

    View full article

  • 29 May 2014

    All hands on debt

    Sponsors may be offered increasingly plentiful and attractive financing options but Dagmar Kent Kershaw argues credit discipline is being maintained.

    View full article

  • 4 February 2014

    The high value of analysing high-yield bond covenants

    High yield bonds offer investors a number of benefits which, when combined, make a persuasive strategy for wider portfolios.

    View full article

  • 15 October 2013

    Spears Family Business Guide

    The very specific needs of family businesses require a distinctive combination of experience and expertise. ICG can provide the bespoke capital and advice that family-owned businesses need.

    View full guide

  • 27 September 2013

    Flexibility and Scale

    Through a process of constant evolution, ICG has built itself into a credit specialist of considerable scale over the past 25 years. Mezzanine remains a core component of ICG’s strategy, but the market has changed markedly since 2008.

    View full article

  • 12 August 2013

    Investing in European CLOs – nice if you can

    Last year’s European issuance was practically zero compared to US$53bn of US issuance in 2012. CLOs are a core funding tool for leveraged buyouts (LBOs) so a lack of CLO lending capacity can lead to short-falls in leveraged loan placement.  

    View Handbook

  • 1 June 2013

    European Direct Lending – an attractive risk/return opportunity for Investors?

    European mid-sized corporates have historically relied on the European clearing banks for almost all of their debt funding requirements.

    View full article

  • 11 March 2013

    New sources of liquidity in the European market

    Following the recent financial crisis, the European banks’ ability to provide liquidity has significantly contracted. This contraction is negatively impacting private equity transactions (both involving existing portfolio companies and potential new buyouts) in Europe.

    View full article

  • ​​​​