News

ICG closes latest European investment fund at €3bn

15 July 2015
The fund completed its fundraising in seven months, achieving its €3bn hard cap.
  • ICG Europe Fund VI raised in record time
  • Fundraising attracted worldwide support from leading institutions

Intermediate Capital Group (ICG) the specialist asset manager, announces the final closing of ICG Europe Fund VI, one of its leading European investment strategies with a flexible mandate to invest in a range of sub-ordinated debt and equity instruments into European mid-market companies. The fund completed its fundraising in seven months, achieving its €3bn hard cap.

The strategy benefited from significant support from existing investors and proved very successful with a wide group of new investors. Together with the increase in fund size, this enabled ICG to further diversify the investor base which includes pension funds 40%, sovereign wealth funds 29%, insurance companies 25% and asset managers 9%. The investors come from a wide geographical spread including Asia Pacific, Europe, North America, Middle East and Latin America. Fund VI was launched and raised 18 months earlier than anticipated, due to Fund V completing its investment period well ahead of schedule. This reflects strong demand from mid-market companies for larger tailored investment solutions as well as the strength of our origination capabilities in each local market.

ICG Europe Fund VI has a 5-year investment period, the fund is currently over 8% invested through two investments, and there is a solid pipeline of investment opportunities across our markets in Europe.

Benoît Durteste, Managing Director, ICG said:

Investment conditions in Europe remain attractive; we continue to see a strong demand from midmarket companies for flexible financing solutions. Similarly the European investment thesis is well understood by global institutional investors and demand for the strategy far exceeded supply, leading to an oversubscription of the fund.

We are extremely grateful for the continuing loyalty and support of our investors and appreciate the confidence they have placed in both ICG and the strategy. It is also testament to our 26 year track record in Europe; based on our direct sourcing model embedded in local markets so we can originate, structure and manage our own investments and work directly in partnership with local companies and their management.

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