ICG, the global alternative asset manager, has held the final close for the fifth vintage of its flagship direct lending strategy, Senior Debt Partners (“SDP”). The fund and associated vehicles1 raised a total of $17bn (approximately €15.2bn), significantly exceeding the initial target of $11-12bn. To date, the fund has invested circa 45% of the capital raised.
SDP was launched in 2012 to provide first lien, senior secured loans to a wide and diversified pool of mid and upper mid-market European-based businesses, typically owned by leading private equity firms. Today the strategy is a market leader in the asset class, investing and managing capital on behalf of over 180 clients.
Benoît Durteste, CIO and CEO of ICG, commented:
This fundraise underlines ICG’s leading position in European direct lending. We are proud to be amongst the beneficiaries of a market environment in which clients are increasingly looking to partner with a smaller number of managers, and this significant upsize of one of our flagship funds is a notable achievement as we execute our strategy of scaling up and scaling out.
Peter Lockhead and Mathieu Vigier, Co-Heads of SDP, commented:
The direct lending market in Europe remains attractive from an investment perspective through economic cycles, and we have a significant pipeline of opportunities. Today’s announcement underlines the appeal of SDP’s clear investment strategy and our differentiated origination platform, and we are grateful to our clients for the support they have shown.
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About ICG
ICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with a 35-year history, managing $101bn of assets* and investing across the capital structure. We operate across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.
ICG develops long-term relationships with its business partners to deliver value for shareholders, clients and employees, and uses its position of influence to benefit the environment and society. ICG is committed to being a net zero asset manager across our operations and relevant investments by 2040.
ICG is a member of the FTSE 100 and listed on the London Stock Exchange (ticker symbol: ICG). Further details are available at www.icgam.com. You can follow ICG on LinkedIn, X and Instagram.
*Past performance is not a reliable indicator of future results; as at 30 June 2024
Notes to editors
- $17bn includes all equity and leverage raised for the co-mingled fund (Senior Debt Partners V), along with all mandates, co-investment vehicles and other sidecars (including associated leverage) raised or amended since the final close was held for Senior Debt Partners IV. This includes a total of $2.6bn that was raised post end of June 2024.
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