ICG, the global alternative asset manager, today announced the completion of fundraising for its North American Credit Partners Fund III (“NACP III” or “Fund III”), following strong demand from a diverse, global group of new and existing investors.
NACP III achieved a total fund size of $1.9bn, representing a 50% increase in client capital compared to the predecessor fund. Fund III has already made four investments to date, and has an attractive pipeline of additional opportunities.
Established in 2014, ICG’s North American Credit Partners strategy provides private debt financing to private equity-sponsored middle-market companies and independent corporate borrowers in North America, typically investing in businesses with $25m to $250m of EBITDA. The tenured team, led by Brian Spenner, is comprised of senior investment professionals with an average of over 20 years of private debt investment experience.
Benoît Durteste, CIO and CEO of ICG, commented:
This is a significant milestone for the team, reflecting the track record established – among both clients and corporate borrowers – in the decade since the strategy’s inception. This successful fundraise allows us to capitalize on attractive investment opportunities, and further reinforces our presence in North America, a key growth area for ICG.
Brian Spenner, Head of North American Credit at ICG, added:
We are delighted to have held the final close for NACP III at $1.9bn. The sizeable increase in client commitments compared to the preceding fund is a testament to the proven nature of the strategy and the appetite among both new and long-standing ICG clients for differentiated credit funds. We look forward to continuing our investment program and providing capital solutions for private equity sponsors and corporate borrowers.
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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
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