ICG, the global alternative asset manager, today announced the final close of its second European Mid-Market fund programme. ICG Europe Mid-Market Fund II, together with its related vehicles (“MMF II” or “the Fund”), received €3.0bn of commitments, representing a 300% increase compared to the prior fund vintage, ICG Europe Mid-Market Fund I (“MMF I”), which closed on €1.0bn in 2019.
The Fund was significantly oversubscribed at its increased hard cap following strong demand from a globally diverse LP base comprising sovereign wealth funds, pension funds, insurance companies, asset managers, foundations, and family offices. To date, MMF II is 35% deployed across seven investments.
The Fund’s predecessor, MMF I, has delivered four exits to date, all delivering returns materially ahead of the target for the strategy. MMF I has so far achieved a Distributed to Paid-In Capital (DPI) ratio of 71% and has 11 portfolio companies remaining.
ICG’s European Mid-Market funds are part of ICG’s flagship European Corporate strategy, which has a 36-year track record targeting locally sourced, directly originated and privately negotiated subordinated debt and equity investments. Focused on mid-sized companies, European Mid-Market aims to provide flexible and tailored solutions to support founders and management teams in realising long-term value creation. The investment team has a local presence in seven European offices.
Gareth Knight, Head of ICG Europe Mid-Market, commented:
We are incredibly proud to announce such a successful fundraise at this time, evidencing the appeal of our strategy in all stages of the economic cycle. The substantial growth we have delivered on our prior vintage reflects the strength of our market position and consistency of performance we are delivering for our clients. We are grateful to our investors, colleagues and partners for their continued support.
Benoît Durteste, CIO and CEO of ICG, added:
ICG’s European Mid-Market strategy is a natural extension of our flagship European Corporate strategy. The resounding success of this fundraise and the significant increase in client commitments is a great example of our ability to continue to scale and build market leading strategies.
Note: since 31 December 2024 the Fund has closed fee-eligible commitments totalling €216.0m.
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For further information please contact:
Clare Glynn
Head of Corporate Communications
Maisie Le Masurier
Corporate Communications
About ICG
ICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with over 35 years’ history, managing $107bn of assets* and investing across the capital structure.
We develop long-term relationships with our business partners to deliver value for shareholders, clients and employees, and use our position of influence to benefit the environment and society.
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 and Instagram.
*Past performance is not a reliable indicator of future results; as at 31 December 2024.
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