Our history
ICG was founded in 1989 on the principles of flexible investment solutions, specialist experience and local knowledge. The values we established back then still hold true today.
We are as proud of our long-term relationships with our clients and portfolio companies, and the diversity of our thinking, as we are of our returns.
Over time, we have broadened our specialist strategies and our global reach.
- Explore our history
We are focused on investing responsibly, operating with purpose, and leading change in our industry.
Our DNA and history
CEO and CIO Benoît Durteste looks at ICG’s key attributes and how these have evolved through the decades
1989 – 1994
A new asset class launches a new company
ICG (Intermediate Capital Group) is founded in 1989 in the UK by six entrepreneurs who see a market for an emerging asset class: mezzanine debt – a layer of debt refinancing between equity and fixed income.
We quickly make our first investments, one being in Silvi, a French fire protection equipment producer, and are soon making loans across Europe.
In 1994, ICG is listed on the London Stock Exchange (LSE:ICG)[1] and begins managing funds on behalf of third party investors. A commitment to flexibility in investment and financing solutions is established, a central pillar of our investment DNA.
[1] ICP from 1994 to 2024; ICG from 2024
1995 - 2007
Expanding globally
In 1995, we open an office in Paris and, in 1998, raise €50m for our first European fund.
Assets under managements (AUM) reach a milestone €1bn in 2000, the year we issue Europe’s first CLO fund (Eurocredit 1 at €450m).
In 2001, our first Asia Pacific office, in Hong Kong, is opened. We also complete our largest-ever underwriting for Picard, a leading French distributor of gourmet frozen food.
An office in Madrid is opened in 2003, followed by Frankfurt in 2004, Sydney in 2006 and in New York in 2007.
Our inaugural Asia Pacific Fund launches in 2005, closing at around €600m.
As we extend into new geographies, we organically grow our local presence and build on our trusted relationships, equipping us with an in-depth understanding of every local market we operate in.
2008 - 2009
The global financial crisis
In 2008, like countless others around the world, we face enormous challenges in weathering the impact of the global financial crisis.
To help support our clients and shareholders, we launch the Recovery Fund 2008, leveraging opportunities in the loan market and providing much-needed relief for businesses.
The crisis becomes a catalyst igniting our diversification strategy across asset classes and geographies.
2010 - 2011
Refocus of corporate strategy
We refocus our corporate strategy in 2010, developing a third-party investment business, building on our experience in managing a balance sheet. Christophe Evain is appointed CEO, following the retirement of Tom Attwood.
We start building a dedicated client function and the following year, lay the foundation for our Real Assets business by taking a 51% stake in Longbow, a UK real estate financing business. We launch the fifth vintage of our flagship European Fund.
2012 - 2014
Landmark new strategies established
In 2012, we launch our inaugural direct lending strategy and create a European market leader in response to the lack of capital provision by traditional lenders. This creates another flagship strategy.
The following year sees AUM reach a record €12.9bn and we launch a new Real Assets investment strategy.
Expansion continues in Asia Pacific with new offices in Singapore and Japan.
The founding members of our Strategic Equity team join ICG to focus on GP-led secondary transactions – over the coming years, we build this into a global flagship strategy. We end 2014 by acquiring the outstanding 49% balance of Longbow.
2015 - 2017
A new fundraising record and changes in leadership
Europe Fund VI sets a new ICG record closing at €3bn in 2015 and two years later, the third direct lending vintage of Senior Debt Partners raises €5.2bn.
Graphite Enterprise Trust, a private equity investment trust and one of ICG’s founding shareholders 26 years earlier, is acquired in 2015, becoming the ICG Enterprise Trust – a FTSE250 company in its own right.
As Christophe Evain retires in 2017, Benoît Durteste becomes Chief Executive Officer and Chief Investment Officer.
Benoît Durteste, Chief Executive Officer and Chief Investment Officer
2018 - 2019
Enhancing Diversity, Equity and Inclusion
As we grow, we set clear priorities around inclusion — firm goals to foster a workplace in which each individual is supported to succeed and be themselves. ICG signs the Women in Finance Charter, which includes a commitment to having 30% of management roles filled by women by 2023. We enter into a partnership with BUCS to support the next generation of female leaders across the UK and establish a ‘returnship’ programme for women who re-enter the financial services industry after extended career breaks.
We continue to drive impressive success as Europe VII closes at €4.5bn and fundraising across all strategies totals €10.1bn for the fiscal year.
In 2019, Vijay Bharadia is appointed Chief Finance and Operating Officer and Executive Director, replacing Philip Keller who retires after 13 years with the firm.
2020 - 2022
Fast growth and a focus on ESG
In 2020, ICG is elevated to the FTSE 100 for the first time, we launch an inaugural €500m Eurobond, move to a new London headquarters and open an office in Milan. Antje Hensel-Roth joins the Board as Chief People and External Affairs Officer.
As the Covid-19 pandemic comes to a head, we work hard to continue to deliver outstanding performance. Our focus on managing our business based on inclusion and responsibility becomes ever more important amid enormous challenge on the physical and mental wellbeing of our teams, our stakeholders and partners.
At the end of 2020, we win the Financial News Alternatives Provider of the Year award, and ICG achieves its highest-ever score in the annual UN PRI responsible investing assessment.
In 2021, we continue our expansion, opening an office in Dubai.
Based on science-based targets, we adopt a commitment to reach net zero in operations by 2040, using our position of influence to lead change in our industry. We reach our 2018 commitment to the Women in Finance Charter two years early, with a 41% representation of women in UK senior management roles and 35% globally.
Antje Hensel-Roth, Chief People and External Affairs Officer
2023 to Today
Delivering growth through cycles
Vijay Bharadia steps down as Chief Financial and Operating Officer, with former Goldman partner David Bicarregui appointed as his successor. David is elected as a Director of ICG plc at the 2023 AGM.
We continue our international expansion, opening offices in Copenhagen in 2023 and Toronto in 2024.
CEO & CIO Benoît Durteste comments in our results for the 12 months to 31 March 2024:
We are a manager of choice for our clients, in a global market that will increasingly reward those with strong track records and resilient business models. We have a number of large, globally-relevant flagship strategies; an exciting set of scaling products; and in FY24 we secured client commitments of almost $1.5bn across three first-time funds.
Our broad waterfront of products enables us to react to the needs of our clients and portfolio companies. In the current market we are benefiting from an environment in which strategies that invest in credit, structured transactions, and which provide liquidity solutions are particularly attractive.
Our total AUM for the period ending 30 September 2024 is $106bn.
As we look forward, we see huge potential for growth and continue to build on our outstanding 35-year track record – creating value and delivering sustainable results for our stakeholders, shareholders and communities.
David Bicarregui, Chief Financial Officer
