Intermediate Capital Group Plc (ICG), the €101bn London-headquartered private equity firm, has secured €15.2bn ($16.8bn) for its latest European direct-lending fund, making it the largest fund of its kind in the region, according to a report by Bloomberg.
Fundraising for the new fund, which is led by ICG’s Senior Debt Partners strategy co-heads Peter Lockhead and Mathieu Vigier, is the firm’s fifth vintage in the direct-lending space an supposes, surpasses the firm’s previous fund-raising round of €81.bn, reflecting growing investor preference for established private lenders.
The new fund focuses on providing loans to private-equity-backed companies across Europe. So far, about 40% of the fund’s capital has been deployed, supporting firms including European classified ads company Adevinta ASA and Italian textiles manufacturer Gruppo Florence.
ICG’s latest fund follows similar major fundraising efforts in the direct-lending sector. Earlier this year, Arcmont Asset Management Ltd raised €10bn for its latest fund, while Ares Management Corp is aiming to close Ares Capital Europe VI with around €15bn in investor commitments by the end of the year.
