UK-listed Intermediate Capital Group (ICG) has secured $1.9bn for the latest iteration of its North America-focused private debt strategy, the North American Credit Partners Fund III, which is 50% larger than its predecessor and has already made four investments, according to a report by CityWire.
Launched in 2014, the strategy provides debt financing to private equity-backed companies with earnings before interest, tax, depreciation, and amortisation (EBITDA) ranging from $25m to $250m. The fund is managed by Brian Spenner and his team.
The report quotes Benoit Durteste, Chief Investment Officer and CEO of ICG, as saying that: “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 capitalise on attractive investment opportunities and further strengthens our presence in North America, a key growth market for ICG.”
ICG, which is listed on the London Stock Exchange, manages approximately $101bn in assets. The firm also recently raised $17bn for its European direct lending fund, surpassing its $12bn target.
