ICG closed the fifth vintage of its flagship direct lending strategy at $17 billion, significantly above its initial target and at what it says makes it the largest ever direct lending fundraising in Europe.
ICG Senior Debt Partners Fund 5 is about 45% invested so far, a news release said.
The global alternative money manager, which has a total about $101 billion in assets under management, launched the senior debt partners strategy in 2012 to provide first lien, senior secured loans to middle- and upper-middle-market European-based businesses, typically owned by private equity firms.
“We are proud to be amongst the beneficiaries of a market environment in which clients are increasingly looking to partner with a smaller number of managers, and this significant upsize of one of our flagship funds is a notable achievement as we execute our strategy of scaling up and scaling out,” said Benoit Durteste, CIO and CEO, in the news release.
A spokesperson did not immediately respond to a request for information. ICG invests across four asset classes: structured and private equity, private debt, real assets and credit.
Investors include the $23.7 billion State Universities Retirement System, Champaign, Ill., and the $6.6 billion Fresno County (Calif.) Employees’ Retirement Association, according to individual pension fund documents.
The previous fund, ICG Senior Debt Partners 4, closed in 2021 at €8.1 billion ($9 billion).
