ICG has introduced the ultimate shut of its second mid-market fund with €3bn (£2.51bn) of commitments.
The fund was oversubscribed at its elevated laborious cap, representing a 300 per cent enhance in comparison with the prior fund classic, ICG Europe Mid-Market I, which closed on €1bn in 2019.
The ICG Europe Mid-Market Fund II offers versatile and tailor-made options to European mid-size corporations to help founders and administration groups in long-term worth creation. Thus far, 35 per cent of the fund has been deployed throughout seven investments.
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ICG reported that the fund acquired robust demand from buyers together with sovereign wealth funds, pension funds, insurance coverage corporations, asset managers, foundations, and household workplaces.
“We’re extremely proud to announce such a profitable fundraise at the moment, evidencing the attraction of our technique in all levels of the financial cycle,” stated Gareth Knight, head of ICG Europe mid-market.
“The substantial development we now have delivered on our prior classic displays the power of our market place and consistency of efficiency we’re delivering for our shoppers. We’re grateful to our buyers, colleagues and companions for his or her continued help.”
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“ICG’s European mid-market technique is a pure extension of our flagship European company technique,” added Benoît Durteste, chief funding officer and chief government of ICG.
“The resounding success of this fundraise and the numerous enhance in consumer commitments is a good instance of our capability to proceed to scale and construct market main methods.”
The fund’s predecessor has delivered 4 exits up to now, all delivering returns materially forward of the goal for the technique, ICG added.
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