ICG has raised $1.9bn (£1.43bn) for the third iteration of its North American personal debt technique.
This represents a 50 per cent enhance in comparison with its predecessor fund. The North American Credit score Companions Fund III (NACP III) is already partially deployed, with 4 offers accomplished so far.
Like its predecessors, the fund will present personal debt capital options for each personal equity-sponsored and impartial company debtors in North America, sometimes investing in companies with between $25m and $250m of EBITDA.
Learn extra: ICG raises $2.1bn for personal debt in Q1
“We’re delighted to have held the ultimate shut for NACP III at $1.9bn,” stated Brian Spenner, head of North American credit score at ICG.
“The sizeable enhance in consumer commitments in comparison with the previous fund is a testomony to the confirmed nature of the technique and the urge for food amongst each new and long-standing ICG shoppers for differentiated credit score funds.
“We stay up for persevering with our funding program and offering capital options for personal fairness sponsors and company debtors.”
Learn extra: ICG raises $17bn for flagship direct lending fund
Spenner will handle the fund alongside together with his senior funding staff, who’ve a mean of 20 years of personal debt funding expertise.
“This can be a vital milestone for the staff, reflecting the monitor file established – amongst each shoppers and company debtors – within the decade because the technique’s inception,” stated Benoît Durteste, chief govt of ICG.
“This profitable fundraise permits us to capitalize on engaging funding alternatives, and additional reinforces our presence in North America, a key development space for ICG.”
Learn extra: Goldman Sachs veteran joins ICG Actual Property