International various asset supervisor Intermediate Capital Group (ICG) has raised $17bn (£13bn/€15.2bn) for the most recent fund in its flagship direct lending technique, Senior Debt Companions fund 5.
The fund exceeded a goal of between $11bn and $12bn and marks one of many largest direct lending fundraises in Europe.
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The fund was launched in 2012 to offer first lien, senior secured loans to a various pool of mid and higher mid-market European-based companies, sometimes owned by main non-public fairness companies. To this point, the fund has invested round 45 per cent of the capital raised.
“This fundraise underlines ICG’s main place in European direct lending,” stated ICG chief govt Benoît Durteste. “We’re proud to be amongst the beneficiaries of a market surroundings wherein shoppers are more and more trying to accomplice with a smaller variety of managers, and this vital upsize of one among our flagship funds is a notable achievement as we execute our technique of scaling up and scaling out.”
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Co-heads of the fund Peter Lockhead and Mathieu Vigier added: “The direct lending market in Europe stays enticing from an funding perspective by financial cycles, and we now have a big pipeline of alternatives. At the moment’s announcement underlines the attraction of SDP’s clear funding technique and our differentiated origination platform, and we’re grateful to our shoppers for the assist they’ve proven.”
ICG had $101bn property underneath administration as of 30 June 2024. It invests throughout 4 asset courses: structured and personal fairness, non-public debt, actual property, and credit score.
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