ICG Raises Record €15.2 Billion for European Direct-Lending Fund

Bloomberg09-11

(Bloomberg) -- Intermediate Capital Group Plc has raised €15.2 billion ($16.8 billion) for a European direct-lending fund, the largest of its kind ever to close in the region. The latest fundraising, ...

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The fund is led by Peter Lockhead and Mathieu Vigier, the co-heads of ICG’s senior debt partners strategy.ICG’s direct-lending business is on its fifth vintage, and seeks to provide loans to private-equity backed companies in Europe. The latest fund has already deployed about 40% of its capital, having lent to firms including European classifieds company Adevinta ASA and Italian textiles manufacturer Gruppo Florence.Founded in 1989, ICG now oversees about $101 billion of assets, according to its website. 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The fund is led by Peter Lockhead and Mathieu Vigier, the co-heads of ICG’s senior debt partners strategy.\nICG’s direct-lending business is on its fifth vintage, and seeks to provide loans to private-equity backed companies in Europe. The latest fund has already deployed about 40% of its capital, having lent to firms including European classifieds company Adevinta ASA and Italian textiles manufacturer Gruppo Florence.\nIt’s the latest sign of growth in the $1.7 trillion private credit sector, which is expanding as a prolonged period of high interest rates has pushed up investors’ expectations on returns. The clamor is fueling rapid growth at some of the well-known managers with lengthy track records in the industry.\nFounded in 1989, ICG now oversees about $101 billion of assets, according to its website. Its new fund follows a string of huge money-raising efforts by peers this year, as direct lenders seek to grab bigger buyout deals.\nIn Europe, Arcmont Asset Management Ltd. raised €10 billion for its latest direct-lending fund earlier this year. Ares Management Corp. is looking to close Ares Capital Europe VI with about €15 billion of investor commitments later this year, according to a recent earnings call.\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2466197401"}