ICG boosts assets under management to €21.2bn

The London-based debt fund manager beat fundraising targets on European and US funds in the final quarter of 2015 to lift assets under management by €1bn.  

Debt fund manager ICG increased assets under management by €1 billion to €21.2 billion in the last quarter of 2015, thanks to beating fundraising targets for its second European senior debt fund and its first North America private debt fund.

The London-listed mezzanine and senior debt manager said it has raised €1.4 billion in the three months to 31 December, taking third party capital raised in the first nine months of the year to €4.7 billion. During the last quarter, ICG added almost €500 million of new commitments for its Europe-focused Senior Debt Partners II, taking the fund to its upper limit €3 billion.

The group also achieved a final close for its ICG North America Private Debt Fund at $800 million, and reached a final close on its joint venture Japanese Mezzanine Fund with Nomura at ¥46.5 billion ($378.6 million; €347.8 million), in line with expectations. It also added a further €266 million for its real estate division’s latest fund, and closed its fifth American CLO with €411 million of investment.

During the period ICG realised €381 million of investments, trimming growth in total assets to €1 billion. Third-party fee earning assets increased by 6 percent to €15.4 billion.

“Despite the prevailing heightened market volatility, the long-term market conditions remain favourable for alternative investments and we remain well positioned to deliver our strategic objectives and generate improving returns for our shareholders,” ICG chief executive Christophe Evain said in a statement.