ICG closes in on North American target

The UK-listed asset manager is nearing a final close on its debut North American fund and has expanded its US investment team with a hire from Barclays.

ICG has raised $723 million for its North American Private Debt Fund, according to a filing with the Securities and Exchange Commission. 

The fund, ICG’s debut North American vehicle, is moving towards a final close but is not yet out of the market, a source close to the situation said. 

The fund was launched with a target of $750 million and reached a first close of $450 million in May 2014, as previously reported by PDI

London-headquartered ICG has had a presence in the US since 2007 but began a more serious push into lending there in 2012 when it hired Salvatore Gentile to head up the business. 

The firm is attracted to the size of the US market, Benoit Durteste, head of mezzanine, told PDI in an interview earlier this year: “It’s a very deep market. It’s a much deeper market than the European or Asian market for that matter.” 

The firm also announced this week that it has hired Jeffrey Rabel as a managing director within its US private debt team. He joins from Barclays where he has been a managing director within the financial sponsors group in New York since 2006. 

“Jeff has broad experience across a wide range of products and sectors and, importantly, has excellent relationships with the private equity community, advisors, and investors. We are delighted that Jeff has joined ICG and are confident that he will add significantly to further developing ICG’s North American investment platform,” said Gentile. 

Rabel’s career has included stints at Credit Suisse and Ernst & Young. 

ICG’s North American business managed more than $2 billion of assets, as of 30 June.