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ICG closes second Asia Pacific fund on $1bn

The UK finance provider’s fund close was reportedly $500m short of its $1.5bn target.

Mezzanine manager Intermediate Capital Group has closed its second Asia Pacific fund, Intermediate Capital Asia Pacific Fund 2008, with $1 billion in commitments.

Seventy-five percent of Fund II’s commitments came from existing LPs, Tom Attwood, ICG managing director, said in a statement. 

The Intermediate Capital Asia Pacific Fund 2008 will primarily make direct mezzanine investments in the financing of mid-market leveraged buyouts in Asia Pacific. It will also make equity co-investments and acquire senior debt and mezzanine loans in the secondary debt market.

Founded in 1989, Intermediate Capital was listed on the London Stock Exchange in 1994. In 2001, it opened an office in Hong Kong and began its push into the region with two more offices in Tokyo and Sydney. Currently, the firm manages €3 billion in direct investments and €10 billion in third party mezzanine and credit funds.

Intermediate Capital was not available for comment at press time.