Intermediate Capital Group has hit the €2.5 billion target for its sixth mezzanine fund after five months of fundraising, the firm announced. ICG Europe Fund VI has held a first close and is targeting a final close on the €3 billion hard-cap in the next three months, PDI understands.
London-based ICG contributed €500 million from its balance sheet and raised €2 billion in third party commitments.
“This is a landmark for ICG and testimony to the strength [of] our European strategy. Achieving our target fund size as early as the first close and ahead of schedule, confirms that we are both providing our investors with the level of high performance they expect and meeting a demand for our flexible investment approach from mid-market companies,” Benoît Durteste, managing director and head of European investments at ICG, said in a statement.
ICG started marketing ICG Europe Fund VI in the fourth quarter of 2014, as previously reported by PDI.
Predecessor fund ICG Europe Fund V, which closed in December 2012 at its hard-cap of €2.5 billion, also included a subscription of €500 million from ICG’s balance sheet. Limited partners invested in the fund, some of which are understood to be invested in the sixth, included New York State Teachers Retirement System, Pennsylvania Public School Employees’ Retirement System, Teachers Retirement System of Louisiana, Golding Capital Partners and Local Tapiola General Mutual Insurance Company, according to PDI Research and Analytics.