ICG increases target for next Senior Debt Partners vintage

The firm’s quarterly trading statement said it expects initial commitments to its next debt fund to close soon.

Intermediate Capital Group has increased its assets under management by 4 percent in the three months to 31 December, according to its Q3 trading statement.

The asset manager now has €42.6 billion of assets under management after raising €1.6 billion in the third quarter of its financial year. Third-party fee earning assets increased by 5 percent over the quarter to €34.6 billion.

The trading statement also revealed that the firm has begun fundraising for the fourth vintage of its Senior Debt Partners strategy with initial commitments expected to close soon. ICG said it was intending to increase the size of the vintage. Senior Debt Partners III closed on €5.2 billion and is the firm’s largest fund raised to date.

In anticipation of the new vintage, deployment of 2017’s Senior Debt Partners III has continued with six deals completed in the third quarter, bringing the portfolio to a total of 35 assets and 77 percent invested, up from 65 percent invested at the end of September 2019.

North American Private Debt Fund II made one investment, taking the fund to a total of 26 percent invested, while ICG Longbow Real Estate Fund V completed two transactions and is now 55 percent invested.

The asset manager’s ICG Europe Fund VII, which closed on €4.5 billion at the end of 2018, made no investments in the quarter and remains 48 percent deployed.

Commenting on third-quarter results, ICG’s CEO Benoît Durteste, said: “Our strategy remains focused on delivering superior performance for clients across a broad range of proven investment strategies, while also building our capabilities in newer segments to provide further diversification.”