ICG nears final close and readies new Asian fund

The firm is poised to hold a final close for its direct lending fund on more than €1.7bn, and is also ready to launch a new Asian mezzanine fund.

Asset management group ICG looks set to build on its strong fundraising performance last year with the final close of its first direct lending fund significantly above its target and the launch of a third Asian mezzanine vehicle, Private Debt Investor can exclusively reveal. 

ICG will “imminently” hold a final close for its first direct lending fund, ICG Senior Debt Partners, on more than €1.7 billion according to sources close to the firm.

The UK-listed firm has already raised the hard cap for the fund twice, having originally set a target of €1 billion.

In addition, it is set to begin raising a successor to its first Asian mezzanine fund in the coming weeks, the sources said.

Although it has not yet settled on a target, it is understood the firm will aim to raise more than it did for its two previous Asian vehicles. Intermediate Capital Asia Pacific Mezzanine Fund 2005 raised $500 million, while Intermediate Capital Asia Pacific Fund II raised $800 million in 2008.  

ICG enjoyed significant success on the fundraising trail in 2013, opening the year by holding a final close for its biggest fund to date, the €2.5 billion ICG Europe Fund V. It also raised two CLOs totalling €950 million, including Europe's largest – the €550 million St. Pauls III CLO.