Intermediate Capital Group is planning on introducing a spate of successor funds next financial year, hoping to hit a fundraising target of €4 billion. The firm outlined its plans in its latest earnings materials.
The firm is also planning to introduce the next iterations of two regionally-focused funds. It notes it expects to raise successor funds for both its US private debt offering and UK real estate strategy.
The latter would be the firm’s fifth UK-focused real-estate fund. According to PDI data, it raised £1 billion (€1.2 billion, $1.3 billion) for its predecessor, the ICG-Longbow UK Real Estate Investment Fund IV.
During the previous financial year, ICG’s assets under management grew to £3 billion – an increase of £275 million year-on-year. The firm also says it made more than £500 million in new investments during the previous financial year.
An analyst’s note from Jefferies, obtained by PDI, notes ICG could raise as much as €6 billion during the next financial year. On top of the expected €3 billion from the Senior Debt Partners III fund, the notes anticipates €1 billion being raised in the firm’s CLO business.