ICG raises €4.5bn

The specialist asset manager closes latest European debt fund at target.

The Intermediate Capital Group has held a final close of ICG Europe Fund VII at its €4.5 billion target size. The fund, which began fundraising in January, will pursue the same strategy as its predecessor – investing in European corporate debt – but has a higher fee rate, charging fees on committed capital. The firm raised €4 billion in external commitments and contributed €500 million to the fund themselves.

Investors backing the fund include a number of large US pension funds: Teachers’ Retirement System of Louisiana, Pennsylvania Public School Employees’ Retirement System, Tennessee Consolidated Retirement System and New York State Teachers’ Retirement System (NYSTRS).

ICG Europe Fund VI previously closed at €3 billion in September 2016.