ICG raises $2.1bn for private debt in Q1

Intermediate Capital Group (ICG) raised $2.1bn (£1.6bn) for its private debt strategies in the first quarter of its financial year, as the firm’s assets under management (AUM) topped $100bn.

The asset manager reported a “strong quarter of fundraising”, with a total of $4.7bn raised across structured and private equity, private debt, real assets and credit over the three months to 30 June 2024.

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AUM totalled $101bn, up from $98.4bn at the end of March, but fee-earning AUM came in at just $70bn.

ICG said it has $27.9bn of AUM available to deploy in new investments – known as ‘dry powder’ – of which $18.2bn was not yet earning fees.

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However, the firm noted “elevated transaction activity” in the quarter, with $3.9bn of deployments – up from $1bn in the first quarter of the previous year.

ICG is making a big push into private credit, alongside developing its first wealth-focused product and Asian real estate and infrastructure funds.

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