ICG raises $17bn for flagship direct lending fund

Global alternative asset manager Intermediate Capital Group (ICG) has raised $17bn (£13bn) for the latest fund in its flagship direct lending strategy, Senior Debt Partners fund V.

The fund exceeded a target of between $11bn and $12bn and marks one of the largest direct lending fundraises in Europe.

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The fund was launched in 2012 to provide first lien, senior secured loans to a diverse pool of mid and upper mid-market European-based businesses, typically owned by leading private equity firms. To date, the fund has invested around 45 per cent of the capital raised.

“This fundraise underlines ICG’s leading position in European direct lending,” said ICG chief executive Benoît Durteste. “We are proud to be amongst the beneficiaries of a market environment in which clients are increasingly looking to partner with a smaller number of managers, and this significant upsize of one of our flagship funds is a notable achievement as we execute our strategy of scaling up and scaling out.”

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Co-heads of the fund Peter Lockhead and Mathieu Vigier added: “The direct lending market in Europe remains attractive from an investment perspective through economic cycles, and we have a significant pipeline of opportunities. Today’s announcement underlines the appeal of SDP’s clear investment strategy and our differentiated origination platform, and we are grateful to our clients for the support they have shown.”

ICG had $101bn assets under management as of 30 June 2024. It invests across four asset classes: structured and private equity, private debt, real assets, and credit.

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