ICG raises $1.9bn for North American private debt fund
ICG has raised $1.9bn (£1.43bn) for the third iteration of its North American private debt strategy.
This represents a 50 per cent increase compared to its predecessor fund. The North American Credit Partners Fund III (NACP III) is already partially deployed, with four deals completed to date.
Like its predecessors, the fund will provide private debt capital solutions for both private equity-sponsored and independent corporate borrowers in North America, typically investing in businesses with between $25m and $250m of EBITDA.
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“We are delighted to have held the final close for NACP III at $1.9bn,” said Brian Spenner, head of North American credit at ICG.
“The sizeable increase in client commitments compared to the preceding fund is a testament to the proven nature of the strategy and the appetite among both new and long-standing ICG clients for differentiated credit funds.
“We look forward to continuing our investment program and providing capital solutions for private equity sponsors and corporate borrowers.”
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Spenner will manage the fund along with his senior investment team, who have an average of 20 years of private debt investment experience.
“This is a significant milestone for the team, reflecting the track record established – among both clients and corporate borrowers – in the decade since the strategy’s inception,” said Benoît Durteste, chief executive of ICG.
“This successful fundraise allows us to capitalize on attractive investment opportunities, and further reinforces our presence in North America, a key growth area for ICG.”
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