Global alternative asset manager ICG has announced the final close of its second European Infrastructure fund, ICG Infrastructure Fund II, at €3.15bn (£2.7bn) of commitments.

This is more than double the size of the preceding fund, ICG Infrastructure Equity I,  which closed at €1.5bn in 2022.

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ICG said in a statement that the fund was oversubscribed, materially surpassing its €2bn target due to strong demand from a global and diversified group of investors, with a re-up rate from ICG Infra I investors exceeding 85 per cent.

“Infra I’s DPI speaks to the proven nature of our strategy and its resilience through economic cycles. This fund will continue the same approach, with its size allowing us to build a portfolio that is even more diversified,” said Guillaume d’Engremont, head of infrastructure at ICG.

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“I’m proud of the team and confident that we are well positioned to effectively deploy the dry powder provided by this fundraise, creating further value for both our clients and corporate partners.”

“To more than double the size of a fund in three years is no small feat, testament to the team’s track record and strong conviction among our clients,” added Benoît Durteste, chief executive and chief investment officer of ICG.

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