ICG has raised €12bn (£10.3bn) for its flagship European corporate strategy, ICG Europe Fund IX (EF IX), at final close.

The global alternative asset manager said the fundraise represents a 50 per cent increase on its predecessor, ICG Europe VIII.

The fund was oversubscribed and reached its €12bn hard cap, attracting approximately 90 new limited partners (LPs), who together committed €6.7bn. A further €5.9bn was committed by existing investors from previous vintages.

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“We are grateful to partner with a growing and sophisticated base of LPs on this highly differentiated strategy,” said Benoît Durteste, chief investment officer and chief executive of ICG. “Our clients have demonstrated significant conviction in our investment thesis and continued support for the flexible capital strategy we pioneered.”

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ICG said EF IX, the ninth vintage of its European Corporate strategy, represents the largest dedicated structured capital fund raised globally. The manager added that the fund is currently 22 per cent deployed across six investments.

Overall, ICG has $126bn in assets under management, with strategies spanning structured capital, private equity secondaries, private debt, credit and real assets.

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