ICG has closed ICG Infrastructure Fund II at $3.71bn (€3.15bn), beating its target amid strong re-ups and early deployment momentum. The vehicle is almost 25% invested across four deals.

The raise more than doubles ICG’s 2022 debut infrastructure fund. Re-ups from prior investors exceeded 85%, underscoring appetite for ICG’s mid-market strategy across energy transition, digital, and mobility.

Guillaume d’Engremont, Head of Infrastructure, said: “We are delighted to be holding the final close for ICG Infra II at €3.15bn and are extremely grateful for the support of our investors. 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.”

Benoît Durteste, CIO and CEO, added: “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. A raise of this calibre demonstrates the firm’s ability to scale strategies at pace and leaves us in good stead to capitalise on attractive opportunities within the European mid-market.”

Fund I has already realised three exits: Akuo (to Ardian), Océinde Communications (to Crédit Agricole Assurances), and Ocea Group (to EQT), and reports an 81% DPI, described as top decile.

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