ICG almost doubles Europe VII to close €8.1bn fund VIII

Aug 2, 2022 | News

Intermediate Capital Group has almost doubled its predecessor to close its eighth European Corporate fund on €8.1bn.

Europe VIII significantly beats its €7bn target and exceeded its hard cap. It is also 90% bigger than Europe VII.

The fund has attracted commitments from more than 100 clients including 33 new ones, the firm said.

ICG’s flagship European corporate strategy provides flexible capital solutions to companies across Europe. It has invested over €27bn across more than 400 transactions in the past 33 years.

Benoît Durteste, CIO and CEO of ICG, said, “We are immensely proud of the strong endorsement from our existing and new clients which has enabled this highly successful fundraise.

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This strategy has historically done particularly well in periods of greater volatility and this successful fundraising provides us with the dry powder to fully take advantage of the opportunities arising from the current market environment.”

ICG was reported last month to have raised more than $5bn for the final close of what is believed to be the biggest-ever fund targeting GP-led secondaries deals.

Big investors in the ICG Strategic Equity IV raise included CalSTRS, which committed $250m, Fubon Life Insurance and the New York City Employees’ Retirement System, Secondaries Investor reported.

It cited two unnamed sources as saying the fund had beaten its $5bn target, following about 18 months in the fundraising market.

ICG previously raised $2.4bn for its predecessor fund in the strategy at the start of 2020.

Secondaries Investor said Fund IV was already about 60% committed through single-asset transaction.

Source: Altassets

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