ICG exceeds target with €2.5bn close

The vehicle, ICG Europe Fund V, closed three months ahead of deadline and around 18 months after it was launched.

The fund has a 5-year lifespan and is already around 23% invested with a handful of further investments under discussion, taking the percentage of capital already committed to 26%. Recent deals completed through the vehicle include the buyout of ATPI from Equistone.

Investors
LPs include sovereign wealth funds (35%), pension funds (31%) and insurance companies (10%). Third party commitments increased by more than 50% from the GP's previous fund. Capital commitments to the fund are global, with 29% originating in North America, 37% from Asia-Pacific and 35% from Europe, the Middle-East and Africa (EMEA). The LP base shifted compared to the ICG Europe Fund 2006, when 85% of capital commitments originated in EMEA.

Investments
The fund will back mid-market European businesses across a broad spectrum. Investments will range from pure mezzaninne deals to involvement through senior equity or restructurings. All investments will by done through subordinated debt instruments.

About 30% of the fund's capacity is already planned to be allocated to deals in the pipeline.

People
Benoit Durteste is head of European mezzanine at ICG.

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