ICG on EUR 10bn-plus direct lending fundraise for large deals

ICG’s new Senior Debt Partners Fund V is designed to provide unitranches and other senior debt facilities to large-cap private equity-owned companies generating EUR 50m-EUR 200m EBITDA, according to the first source and a fourth familiar.

With a target of EUR 10bn-plus, ICG’s new private credit vehicle will be on a par with Ares’ latest, which will reportedly be Europe’s largest-ever direct lending fund with a target north of EUR 11bn.

Following the raise, which is already underway, ICG will compete with the likes of large-cap-focused credit shops such as Apollo Global Management, which last month raised USD 2.35bn for a new strategy to lend to companies with EBITDA in excess of USD 100m.

Fund V will reside within ICG’s Senior Debt Partners division, which oversees the alternative asset manager’s European direct lending strategy, according to the second source.

The raise comes hot on the heels of ICG’s Senior Debt Partners Fund IV, which closed last December with EUR 8.1bn of commitments. In announcing the close of this fund, ICG noted that it expected to launch its fifth fund in 2022.

ICG is raising at a time of enhanced competition in Europe’s private credit market. In addition to Ares, Morgan Stanley, Deutsche Bank, Investec and Barclays are among lenders this year to have embarked on fundraises for new direct lending strategies.

ICG declined to comment.

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