ICG closes Fund VI after seven months

The vehicle was launched seven months ago, according to the firm – ICG added that the launch took place around 18 months earlier than anticipated, as the previous vehicle for this strategy had completed its investment period.

It reached a first close on its €2.5bn target in April. The fund's predecessor held a final close in December 2012 on its hard-cap of €2.5bn.

Investors
At the time of first close, ICG had itself committed €500m to the vehicle, with the remainder coming from external investors.

As with its predecessor, capital commitments to ICG Europe VI have come from a global investor base, with LPs hailing from Europe, North America, Asia Pacific, the Middle East and Latin America.

The alternative lender's fifth fund received commitments from LPs including sovereign wealth funds (29% of all capital raised), pension funds (40%), asset managers (9%) and insurance companies (25%).

Investments
ICG Europe Fund VI will make non-sector-specific investments including leveraged buyouts, mezzanine and refinancings for European mid-market companies. It is already deployed at 8% across two investments and has a 5-year investment period.

People
Benoît Durteste is managing director and head of European investments at ICG.

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• Intermediate Capital Group