ICG closes senior debt fund on €1.7bn

The fund reached a first close in February 2013 and is now 50% invested. The fund also comprises €190m of Business Finance Partnership funds from the HM Treasury, for investing in the UK.

Investments
Senior Debt Partners I has already completed 14 transactions across Germany, France, Luxembourg and the UK.

The fund invests senior debt and has a three-year investment period. The fund targets credit investments into mid-market European companies.

Investors
The vehicle attracted commitments globally, with 40% of the fund coming from the UK and Ireland; 34% from continental Europe; 23% from Asia Pacific; and the remainder from the US and Canada.

Commitments were sourced from a range of investors with 49% coming from pension funds, 22% from other asset managers, 23% from insurance companies and the remainder from sovereign wealth funds.

People
Dagmar Kent Kershaw is head of credit fund management at ICG.

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• Topics
• Funds
• Fundraising
• Intermediate Capital Group
• Senior debt