ICG, the global alternative asset manager, announced the final close of its second European Mid-Market fund program.
ICG Europe Mid-Market Fund II, together with its related vehicles, received €3.0bn of commitments, representing a “300% increase compared to the prior fund vintage, ICG Europe Mid-Market Fund I, which closed on €1.0bn in 2019.”
According to the announcement, the Fund was oversubscribed at its increased hard cap following demand from a “globally diverse LP base comprising sovereign wealth funds, pension funds, insurance companies, asset managers, foundations, and family offices.”
To date, MMF II is 35% deployed across seven investments.
The Fund’s predecessor, MMF I, has reportedly delivered four exits to date, all delivering returns “materially ahead of the target for the strategy. MMF I has so far achieved a Distributed to Paid-In Capital (DPI) ratio of 71% and has 11 portfolio companies remaining.”
ICG’s European Mid-Market funds are part of ICG’s European Corporate strategy, which reportedly has a “track record targeting locally sourced, directly originated and privately negotiated subordinated debt and equity investments.”
Focused on mid-sized companies, European Mid-Market aims to provide flexible solutions to “support founders and management teams in realising long-term value creation.”
The investment team has a local presence in seven European offices.
Gareth Knight, Head of ICG Europe Mid-Market, commented:
“The substantial growth we have delivered on our prior vintage reflects the strength of our market position and consistency of performance we are delivering for our clients. We are grateful to our investors, colleagues and partners for their continued support.”
Benoît Durteste, CIO and CEO of ICG, added:
“ICG’s European Mid-Market strategy is a natural extension of our flagship European Corporate strategy. The resounding success of this fundraise and the significant increase in client commitments is a great example of our ability to continue to scale and build market leading strategies.”
Since 31 December 2024 the Fund has “closed fee-eligible commitments totalling €216.0m.”
ICG explained that it provides flexible capital solutions to “help companies develop and grow.”
They are a global alternative asset manager with “over 35 years’ history, managing $107bn of assets* and investing across the capital structure.”
They aim to develop long-term relationships with business partners “to deliver value for shareholders, clients and employees, and use their position of influence to benefit the environment and society.”