ICG Announces €3bn Final Close for Mid-Market Fund II
Funding | Mar 20, 2025 | Intermediate Capital Group (ICG)
Intermediate Capital Group (ICG), a renowned global alternative asset manager, announced a significant milestone by closing its second European Mid-Market fund program, ICG Europe Mid-Market Fund II, at €3.0 billion. This represents a substantial increase from the €1.0 billion raised for its predecessor, ICG Europe Mid-Market Fund I, in 2019. The strong interest from a globally diverse LP base, which includes sovereign wealth funds, pension funds, and insurance companies, resulted in the fund being significantly oversubscribed. The Mid-Market Fund II has deployed 35% of its capital across seven investments to date. The predecessor fund, MMF I, has delivered exits with returns surpassing targets and continues to hold 11 portfolio companies. This achievement exemplifies ICG's strength in the European Corporate strategy and highlights its commitment to supporting mid-sized companies. ICG holds a prominent position in the global market with a history of flexible capital solutions and a presence in seven European offices.
Sectors
- Private Equity
- Investment Management
Geography
- Europe – ICG's Mid-Market Fund II focuses on investments in mid-sized European companies, emphasizing its geographical investment strategy in Europe.
- Global – The investors of ICG's fund come from a globally diverse LP base, highlighting the fund's international appeal.
Industry
- Private Equity – This industry is relevant as ICG is an alternative asset manager involved in private equity activities through its mid-market fund strategies.
- Investment Management – ICG operates in the investment management industry, managing large capital commitments from various institutional investors globally.
Financials
- €3.0 billion – Final close amount for ICG Europe Mid-Market Fund II.
- 300% – Increase in commitments compared to the prior fund, MMF I, which was €1.0 billion.
- 35% – Percentage of the fund already deployed across seven investments.
- 71% – DPI ratio achieved by MMF I so far.
- €216.0 million – Fee-eligible commitments closed since 31 December 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Intermediate Capital Group (ICG) | Fund Manager | Company | ICG is a global alternative asset manager and FTSE 100 member, responsible for managing the Mid-Market Fund II. |
| Gareth Knight | Head of ICG Europe Mid-Market | Person | Gareth Knight provided remarks on the fund's growth and market position. |
| Benot Durteste | Chief Investment Officer and CEO | Person | Benot Durteste commented on the successful fundraise and its alignment with ICG's European Corporate strategy. |
| Limited Partners | Investors | Company | Globally diverse LPs such as sovereign wealth funds, pension funds, and insurance companies invested in the fund. |