ICG has announced the final close of its second mid-market fund with €3bn (£2.51bn) of commitments.
The fund was oversubscribed at its increased hard cap, representing a 300 per cent increase compared to the prior fund vintage, ICG Europe Mid-Market I, which closed on €1bn in 2019.
The ICG Europe Mid-Market Fund II provides flexible and tailored solutions to European mid-size companies to support founders and management teams in long-term value creation. To date, 35 per cent of the fund has been deployed across seven investments.
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ICG reported that the fund received strong demand from investors including sovereign wealth funds, pension funds, insurance companies, asset managers, foundations, and family offices.
“We are incredibly proud to announce such a successful fundraise at this time, evidencing the appeal of our strategy in all stages of the economic cycle,” said Gareth Knight, head of ICG Europe mid-market.
“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.”
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“ICG’s European mid-market strategy is a natural extension of our flagship European corporate strategy,” added Benoît Durteste, chief investment officer and chief executive of ICG.
“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.”
The fund’s predecessor has delivered four exits to date, all delivering returns materially ahead of the target for the strategy, ICG added.
