Alternative asset manager ICG reported “strong traction” from clients, as total fundraising reached $4.1bn (£3.1bn) in the three months to 30 June led by structured capital and secondaries.
Assets under management (AUM) remained flat at $126bn, while fee-earning AUM rose three per cent in the quarter and 10 per cent year on year to hit $88bn.
ICG said it has dry powder of $36bn, of which $18bn is not yet earning fees.
Within structured capital and secondaries, ICG raised $2.2bn, with $2.1bn of that raised by Europe IX, its largest-ever co-mingled fund.
At the end of June, Europe IX stood at €11bn and is on track to close at a total fund size of €12bn in the second quarter of fiscal year 2027, at which point it would be the largest co-mingled structured capital fund ever raised globally.
This would be “significantly in excess” of its €10bn target and 50 per cent larger than the prior vintage.
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ICG said the fund is “materially oversubscribed”, largely due to the “highly differentiated nature of the strategy and its strong track record”.
Fundraising in real assets totalled $1.3bn, while ICG’s debt business raised $600m in the three months.
During the quarter, ICG launched Senior Debt Partners (SDP) VI, which is focused on European senior direct lending and invests in mid-market and upper mid-market corporate borrowers.
First close of SDP IV is expected before the end of fiscal year 2027.
ICG’s funds deployed $3bn of capital during the three months to June, “broadly balanced” across asset classes.
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