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Laxman Pai, Opalesque Asia:

Global alternatives asset manager Intermediate Capital Group (ICG) has raised $17bn (€15.2bn) for the fifth vintage of its Senior Debt Partners (SDP) fund at the final close.

According to a media release from the private equity investment firm, the raise is the largest-ever direct lending fundraise in Europe, having heavily exceeded its target of $11 bn to $12bn. So far, about 45% of the capital raised has been invested. The fund is ICG's flagship direct lending strategy and was first launched in 2012.

Benoit Durteste, CIO and CEO of ICG said: "This fundraising underlines ICG's leading position in European direct lending. We are proud to be amongst the beneficiaries of a market environment in which clients are increasingly looking to partner with a smaller number of managers, and this significant upsize of one of our flagship funds is a notable achievement as we execute our strategy of scaling up and scaling out."

ICG is a London-based asset manager with over $101bn assets under management. Its senior debt strategy was launched in 2012 and invests for over 180 clients.

"The direct lending market in Europe remains attractive from an investment perspective through economic cycles, and we have a significant pipeline of opportunities. Today's announcement underlines the appeal of SDP's clear investment strategy and our differentiated origination platform, and we are grateful to our clients for the support they have shown," said Pet......................

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