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Laxman Pai, Opalesque Asia: Global alternative asset manager ICG has completed the final close of its second European Infrastructure Fund, raising €3.15 billion ($3.7 billion) in commitments.
The vehicle, known as ICG Infrastructure Fund II, is more than double the size of its predecessor, which secured €1.5bn in 2022.
ICG has closed its second fund well above its €2 billion target, following strong demand from a global base of investors. More than 85% of backers from the first fund, ICG Infrastructure Equity I, committed again.
Guillaume d'Engremont, head of infrastructure at ICG, said the oversubscribed fund reflected confidence in the firm's strategy. "Infra I's DPI speaks to the proven nature of our strategy and its resilience through economic cycles. This fund will continue the same approach, with its size allowing us to build a portfolio that is even more diversified," he said.
ICG Infra II is already nearly a quarter deployed across four investments. Its predecessor, which raised €1.5bn in 2022, has exited three portfolio companies to date - Akuo to Ardian, Oceinde Communications to Credit Agricole Assurances, and Ocea Group to EQT. Infra I currently ranks in the top decile, with a Distributed to Paid-In Capital (DPI) ratio of 81%.
The European Infrastructure team, comprising 15 professionals across four cities, focuses on providing growth capital to mid-market companies in the energy transition, digital, and mobility sectors. Inv...................... To view our full article Click here
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