Global alternative asset manager ICG has raised €3.15bn for its second European Infrastructure fund.
The manager said the amount raised for ICG Infrastructure Fund II (ICG Infra II) exceeded its €2bn target and more than doubled the €1.5bn raised in 2022 for the previous fund in the series.
ICG Infra II secured the capital from a global and diversified group of investors, with a re-up rate from ICG Infra I investors exceeding 85%, the manager added.
ICG Infra II is currently almost a quarter deployed across four investments.
Guillaume d’Engremont, head of infrastructure at ICG, said: “We are delighted to be holding the final close for ICG Infra II at €3.15bn and are extremely grateful for the support of our investors. Infra I’s DPI [distributed to paid-in capital] 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. I’m proud of the team and confident that we are well positioned to effectively deploy the dry powder provided by this fundraise, creating further value for both our clients and corporate partners.”
Benoît Durteste, CIO and CEO of ICG, said: “To more than double the size of a fund in three years is no small feat, testament to the team’s track record and strong conviction among our clients.
“A raise of this calibre demonstrates the firm’s ability to scale strategies at pace and leaves us in good stead to capitalise on attractive opportunities within the European mid-market.”
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