Global alternative asset manager ICG has held the final close of its second European Infrastructure fund at €3.15bn, exceeding its €2bn target and more than doubling the size of its debut vehicle.
ICG Infrastructure Fund II attracted commitments from a broad and international investor base, with more than 85% of backers from ICG Infra I re-upping into the new fund. Nearly a quarter of the capital is already deployed across four transactions.
Guillaume d’Engremont, head of infrastructure at ICG, said the fund’s scale will allow the team to build an even more diversified portfolio: “Infra I’s performance demonstrates the strength and resilience of our strategy. With this new capital, we are well positioned to continue delivering value for both our investors and corporate partners.”
Benoît Durteste, CIO and CEO of ICG, added: “To more than double the size of a fund in three years is no small feat. This raise highlights both the track record of the team and the strong conviction from our clients. It underlines our ability to scale strategies rapidly and seize opportunities in the European mid-market.”