ICG, a global alternative asset manager, has announced the final close of its second European Infrastructure Fund, securing €3.15 billion (about $3.7 billion) in commitments. This is more than double the size of its predecessor, ICG Infrastructure Equity I, which closed in 2022 with €1.5 billion.
The fundraising significantly exceeded the fund’s €2 billion target, driven by strong demand from a broad and diverse group of investors worldwide. More than 85 percent of the investors from the first fund chose to reinvest, reflecting confidence in ICG’s strategy and track record.
ICG Infra II has already deployed nearly a quarter of its capital across four investments. Its predecessor, ICG Infra I, has completed three successful exits, selling Akuo to Ardian, Océinde Communications to Crédit Agricole Assurances, and Ocea Group to EQT. These transactions highlight the team’s ability to grow mid-market businesses and position them for acquisition by larger investors. The first fund currently ranks in the top decile of its peer group, with a Distributed to Paid-In Capital ratio of 81 percent, underscoring its strong performance.
The European Infrastructure team at ICG consists of 15 investment professionals based in four cities across Europe. They focus on partnering with management teams and founders to provide growth capital to mid-market companies in sectors such as energy transition, digital infrastructure, and mobility. The team follows a sustainable investment approach and draws on ICG’s expertise in flexible capital solutions, investing across equity, quasi-equity, and subordinated debt to achieve strong risk-adjusted returns.
KEY QUOTES:
“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 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.”
Guillaume d’Engremont, Head of Infrastructure at ICG
“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.”
Benoît Durteste, CIO and CEO of ICG
