ICG – a global alternative asset manager – announced the completion of fundraising for its North American Credit Partners Fund III (NACP III), following strong demand from a global group of new and existing investors.
NACP III has achieved a total fund size of $1.9 billion, representing a 50% increase in client capital compared to the predecessor fund. And Fund III has already made four investments to date, and has an attractive pipeline of additional opportunities.
Launched in 2014, ICG’s North American Credit Partners strategy provides private debt financing to private equity-sponsored middle-market companies and independent corporate borrowers in North America, typically investing in businesses with $25 million to $250 million of EBITDA. And the tenured team, led by Brian Spenner, is comprised of senior investment professionals with an average of over 20 years of private debt investment experience.
KEY QUOTES:
“This is a significant milestone for the team, reflecting the track record established – among both clients and corporate borrowers – in the decade since the strategy’s inception. This successful fundraise allows us to capitalize on attractive investment opportunities, and further reinforces our presence in North America, a key growth area for ICG.”
-Benoît Durteste, CIO and CEO of ICG
”We are delighted to have held the final close for NACP III at $1.9bn. The sizeable increase in client commitments compared to the preceding fund is a testament to the proven nature of the strategy and the appetite among both new and long-standing ICG clients for differentiated credit funds. We look forward to continuing our investment program and providing capital solutions for private equity sponsors and corporate borrowers.”
