Intermediate Capital Group, a UK-based listed mezzanine and leveraged loan firm, has closed its second Asia-Pacific fund with $1 billion in capital commitments.
Intermediate Capital Group PLC (“ICG”), a leading mezzanine and leveraged loan investor and third party fund manager, announces the closing of its US$1.0 billion Intermediate Capital Asia Pacific Fund 2008 (“Fund II”). Fund II is strongly supported by existing investors, and has attracted several new investors from Asia and Europe.
At US$1.0 billion, Fund II is double the size of the first fund, and is the largest dedicated mezzanine fund in the region. Fund II will primarily make direct mezzanine investments in the financing of mid market Asia Pacific leveraged buyouts. In addition, Fund II is able to make equity co-investments and to purchase senior debt and mezzanine loans in the secondary debt market.
Fund II will target a well-diversified portfolio by industry sector, geography, private equity sponsor and investment size to deliver superior investment returns on a risk-adjusted basis.
Commenting on the new fund, Tom Attwood, Managing Director of ICG, said: “This is our second Asia Pacific fund, increasing our capacity to offer private equity sponsors optimal financing structures in this dynamic market while providing attractive returns to our fund investors. Over the years we have developed strong, long-standing relationships with our existing investor base, as evidenced by the fact that 75% of Fund II commitments come from existing LPs. We are particularly pleased that Fund II has attracted a number of significant new investors thereby supporting ICG’s growth. ICG has a successful track record of investing across a number of economic cycles, and the current market conditions may prove to be one of the best investment vintages seen in decades.“
Dr Chris Heine, Managing Director of
Intermediate Capital Asia Pacific Limited, remarked: “We are delighted that our existing investors have continued to support us, and that we have attracted a number of new investors in Fund II. This is a great endorsement of ICG’s strategy and confirms that ICG is recognised as one of the leading mezzanine and minority equity investors in the Asia Pacific region.”