ICG, the global alternative asset manager, today announced the final close of its second European Infrastructure fund. ICG Infrastructure Fund II (“ICG Infra II” or “the Fund”) received €3.15bn ($3.7bn) of commitments, more than doubling in size compared to the preceding fund, ICG Infrastructure Equity I (“ICG Infra I”), which closed on €1.5bn in 2022.
The Fund was oversubscribed, materially surpassing its €2bn target owing to strong demand from a global and diversified group of investors, with a re-up rate from ICG Infra I investors exceeding 85%.
ICG Infra II is currently almost a quarter deployed across four investments, while its predecessor, ICG Infra I, has delivered three exits to date, selling Akuo to Ardian, Océinde Communications to Crédit Agricole Assurances and Ocea Group to EQT. These realisations demonstrate the team’s ability to scale mid-market businesses and transition them to large-cap investors. The debut fund ranks in the top decile based on its present Distributed to Paid-In Capital (DPI) ratio of 81%.
ICG’s European Infrastructure team comprises 15 investment professionals located across four European cities. They partner with successful management teams and founders to provide growth capital to mid-market businesses across the energy transition, digital and mobility sectors. The team implements a sustainable approach and leverage ICG’s capital solutions DNA, investing across the capital structure in equity, quasi-equity and subordinated debt instruments to generate strong risk-adjusted returns.
Guillaume d’Engremont, Head of Infrastructure at ICG, commented:
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.
Benoît Durteste, CIO and CEO of ICG, added:
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.
Past performance is not a reliable indicator of future results.
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About ICG
ICG (LSE: ICG) is a global alternative asset manager with $123bn* in AUM and more than three decades of experience generating attractive returns. We operate from over 20 locations globally and invest our clients’ capital across Structured Capital; Private Equity Secondaries; Private Debt; Credit; and Real Assets. Our exceptional people originate differentiated opportunities, invest responsibly, and deliver long-term value. We partner with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with our expertise and flexible capital. For more information visit our website and follow us on LinkedIn.
*As at 30 June 2025.
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