ICG, the global alternative asset manager, today announced the successful closing of a landmark €2bn refinancing and growth financing for Funecap Group (“Funecap” or “the Group”). This transaction represents the largest French direct lending transaction in 2025 to date.
The innovative debt package features a first-of-its-kind debt special purpose vehicle (“SPV”) created exclusively for this financing. Through this SPV, ICG has partnered closely with its LPs to provide ongoing exposure to this attractive opportunity. The structure underscores ICG’s ability to deliver tailored solutions that support long-term business growth while providing differentiated value for its clients.
The transaction was executed on behalf of ICG’s flagship direct lending strategy, Senior Debt Partners (“the strategy”), which closed its fifth vintage at c. €15.2bn in late 2024. The strategy focuses on partnering with leading mid-market businesses to provide flexible financing to drive sustainable growth and strategic transformation and has been invested in Funecap since 2015.
Mathieu Vigier, Co-Head of ICG Senior Debt Partners, commented:
This transaction demonstrates our ability to combine scale, creativity and certainty of execution. The bespoke SPV structure is a testament to our team’s expertise in delivering differentiated solutions and meaningful value to our investors. We look forward to a continued successful partnership with the Funecap team.
Olivier Serin, Managing Director of Funecap Group, added:
With the establishment of this new financing line, Funecap reaffirms its strong growth momentum across all its activities, now spanning 15 countries. We welcome ICG’s continued support, which has contributed to the Group’s development since 2015.
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For further information please contact:
Clare Glynn
Head of Corporate Communications
+44 20 3545 1395
[email protected]
Maisie Le Masurier
Corporate Communications
+44 20 3545 1624
[email protected]
About ICG
ICG (LSE: ICG) is a global alternative asset manager with $124bn* 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 September 2025.
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