ICG Real Estate (“ICGRE”), the real estate division of global alternative asset manager, ICG, today announced that it has held the final close for the second vintage of its Opportunistic Real Estate strategy (“Metropolitan” or “the Portfolio”). ICG Metropolitan Fund II, together with its related vehicles (“ICG Metro II” or “the Fund”), received €1.4bn ($1.6bn) of commitments1.
The Fund materially surpassed its €1bn target owing to strong demand from a globally diverse group of investors including sovereign wealth funds, pension funds, insurance companies and asset managers.
The fundraise brings the total amount raised for the Metropolitan fund series to €2.2bn since its inception in 2022. The Portfolio is highly diversified, comprising approximately 100 institutional‑quality assets on long-term, inflation-linked leases. It offers ICG investors access to opportunistic returns within the European Industrial and Logistics sector, with assets typically sourced off-market through non-traditional routes, including proprietary sale-and-leaseback transactions with corporates. Metropolitan supports ICGRE’s standing as one of Europe’s largest owners of high-quality, long-duration, triple-net lease assets.
Krysto Nikolic, Global Head of ICG Real Estate, commented:
We are delighted to be holding the final close for ICG Metro II at €1.4bn following strong demand from our global investor base, as well as a number of new clients to the firm. The success of this fundraise reinforces our position as a market leader in European Industrial and Logistics investing and the creation of high-quality triple-net lease portfolios.
Benoît Durteste, CIO and CEO of ICG, added:
We are grateful for the support shown by Metropolitan’s new and existing investors. Their confidence underpins our belief that ICG’s real estate division is an exciting long-term growth driver for the firm.
1. Of which c. $600m raised post 31 December 2025.
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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 $127bn* 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 31 December 2025.
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