Our history

ICG was founded in 1989 on the principles of flexible investment solutions, specialist experience and local knowledge. The values we established back then still hold true today.

We are as proud of our long-term relationships with our clients and portfolio companies, and the diversity of our thinking, as we are of our returns.

Over time, we have broadened our specialist strategies and our global reach.

We are focused on investing responsibly, operating with purpose, and leading change in our industry.

Our DNA and history

CEO and CIO Benoît Durteste looks at ICG’s key attributes and how these have evolved through the decades

1989 – 1994

A new asset class launches a new company

Intermediate Capital Group (ICG) is founded in 1989 in the UK by six entrepreneurs who see a market for an emerging asset class: mezzanine debt – a layer of debt refinancing between equity and fixed income.

We quickly make our first investments, one being in Silvi, a French fire protection equipment producer, and are soon making loans across Europe.

In 1994, ICG is listed on the London Stock Exchange (LSE:ICG)[1] and begins managing funds on behalf of third party investors. A commitment to flexibility in investment and financing solutions is established, a central pillar of our investment DNA.

[1] ICP from 1994 to 2024; ICG from 2024

St Paul's in London

1995 - 2007

Expanding globally

In 1995, we open an office in Paris and, in 1998, raise €50m for our first European fund.

Assets under managements (AUM) reach a milestone €1bn in 2000, the year we issue Europe’s first CLO fund (Eurocredit 1 at €450m).

In 2001, our first Asia Pacific office, in Hong Kong, is opened. We also complete our largest-ever underwriting for Picard, a leading French distributor of gourmet frozen food.

An office in Madrid is opened in 2003, followed by Frankfurt in 2004, Sydney in 2006 and in New York in 2007.

Our inaugural Asia Pacific Fund launches in 2005, closing at around €600m.

As we extend into new geographies, we organically grow our local presence and build on our trusted relationships, equipping us with an in-depth understanding of every local market we operate in.

New York City skyline

2008 - 2009

The global financial crisis

In 2008, like countless others around the world, we face enormous challenges in weathering the impact of the global financial crisis.

To help support our clients and shareholders, we launch the Recovery Fund 2008, leveraging opportunities in the loan market and providing much-needed relief for businesses.

The crisis becomes a catalyst igniting our diversification strategy across asset classes and geographies.

Hong Kong

2010 - 2011

Refocus of corporate strategy

We refocus our corporate strategy in 2010, developing a third-party investment business, building on our experience in managing a balance sheet. Christophe Evain is appointed CEO, following the retirement of Tom Attwood.

We start building a dedicated client function and the following year, lay the foundation for our Real Assets business by taking a 51% stake in Longbow, a UK real estate financing business. We launch the fifth vintage of our flagship European Fund.


2012 - 2014

Landmark new strategies established

In 2012, we launch our inaugural direct lending strategy and create a European market leader in response to the lack of capital provision by traditional lenders. This creates another flagship strategy.

The following year sees AUM reach a record €12.9bn and we launch a new Real Assets investment strategy.

Expansion continues in Asia Pacific with new offices in Singapore and Japan.

The founding members of our Strategic Equity team join ICG to focus on GP-led secondary transactions – over the coming years, we build this into a global flagship strategy. We end 2014 by acquiring the outstanding 49% balance of Longbow.


2015 - 2017

A new fundraising record and changes in leadership

Europe Fund VI sets a new ICG record closing at €3bn in 2015 and two years later, the third direct lending vintage of Senior Debt Partners raises €5.2bn.

Graphite Enterprise Trust, a private equity investment trust and one of ICG’s founding shareholders 26 years earlier, is acquired in 2015, becoming the ICG Enterprise Trust – a FTSE250 company in its own right.

As Christophe Evain retires in 2017, Benoît Durteste becomes Chief Executive Officer and Chief Investment Officer.

Benoît Durteste, CEO and CIO, ICG
Benoît Durteste, Chief Executive Officer and Chief Investment Officer

2018 - 2019

Enhancing Diversity, Equity and Inclusion

As we grow, we set clear priorities around inclusion — firm goals to foster a workplace in which each individual is supported to succeed and be themselves. ICG signs the Women in Finance Charter, which includes a commitment to having 30% of management roles filled by women by 2023. We enter into a partnership with BUCS to support the next generation of female leaders across the UK and establish a ‘returnship’ programme for women who re-enter the financial services industry after extended career breaks.

We continue to drive impressive success as Europe VII closes at €4.5bn and fundraising across all strategies totals €10.1bn for the fiscal year.

In 2019, Vijay Bharadia is appointed Chief Finance and Operating Officer and Executive Director, replacing Philip Keller who retires after 13 years with the firm.

ICG New York

2020 - 2022

Fast growth and a focus on ESG

In 2020, ICG is elevated to the FTSE 100 for the first time, we launch an inaugural €500m Eurobond, move to a new London headquarters and open an office in Milan. Antje Hensel-Roth joins the Board as Chief People and External Affairs Officer.

As the Covid-19 pandemic comes to a head, we work hard to continue to deliver outstanding performance. Our focus on managing our business based on inclusion and responsibility becomes ever more important amid enormous challenge on the physical and mental wellbeing of our teams, our stakeholders and partners.

At the end of 2020, we win the Financial News Alternatives Provider of the Year award, and ICG achieves its highest-ever score in the annual UN PRI responsible investing assessment.

In 2021, we continue our expansion, opening an office in Dubai.

Based on science-based targets, we adopt a commitment to reach net zero in operations by 2040, using our position of influence to lead change in our industry. We reach our 2018 commitment to the Women in Finance Charter two years early, with a 41% representation of women in UK senior management roles and 35% globally.

Antje Hensel-Roth
Antje Hensel-Roth, Chief People and External Affairs Officer

2023 to Today

Delivering growth through cycles

In 2023, we continue our expansion, opening an office in Copenhagen.

Vijay Bharadia steps down as Chief Financial and Operating Officer, with former Goldman partner David Bicarregui appointed as his successor. David is elected as a Director of ICG plc at the 2023 AGM.

CEO & CIO Benoît Durteste comments in our results for the 12 months to 31 March 2023:

Rising interest rates and a more uncertain economic outlook are particularly suited to our substantial structured equity and private debt offerings – an important strategic benefit of our scale and breadth, which enables us to operate successfully across market cycles.

Our total AUM for the period ending 31 December 2023 2023 is $86.3bn.

As we look forward, we see huge potential for growth and continue to build on our outstanding 30-year track record – creating value and delivering sustainable results for our stakeholders, shareholders and communities.

David Bicarregui
David Bicarregui, Chief Financial Officer

A decade of AUM growthOur assets under management (AUM) have grown from $12.2bn in financial year 2012 to $80.2bn in financial year 2023.

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Source: Annual Report 2023