Global alternative asset manager ICG has completed the final close of its second European Infrastructure fund, ICG Infrastructure Fund II (ICG Infra II), raising €3.15 billion ($3.7 billion) of commitments.
ICG Infra II was oversubscribed, materially surpassing its €2 billion ($2.3 billion) target due to strong demand from a global and diversified group of investors, with a re-up rate from ICG Infra I investors exceeding 85 percent.
ICG Infra II was more than double the size of the predecessor fund, ICG Infrastructure Equity I, which closed on €1.5 billion ($1.8 billion) in 2022. While ICG Infra II is currently almost a quarter deployed across four investments, 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. ICG said these realizations demonstrate the team’s ability to scale mid-market businesses and transition them to large-cap investors.
