Fundraising - NOVEMBER 15, 2016

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Intermediate Capital Group closes U.K. debt fund with £1b

by Andrea Waitrovich

Intermediate Capital Group has held a final close for its ICG Longbow Fund IV, raising approximately £1 billion ($1.24 billion), meeting its fundraising target.

The fund primarily focuses on investing in self-originated whole loans secured against U.K. commercial property. Additionally, ICG Longbow Fund IV can invest in mezzanine debt, preferred equity, joint venture equity, development loans and secondary loan acquisitions.

The fund is 33 percent larger than its predecessor fund and of a similar size to the combined total previously raised for this strategy. The fund will focus on selectively investing into mid-market assets across the United Kingdom, avoiding City of London office assets and those with cyclical cash flows.

Fund IV is backed by a diverse group of limited partners, including new and repeat institutional investors from the United Kingdom, continental Europe and Asia.

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