ICG Hauls in $1.9B for 3rd Credit Fund

ICG announced the final close of its North American Credit Partners Fund III (NACP III) at $1.9 billion, representing a considerable increase in capital over its previous vehicle.

Established in 2014, NACP III, led by Brian Spenner, head of North American credit at ICG, typically invests in businesses with EBITDA between $25 million and $250 million. Investment sizes range from $50 million to $1 billion.

The new fund, which provides private debt financing to middle-market companies in North America, has already made four investments and reports a strong pipeline of opportunities. The fundraising represents a 50% increase in client capital compared to the predecessor fund that closed in January 2019.

“The sizeable increase in client commitments compared to the preceding fund is a testament to the proven nature of the strategy and the appetite among both new and long-standing ICG clients for differentiated credit funds,” said Spenner.

The global alternative asset manager’s announcement comes just a week after its European team raised $17 billion for the fifth iteration of the firm’s main direct lending strategy, Senior Debt Partners.