ICG raises $7.6 billion as Europe IX closes at €12 billion

ICG raised $7.6 billion from investors in the six months to Sept. 30. Europe IX, the firm's flagship European corporate strategy, held its €12 billion final close in September. Alternative Credit Investor first reported the interim results on Nov. 11.

At Sept. 30, private debt assets under management were $28.7 billion, down from $29.7 billion six months earlier. Liquid credit rose to $20.4 billion from $19.2 billion over the same period. Group AUM was $145 billion. Fee-earning AUM rose 9% from a year earlier to $90 billion.

The $1 billion decline in private debt AUM is the figure allocators should question before sizing a European corporate credit commitment. Repayments slow the deployment of new capital, while valuation marks change the value of the existing book.

Seven ICG funds have closed at or above target in the past two years, including Europe IX at €12 billion, chief executive Benoît Durteste said. He called Europe IX "the largest structured capital fund ever raised globally."

Fee-related earnings rose 18% year on year to £199 million, or 68p per share. ICG presents that as five-year annualised growth of 28%.

Global private capital fundraising could decline for a fifth consecutive year, Durteste said.