ICG is preparing its sixth European direct lending vehicle with a target of €15 billion, or about $17.4 billion. The fund, Senior Debt Partners VI, will be overseen by Peter Lockhead and Mathieu Vigier, who co-head the firm's Senior Debt Partners strategy. Details were shared by people familiar with the plans who requested anonymity because the information is private.
The prior fund in this series collected €15.2 billion after setting an initial goal of €10 billion to €12 billion. Across Europe and the US, managers with sizable asset bases and long histories are drawing a larger slice of new institutional commitments, making it tougher for smaller or newer rivals to stand out. Recent examples include Hayfin's fifth direct lending fund surpassing €15 billion in commitments, and Ares Management Corp. last year assembling a €30 billion pool for a comparable strategy.
ICG introduced its inaugural direct lending fund in 2012, putting it among the early players in the market, and has deployed roughly $37 billion since. The Senior Debt Partners strategy operates out of five European offices staffed by more than 50 investment professionals. ICG's spokesperson declined to comment on the fundraising effort.
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Big pools of institutional cash keep gravitating to the largest private credit managers, and ICG's latest fund sits squarely in that trend. If you watch private credit, this is another sign of who is setting structures and pricing power in European deals right now.
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