Business
Statement re ICG ANNOUNCES THE CLOSE OF ITS REC...
Statement re ICG ANNOUNCES THE CLOSE OF ITS REC....
About this update from Icg Plc
[{"type":"text","content":"\n \n\n\n\n\n\nEmbargoed until 8.00am on\nTuesday 13 April 2010\n\n\n\n ICG ANNOUNCES THE CLOSE OF ITS RECOVERY FUND AT €843 MILLION\n\n\nIntermediate Capital Group PLC (\"ICG\"), a leading investor and alternative asset\nmanager, announces the closing of its €843 million ICG Recovery Fund (\"the\nFund\"). Along with ICG PLC's co-investment and its third party funds, ICG now\nhas approximately €1.5 billion to invest in European recovery opportunities.\nThis is believed to be one of the largest pools of capital targeting recovery\nopportunities in Europe raised since the onset of the credit crisis.\n\nIn an economic environment where the availability of debt is considerably\nconstrained the ICG Recovery Fund focuses on recapitalising balance sheets of\nstrong but over leveraged European mid market companies seeking to delever and\ninvest in growth. Approximately 30% of the Fund has already been invested.\n\nThe Fund attracted a significant number of new third party investors to ICG\nnotably from the US, Asia and the Middle East.\n\nCommenting on the new Fund, Benoit Durteste, Fund Manager of the ICG Recovery\nFund, remarked:\n\n\"The success of the fundraising is testament to ICG's ability to invest across\nthe capital structure of strong European mid market companies that have been\nadversely impacted by external liquidity or credit issues. Our investment teams\nare focused on providing flexible financing structures that facilitate the\nrecovery and growth of private equity backed businesses.\"\n\nChristophe Evain, Chief Executive Officer of ICG, said:\n\n\"We are grateful for the continued support from our existing investors and are\ndelighted to welcome a meaningful number of new investors to ICG. The Fund is a\ngreat endorsement of ICG's strategy, excellent 20 year track record, and the\ncalibre of our local network of investment professionals. It further cements\nICG's position as a leading alternative asset manager.\"\n\nLazard acted as the lead global placement agent for the private placement of the\nlimited partnership interests.\n\n\n\nAbout ICG\nFounded in 1989 Intermediate Capital Group PLC (\"ICG\") is a leading investor and\nalternative fund manager specialising in credit risks. It is a leader in the\nmanagement of investments in mezzanine, minority equity, buyout debt and related\nassets. It has approximately ...