Europe: ICG's fundraising for direct lending shows resilience despite big drop overall
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Fundraising for direct lending was resilient over the past year at ICG despite volatile markets.
By dollar amount, ICG brought in $3.8 billion for direct lending during the 12-month period ended March 31, compared to $4 billion in the prior 12-month period ended March 2022, the London-listed firm reported this week.
The 5% decline is rather flat compared to the firm's 55% drop in total fundraising year over year. The firm raised $10.2 billion total for the 12 months ended March 31, compared to $22.5 billion as of March 31, 2022.
The large decline lifted direct lending's share of the pie to 37%, from 18% in 2022.
The firm also reported resilience within direct lending portfolio companies, with LTM EBITDA growth of 20%.?
ICG's direct lending funds include the €8.1 billion Senior Debt Partners IV fund. A new vehicle, Senior Debt Partners V, is reportedly targeting up to?€12 billion.?ICG has also launched North America Credit Partners III fund, which had closed $427 million of third-party commitments as of March 31. —Rachel McGovern
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