Statement re ICG ANNOUNCES THE CLOSE OF ITS REC...
Embargoed until 8.00am on
Tuesday 13 April 2010
ICG ANNOUNCES THE CLOSE OF ITS RECOVERY FUND AT €843 MILLION
Intermediate Capital Group PLC ("ICG"), a leading investor and alternative asset
manager, announces the closing of its €843 million ICG Recovery Fund ("the
Fund"). Along with ICG PLC's co-investment and its third party funds, ICG now
has approximately €1.5 billion to invest in European recovery opportunities.
This is believed to be one of the largest pools of capital targeting recovery
opportunities in Europe raised since the onset of the credit crisis.
In an economic environment where the availability of debt is considerably
constrained the ICG Recovery Fund focuses on recapitalising balance sheets of
strong but over leveraged European mid market companies seeking to delever and
invest in growth. Approximately 30% of the Fund has already been invested.
The Fund attracted a significant number of new third party investors to ICG
notably from the US, Asia and the Middle East.
Commenting on the new Fund, Benoit Durteste, Fund Manager of the ICG Recovery
Fund, remarked:
"The success of the fundraising is testament to ICG's ability to invest across
the capital structure of strong European mid market companies that have been
adversely impacted by external liquidity or credit issues. Our investment teams
are focused on providing flexible financing structures that facilitate the
recovery and growth of private equity backed businesses."
Christophe Evain, Chief Executive Officer of ICG, said:
"We are grateful for the continued support from our existing investors and are
delighted to welcome a meaningful number of new investors to ICG. The Fund is a
great endorsement of ICG's strategy, excellent 20 year track record, and the
calibre of our local network of investment professionals. It further cements
ICG's position as a leading alternative asset manager."
Lazard acted as the lead global placement agent for the private placement of the
limited partnership interests.
About ICG
Founded in 1989 Intermediate Capital Group PLC ("ICG") is a leading investor and
alternative fund manager specialising in credit risks. It is a leader in the
management of investments in mezzanine, minority equity, buyout debt and related
assets. It has approximately €12 billion under management in proprietary capital
and third party funds. ICG has a large and experienced investment team of
investment executives operating from its head office in London and offices in
Paris, Madrid, Stockholm, Frankfurt, Amsterdam, Hong Kong, Sydney and New York.
Its stock (ticker symbol: ICP) is listed on the London Stock Exchange. Further
information is available at: www.icgplc.com.
Enquiries:
Benoit Durteste, Fund Manager of ICG Recovery Fund, ICG
            +44 (0)20 7628 9898
Jean-Christophe Rey, ICG PLC Investor Relations, ICG
+44 (0)20 7448 5876
Press enquiries:
Amanda Fong, Corporate Communications, ICG PLC
            +44 (0)20 7448 4156
Charlotte Kirkham, M: Communications
            +44 (0)20 7920 2331
[HUG#1402775]
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