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In brief: ICG closes on €1.5bn for debut SDG-aligned infra fund

ICG Infrastructure Equity 1 is pursuing what the manager calls 'a green generalist strategy aligned to UN Sustainable Development Goals'.

Intermediate Capital Group has wrapped up fundraising for its first infrastructure fund, raising €1.5 billion – against a target of €1 billion – from 40 LPs across Europe, Australia and North America.

ICG Infrastructure Equity 1 is pursuing what the manager calls “a green generalist strategy aligned to UN Sustainable Development Goals”. It has already deployed €1 billion – €600 million committed from the fund plus €400 million in co-investments – across five deals, with ICG targeting investments in renewables, energy efficiency, fibre, electric mobility and social infrastructure.

“It is a significant achievement for a first-time fund to receive such strong client demand and significantly exceed its target in a challenging macroeconomic environment,” said Benoît Durteste, ICG’s CIO and CEO.

Given how hard first-time funds have it in the market – more than half of the LPs surveyed in our LP Perspectives Study 2022 have a ‘no first-time funds’ rule – Durteste should be very happy indeed.

This article first appeared on affiliate publication Infrastructure Investor.