Intermediate Capital Group launches EUR 1bn infra fund

20 November 2019 - 12:00 am UTC

Intermediate Capital Group (ICG) has launched its first infrastructure equity fund with a fundraising target of EUR 1bn, a year after setting up an infrastructure team, said two sources familiar with the fund.

ICG Infrastructure Equity Fund I fund targets a net IRR of 11%-12% and a 4% annual cash yield to investors by pursuing a “core-plus” investment strategy, said one of the sources.

FTSE-listed ICG, which declined to comment, has committed to provide a EUR 200m cornerstone investment in the fund, the sources added.

The fund, which is expected to be registered in Luxembourg, targets equity investments of between EUR 100m and EUR 150m in operational infrastructure assets across the transport, social infrastructure, telecommunications, energy and renewables sectors across Europe. 

London-headquartered ICG will aim to invest most of the capital in euro-denominated assets and will have a primary focus on Western Europe, the sources added.

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