ICG seeks €15bn for sixth European direct lending fund

Intermediate Capital Group (ICG) is targeting €15bn ($17.4bn) for its latest European direct lending vehicle, as established private credit managers continue to command significant institutional allocations, according to a report by Bloomberg. Senior Debt Partners VI will provide senior loans to private equity-backed companies across Western Europe, according to people familiar with the fundraising. The strategy will be led by Peter Lockhead and Mathieu Vigier, co-heads of ICG’s Senior Debt Partners platform. The fundraising target is broadly in line with the €15.2bn secured by the previous fund, Senior Debt Partners V, which closed in 2024 after exceeding its original €10 billion to €12 billion target. ICG reportedly declined to comment. ICG’s latest target puts it among the largest European direct lending fundraisers. Hayfin raised more than €15bn for its fifth direct lending fund earlier this year, while Ares Management raised €30bn for a European private credit strategy in 2025. ICG has been active in direct lending for more than a decade, launching its first fund focused on the strategy in 2012, and has deployed approximately $37bn to date.