Intermediate Capital Group
Private equityLondon · Growth–Late Stage · 16 people tracked
Also known as ICG ALTERNATIVE INVESTMENT LIMITED · ICG EUROPE S.A.R.L. · Icg Investments Inc · ICG MANAGER LIMITED
Investment thesis
ICG is a global alternative asset manager investing client capital across structured capital, private equity secondaries, real assets, private debt, and credit. It partners with management teams, founders, and business owners using a creative, solutions-focused approach, offering flexible capital alongside its expertise. Operating from more than 20 locations worldwide, the firm emphasizes originating differentiated opportunities, responsible investing, and delivering long-term value.
Source: firm website, verified Aug 11, 2026.
Team · 16 people
from the firm's website & public directoriesFund performance · per public LP disclosures · 28
as of Sep 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| ICG Europe Fund IX SCSpLPs: Connecticut Retirement Plans and Trust Funds, Pennsylvania Public School Employees' Retirement System | 2025 | — | — | 1.35x | — |
| ICG Centre Street Partnership, L.P. - Series NLPs: New York City Board of Education Retirement System | 2024 | — | 8.8% | 1.06x | 0.15x |
| ICG Centre Street Partnership, L.P. - Series SLPs: New York City Board of Education Retirement System | 2024 | — | 6.2% | 1.05x | 0.26x |
| ICG Global Co-InvestmentLPs: Connecticut Retirement Plans and Trust Funds | 2024 | — | — | 1.00x | — |
| ICG Global Loan FundLPs: Connecticut Retirement Plans and Trust Funds | 2024 | — | — | 1.10x | — |
| ICG Global Total Credit FundLPs: Connecticut Retirement Plans and Trust Funds | 2024 | — | — | 1.10x | — |
| ICG Strategic Equity Co-Investment Fund V-ALPs: New York City Employees' Retirement System, New York City Police Pension Fund, New York City Fire Department Pension Fund | 2024 | — | — | 1.66x | 1.66x |
| ICG Strategic Equity Fund V (USD)LPs: Teachers' Retirement System of the City of New York, California State Teachers' Retirement System, New York City Employees' Retirement System +3 more | 2024 | — | — | 1.48x | 0.00x |
| ICG Strategic Equity Fund V (USD) V-ALPs: New York City Fire Department Pension Fund | 2024 | — | — | 1.49x | — |
| ICG Europe Mid-Market Fund II SCSpLPs: Pennsylvania Public School Employees' Retirement System, Connecticut Retirement Plans and Trust Funds | 2023 | — | — | 1.17x | — |
| ICG North American Credit Partners III, L.P.LPs: Connecticut Retirement Plans and Trust Funds | 2023 | — | — | 1.00x | 0.10x |
| ICG Strategic Equity Fund VLPs: Teachers' Retirement System of the City of New York, New York City Police Pension Fund, Los Angeles City Employees' Retirement System +1 more | 2023 | — | — | 1.49x | 0.00x |
| ICG Europe Fund VIII SCSpLPs: New Jersey Division of Investment, Florida State Board of Administration, Connecticut Retirement Plans and Trust Funds | 2022 | — | 8.0% | 1.10x | 0.10x |
| ICG Europe Fund VIII Feeder SCSpLPs: Pennsylvania Public School Employees' Retirement System, Florida State Board of Administration, Robert Wood Johnson Foundation | 2021 | — | 22.9% | 1.41x | 0.15x |
| ICG Exelsior SCSpLPs: Empire State Development – New York Ventures | 2021 | — | — | 1.20x | 0.08x |
| ICG Strategic Equity Co-Investment Fund IVLPs: New York City Police Pension Fund | 2021 | — | 5.4% | 1.18x | — |
| ICG Strategic Equity Fund IVLPs: California State Teachers' Retirement System, Teachers' Retirement System of the City of New York, New York City Police Pension Fund +2 more | 2021 | — | 14.5% | 1.35x | 0.28x |
| ICG Europe Mid-Market FundLPs: Pennsylvania Public School Employees' Retirement System | 2020 | — | 18.7% | 1.50x | 0.72x |
| ICG North American Private Debt Fund IILPs: Pennsylvania Public School Employees' Retirement System | 2019 | — | 10.0% | 1.20x | 0.83x |
| ICG Europe Fund VIILPs: Pennsylvania Public School Employees' Retirement System, Connecticut Retirement Plans and Trust Funds | 2018 | — | 14.3% | 1.60x | 0.73x |
| ICG Europe Fund VII Feeder SCSpLPs: Pennsylvania Public School Employees' Retirement System | 2018 | — | 14.6% | 1.64x | 1.24x |
| ICG Strategic Equity Fund III LPLPs: California State Teachers' Retirement System, Teachers' Retirement System of the City of New York, New York City Board of Education Retirement System | 2018 | — | 24.5% | 2.12x | 1.11x |
| ICG Europe Fund VI, L.P.LPs: Pennsylvania Public School Employees' Retirement System | 2015 | — | 19.5% | 1.82x | 1.75x |
| ICG Europe Fund V, L.P.LPs: Pennsylvania Public School Employees' Retirement System | 2011 | — | 7.9% | 1.29x | 1.24x |
| ICG CENTRE ST PARTNERSHIPLPs: New York City Board of Education Retirement System | — | — | — | 1.14x | — |
| ICG STRATEGIC EQUITY COINV IIILPs: New York City Board of Education Retirement System | — | — | — | 2.34x | — |
| ICG STRATEGIC EQUITY COINV IVLPs: New York City Board of Education Retirement System | — | — | — | 1.11x | — |
| ICG STRATEGIC EQUITY COINV VLPs: New York City Board of Education Retirement System | — | — | — | 1.00x | — |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- What stage does Intermediate Capital Group invest at?
- Intermediate Capital Group invests at the Growth, Late Stage stages.
- What is Intermediate Capital Group's typical check size?
- Intermediate Capital Group typically writes checks of $5M – $50M.
- What sectors does Intermediate Capital Group focus on?
- Intermediate Capital Group focuses on Biotech, Sector Agnostic.
- Where is Intermediate Capital Group located?
- Intermediate Capital Group is headquartered in London, GB.
Media · Podcasts & interviews
from their channelThe role of private capital within diversified pension portfolios
ICG plc
ICG CIO & CEO Benoît Durteste: Delivering significant growth
ICG plc
Images
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