London-based ICG closes €12bn structured capital fund

As announced by the London-based asset manager ICG on September 9, 2026, the "ICG Europe Fund IX" has closed with a total volume of 12 billion euros. This marks the ninth iteration of ICG’s "European Corporate" strategy. According to ICG, this represents a 50 percent increase over its predecessor, "ICG Europe VIII," which closed at 8.1 billion euros.

According to ICG, the fund was significantly oversubscribed; capital commitments totaling 12 billion euros were received, without increasing the fixed maximum volume (“hard cap”). According to a business update from ICG on July 15, the initial target had been 10 billion euros. It was further disclosed that 22 percent of the fund’s capital has already been deployed across six investments. According to "Alternative Credit Investor," approximately 90 new limited partners (LPs) participated in the fund.

ICG is a London-based alternative asset manager. Citing data from Preqin as of September 7, 2026, the firm describes "Fund IX" as the world’s largest fund focused on "structured capital." Furthermore, ICG highlights that its "European Corporate" strategy boasts a 37-year track record of success.

ICG itself describes the strategy as “structured capital” – a hybrid of debt and equity – and the available sources do not indicate that the fund takes control of the companies in which it invests.