Credit funds

The Credit Fund Management (CFM) team manages 17 credit funds specialising in senior loans and high yield bonds with a total of €5.5bn of third party funds under management (as at 30 September 2011).

Our credit funds include CLOs, institutional mandates, an unlevered fund and a high yield fund.

ICG European High Yield Bond Fund I

The fund’s investment objective is to provide a return which exceeds the performance of the European high yield securities market by holding a diversified portfolio of primarily sub-investment grade bonds.

Read ICG paper on the case for sub-investment grade debt.

Request more High Yield Fund information

ICG European Loan Fund

A listed unit trust product which provides institutional investors with access to the European loan markets.

• The fund holds a diverse portfolio of predominantly senior secured loans.
• The fund offers investors regular liquidity and a choice of different currency share classes.

Eos Loan Fund I

ICG Eos Loan Fund is a €1.4 billion portfolio of senior secured loans of Western Europe based companies, backed by leveraged buyouts selected and purchased from the Royal Bank of Scotland Group’s loan portfolio.

• Eos is a fully invested low levered fund that closed in August 2010.
• ICG negotiated and purchased 100% of the preferred and subordinated notes - the equity - and privately placed a significant part of the equity to select institutional clients.
• Intermediate Capital Managers Limited, (ICML), a wholly-owned subsidiary of ICG, analysed and selected the initial portfolio and is retained as the investment manager. ICG will actively manage the portfolio over the two year non-call, reinvestment period.

St Paul’s CLO I B.V. 2010

This €300 million fund is the previously named Resource Europe CLO I B.V. deal that ICG acquired from Resource Europe in December 2010. The original deal was closed in May 2007, with a 2014 reinvestment period, and invests predominantly in senior loans, with some exposure to mezzanine and high yield bonds. St Paul’s CLO I B.V. is rated by S&P and Moody’s.​

Eurocredit CDO VIII PLC 2007

This €636 million fund invested predominantly in senior loans, with some exposure to mezzanine. The reinvestment period for this fund expired in January 2011. Eurocredit CDO VIII is rated by S&P and Moody’s.

Eurocredit CDO VII 2007

This €585 million fund invested predominantly in senior loans, with some exposure to mezzanine and high yield bonds. Eurocredit CDO VII is rated by S&P and Moody’s.

Eurocredit CDO VI PLC 2006

This €500 million fund invested predominantly in senior loans, with some exposure to mezzanine and high yield bonds. Eurocredit CDO VI is rated by S&P and Moody’s.

Eurocredit CDO V PLC 2006

This €600 million fund invested predominantly in senior loans, with some exposure to mezzanine and high yield bonds. Eurocredit CDO V is rated by S&P and Moody’s.

Eurocredit Opportunities Fund I PLC 2005

Originally a market value fund, Eurocredit Opportunities converted to a cash flow based fund holding a combination of senior loans, mezzanine investments and high yield bonds. Eurocredit Opportunities Fund I is rated by S&P and Moody’s.

Eurocredit CDO IV 2004

This €355 million fund invested predominantly in senior loans, with some exposure to mezzanine and high yield bonds. Eurocredit CDO IV is rated by S&P and Moody’s.

Eurocredit CDO III 2003

​This €250 million fund invested predominantly in senior loans, with a small basket for mezzanine investments. The reinvestment period for this fund expired in February 2010 and the transaction is now amortising. Eurocredit CDO III is rated by S&P and Moody’s.

Eurocredit Opportunities Parallel Funding I

This €450 million fund invested in leveraged loans. The reinvestment period for this fund expired in February 2010. Eurocredit Opportunities Parallel Funding I is rated by S&P and Moody’s.

Eurocredit CDO II B.V. 2000

This €370 million cash flow CDO had a mix of high yield bonds, senior leveraged loans and mezzanine. The reinvestment period for this fund expired in October 2005 and the transaction is now amortising. Eurocredit CDO II is rated by Moody’s.

Eurocredit CDO I B.V. 1999

This €417 million fund was the first cash flow CDO to be based on European loan, bond and mezzanine collateral. The fund is a mix of high yield bonds and leveraged loans with a small mezzanine component. The reinvestment period for this fund expired in September 2004 and the transaction is now amortising. Eurocredit CDO I is rated by Moody’s.