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Mezzanine Funds

Intermediate Capital Managers Limited (ICML) acts as investment advisor for four European mezzanine funds with a combined size of just under €2.5bn. ICML's mezzanine funds are structured as limited partnerships and invest in mezzanine transactions alongside ICG. In addition, ICG also acts as investment adviser for a small number of bilateral fund management portfolios for institutional investors.

ICG European Fund 2006

ICG European Fund 2006 is Europe's largest independent mezzanine and related finance fund, with a total size of €2.15bn.  The fund comprises €1.25bn of commitments and leverage of €900m through a securitised debt facility.  As at 31st March 2007, 6 mezzanine investments have been made.

ICG Mezzanine Fund 2003

ICG Mezzanine Fund 2003 has a total size of €1.5bn comprising €668m of commitments from 30 investors and leverage through a securitised debt facility. The fund is a Jersey based limited partnership. It commenced investing in 2003 and is now fully invested. At 31 March 2006, 63 mezzanine investments have been made by the fund of which 4 have already been realised in full and 5 investments have been repaid.

ICG Mezzanine Fund 2000

ICG Mezzanine Fund 2000 is a Jersey based limited partnership with €307.5m of commitments and €80m of debt facilities. This fund has invested in 50 mezzanine transactions during 2000 and 2003. At 31 March 2006, 16 mezzanine investments are still outstanding and the fund has returned more than 100% of investor commitments.

ICG Mezzanine Fund 1998

ICG's first mezzanine fund had £57m of commitments. It invested in 23 transactions during 1998 and 1999. This fund is now almost fully realised.

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