ICG-Longbow is preparing for the next phase of growth after 51% owner Intermediate Capital Group bought out the rest of the business.
The UK debt specialist said it was planning to launch successors to its £400m senior debt platform and £700m whole loan/mezzanine fund within the next six months.
The two new vehicles would add to the firm’s four funds, for which it has raised £1.3bn of discretionary capital – including £150m of contributions from ICG – since it was founded in 2006.
ICG-Longbow will tap into European asset manager ICG’s network of about 20 global fundraisers to raise the new vehicles, which will continue to invest solely in UK debt.
The plans come as asset manager ICG exercised its option to buy out the remaining 49% stake in the firm, after initially acquiring 51% ownership in March 2011. ICG is making an initial payment of £13m to the firm’s eight partners, including founders Martin Wheeler and Kevin Cooper, as part of the deal.
Further deferred consideration of an estimated £24m is slated for 2016, depending on performance.
bridget.o’connell@estatesgazette.com
