ICG Alternative Investment

Benoît Durteste serves as CEO and Chief Investment Officer, a role he has held since 2018. He joined the firm in 2002 and previously led the European mezzanine and senior debt teams. Investment committee decisions for large-cap and flagship strategies rest with him and a senior group of managing directors, while regional heads have significant autonomy in local mid-market origination.

ICG operates one of the largest dedicated origination networks in European private credit, with over 200 investment professionals across 15 offices. The firm sources through long-standing sponsor relationships for senior debt and mezzanine mandates, supplemented by direct origination for infrastructure and real estate debt. Its Strategic Equity arm creates proprietary deal flow by purchasing minority stakes in other private equity managers, which in turn refer co-investment and lending opportunities back to ICG.

Credit remains the dominant revenue driver, but the firm has built a substantial equity platform. The Structured and Private Equity division makes control and non-control equity co-investments alongside buyout sponsors, typically in European mid-market deals. The Strategic Equity business takes minority ownership in private equity and private credit general partners, a strategy that is equity in nature but credit-adjacent in its cash-flow profile.

Both. The firm manages direct lending and mezzanine vehicles that invest directly in companies, but its Strategic Equity arm is fundamentally a fund-investment strategy focused on acquiring stakes in general partnership entities. Separately, ICG occasionally commits as a limited partner to funds managed by its Strategic Equity portfolio companies, creating a circular source of fee income and deal awareness.

Europe remains the largest concentration, particularly the United Kingdom, France, Germany, and the Nordics. The Senior Debt Partners franchise expanded meaningfully into North America around 2019 and now originates directly from New York. Asia-Pacific activity runs through offices in Hong Kong, Sydney, and Tokyo, focused primarily on syndicated loan participations and select direct lending to Australian mid-market sponsors.

ICG is an active co-investor. Its Structured and Private Equity team regularly writes equity checks alongside buyout sponsors in deals where ICG provided the original junior or mezzanine financing. The firm also participates in club deals with other direct lenders on large-cap unitranche financings, typically acting as arranger rather than passive participant.

ICG Enterprise Trust, the listed private equity investment trust, is a separate permanent-capital vehicle that invests in buyout funds globally, including those managed by ICG's Strategic Equity partners. The trust is publicly traded on the London Stock Exchange. Separately, the parent company, Intermediate Capital Group PLC, is a constituent of the FTSE 250, meaning the entire platform — including its asset management earnings — is publicly available equity.