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ING Capital
ING Capital functions as the direct lending and structured finance division within ING Group, a Dutch multinational banking giant. The unit focuses on...
ING Capital
ING Capital functions as the direct lending and structured finance division within ING Group, a Dutch multinational banking giant. The unit focuses on originating and holding complex credit facilities for corporate borrowers and project sponsors, rather than operating as a standalone fund manager. Its activities align tightly with the broader bank's balance sheet, with headquarters in New York and satellite offices in London and Brussels. The platform structures debt across three principal asset classes: energy, infrastructure, and commercial real estate. Within energy, it is a significant provider of reserve-based lending and borrowing-base facilities, with confirmed transactions in North American upstream oil and gas and midstream assets. The infrastructure lending book spans transport, digital, and social infrastructure projects, frequently acting as lead arranger or agent. In real estate, the group underwrites construction loans, bridge facilities, and term debt on major office, multifamily, and industrial properties in U.S. gateway markets. ING Capital sources deal flow through the parent bank's global corporate coverage network, which spans over 40 countries. Its main hubs for origination, underwriting, and portfolio management remain New York and London, supported by a Brussels office that fulfills part of the operational and risk governance framework. The platform does not typically raise third-party private funds; rather, it syndicates large loan exposures to a rotating group of relationship banks. Headcount and annual origination volumes are not publicly disclosed. The unit maintains a strategy that blends relationship banking with principal investment disciplines, holding positions through market cycles rather than selling down to zero. Its credit decisions are integrated with ING Group's enterprise risk appetite, creating a portfolio that reflects both commercial incentives and regulatory capital constraints — a structure that keeps debt terms aligned with the parent's funding costs.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
Europe
Country
United States
City
New York
Corporate office
New York, NY, United States
Additional offices
London, United Kingdom · Brussels, Belgium
Principals
Steven van Rijswijk
Chief Executive Officer, ING Group
Sector focus
Frequently asked questions
Is ING Capital a separate entity from ING Bank?
No. ING Capital LLC is a U.S.-registered broker-dealer and the primary lending vehicle through which ING Group conducts its North American corporate and institutional structured finance business. It is wholly owned by the Dutch parent and operates as an integrated division of the broader banking group, not as a standalone investment manager.
How does ING Capital source its lending opportunities?
Origination is funneled through ING's global sector coverage teams, which maintain direct relationships with corporate treasurers, project sponsors, and financial sponsors. The group leverages the parent bank's multi-country footprint — and its own offices in New York, London, and Brussels — to access deal flow. It also participates in syndicated facilities arranged by peer banks, often as a co-arranger for its target sectors.
What types of financing does ING Capital typically provide?
The unit focuses on senior secured lending, including reserve-based loans for energy producers, construction and term loans for commercial real estate, and project finance debt for infrastructure. It also underwrites corporate revolvers and bridge facilities, holding positions on its own balance sheet. It does not typically provide equity or mezzanine capital.
Which sectors does ING Capital explicitly avoid?
ING Group's public sustainability policies restrict lending to certain thermal coal, Arctic oil and gas, and other high-carbon activities. While not a public exclusion list published by ING Capital itself, the unit operates within the parent's sector guidelines, which broadly limit exposure to industries with high environmental or social transition risk.
Does ING Capital raise third-party private funds?
No. Unlike ING's alternatives platform, which manages private equity and infrastructure funds, ING Capital operates on the bank's balance sheet. It does not raise blind-pool capital from external limited partners. Loan syndications distribute exposure to other banks, not to institutional investors in a fund structure.
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