Intermediate Capital Group Plc's specialist real estate asset management unit, ICG-Longbow, announced the final close of its ICG-Longbow Senior Debt Programme Vintage III fund with a total of £370 million in capital commitments, Property Week reported.
The fund will continue its senior debt strategy, launched in 2014, which gives its investors access to a defensive U.K. commercial property debt portfolio, according to the Aug. 7 report.
With the latest close, the fund has £1.2 billion worth of assets under management. Tapping on loan sizes within the range of £10 million to £75 million, the fund also aims to enter regional debt markets, on top of London.
David Mortimer, ICG-Longbow's head of senior debt, told PW that the fund is expected to be fully allocated in the fourth quarter, adding that the fund has signed up eight loans so far, with a total balance of approximately £160 million.