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Intermediate Capital's real estate arm raises £500M for senior debt fund

ICG-Longbow received £500 million of capital commitments for its latest senior debt fund at first close, IPE Real Assets reported.

The real estate arm of private equity firm Intermediate Capital Group PLC will use the fund to preserve capital and generate income returns by investing in senior debt secured by middle-market U.K. real estate assets with loans ranging from £10 million to £100 million.

The fund has already deployed more than £150 million across seven transactions, which includes a £21.5 million loan to Urban Splash to regenerate the Royal William Yard mixed-use scheme in Plymouth, England, the report noted.