, the real estate arm of Intermediate Capital Group, has completed a first close for its latest senior debt fund, securing 拢500m (鈧�589m) of commitments.
The company said investors included public and private-sector pension funds and a UK insurer.
Some were invested in the previous fund, which became fully invested in April last year, making over 拢430m of loans across 18 transactions.
The fund targets capital preservation and secure income returns by investing in senior debt secured against mid-market real estate assets in the UK. Loans typically range between 拢10m and 拢100m in size.
More than 拢150m of commitments for the new fund have been deployed across seven transactions, including a 拢21.5m loan to Urban Splash to support the regeneration of the Royal William Yard mixed-use scheme in Plymouth.
The returns on the debt strategy are projected to outperform all-property total returns, based on IPF consensus forecasts from 2019 to 2023.
David Mortimer, head of senior debt at ICG-Longbow, said: 鈥淚n an uncertain political and economic environment, we believe the success of this fundraise shows that investors remain attracted to senior-lending strategies with proven managers as a defensive means of gaining exposure to real estate.鈥�
