ICG-Longbow fund has £1bn final close
ICG-Longbow’s fourth UK real estate debt investments fund has had a final close at £1bn.
The fund, which targets whole loans secured against UK commercial property, surpassed its initial target of £750m and raised £146m of it after the EU referendum.
Fund IV will also invest in mezzanine debt, preferred equity and joint venture equity, development loans and secondary loan acquisitions.
ICG-Longbow’s fourth UK real estate debt investments fund has had a final close at £1bn.
The fund, which targets whole loans secured against UK commercial property, surpassed its initial target of £750m and raised £146m of it after the EU referendum.
Fund IV will also invest in mezzanine debt, preferred equity and joint venture equity, development loans and secondary loan acquisitions.
Martin Wheeler, co-head of ICG-Longbow, said: “We are very pleased to have received such strong support from the investor community throughout our fundraising and particularly in the immediate lead up to and aftermath of the EU referendum.
“The successful fundraising and the realisations we have achieved on our fund investments is both a signal of continuing confidence in the UK commercial property market and a validation of approach to investing and value creation.”
In a business update, ICG-Longbow reported a 40% fall in investment, citing broad concerns over high valuations and market volatility in the UK commercial property market.
However, it added that plans to invest more in the coming year following downward price adjustments in the industry, which have raised more opportunities.
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