ICG-Longbow Fund IV reaches first close of €500m

ICG-Longbow’s Fund IV has reached a first close of £364m with £50m coming from its balance sheet and further closes expected in the year ahead, according to parent company Intermediate Capital Group’s annual results to 31 March 2015. Total real estate funds under management grew 112% to €2.7bn. ICG raised another £500m for its real estate senior debt strategy taking the total amount to deploy to £650m. It also signed a £202m mandate to invest in UK real estate development.