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When London-based alternative asset manager Intermediate Capital Group (ICG) closed its third European senior secured debt fund at €5.2 billion last November, it was a wake-up call for anyone that needed it about the amount of private debt now chasing assets both in the region and worldwide.
In 2017 $56.2 billion was raised globally for direct lending strategies, up from just $24.7 billion in 2016. According to data provider Preqin, there were 348 private debt funds in market at the start of April, seeking $168 billion from investors.
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