Intermediate Capital Group, the London-listed mezzanine and leveraged loan investor, has cited a tough fundraising environment, after closing its second Asia Pacific fund $500m (€373m) short of its $1.5bn target. In contrast, UK buyout firm Bridgepoint Capital has closed its fourth fund 20% above its target.

ICG’s fund is double the size of its previous Asia Pacific fund, but the firm held a close at $1bn. The firm said it always planned to close in this quarter.