Intermediate Capital Group, the UK listed mezzanine finance provider, has closed its latest fund to new investors at roughly €650m ($792m), well ahead of the original €375m target close and over twice the size of its €305m predecessor fund raised in 2000.

Tom Attwood, a managing director at ICG, said ICG mezzanine fund 2003 would enable the firm to finance larger buy-outs while continuing to focus on its core competence in the European mid-market. "This new fund allows us to underwrite over €300m of mezzanine in one deal, enough to provide financing for even the largest European buy-out transactions," he said.