ICG Real Estate Closes €1.4 Billion Metropolitan Fund II, Targeting European Industrial and Logistics Real Estate

ICG Real Estate, the real estate division of global alternative asset manager ICG, announced March 31, 2026, that it has completed the final close for ICG Metropolitan Fund II at €1.4 billion ($1.6 billion), surpassing its original €1 billion fundraising target following strong demand from its global investor base.

The fund, together with its related vehicles, received commitments from a globally diverse group of investors including sovereign wealth funds, pension funds, insurance companies, and asset managers. Approximately $600 million of the total was raised after December 31, 2025, according to the firm.

Fund Strategy: European Industrial and Logistics Real Estate

ICG Metropolitan Fund II is the second vintage of ICG Real Estate's Opportunistic Real Estate strategy, known internally as "Metropolitan." The fund targets opportunistic returns within the European industrial and logistics sector, with assets typically sourced off-market through non-traditional routes, including proprietary sale-and-leaseback transactions with corporate occupiers.

The portfolio currently comprises approximately 100 institutional-quality assets held on long-term, inflation-linked leases. The structure positions ICG Real Estate as one of Europe's largest owners of high-quality, long-duration, triple-net lease assets in the industrial and logistics segment.

The fundraise brings total commitments for the Metropolitan fund series to €2.2 billion since its inception in 2022, reflecting sustained investor appetite for the strategy across two fund vintages.

Investor Demand

The fund attracted both existing ICG investors and a number of new clients to the firm.

Krysto Nikolic, Global Head of ICG Real Estate, commented: "We are delighted to be holding the final close for ICG Metro II at €1.4bn following strong demand from our global investor base, as well as a number of new clients to the firm. The success of this fundraise reinforces our position as a market leader in European Industrial and Logistics investing and the creation of high-quality triple-net lease portfolios."

Benoît Durteste, CIO and CEO of ICG, added: "We are grateful for the support shown by Metropolitan's new and existing investors. Their confidence underpins our belief that ICG's real estate division is an exciting long-term growth driver for the firm."

Asset Sourcing Strategy

ICG Real Estate's approach to the Metropolitan strategy centers on sourcing assets through proprietary channels rather than competitive auction processes. Sale-and-leaseback transactions with corporate occupiers represent a core sourcing mechanism, allowing the firm to acquire industrial and logistics real estate while providing corporate sellers with capital to reinvest in their core operations.

About ICG

ICG (LSE: ICG) is a global alternative asset manager with $127 billion in assets under management as of December 31, 2025, and more than three decades of operating history. The firm operates from more than 20 locations globally and invests across structured capital, private equity secondaries, private debt, credit, and real assets. ICG Real Estate serves as the firm's real assets division, focusing on high-conviction, thematic capital solutions for institutional-quality real estate businesses and assets.