Job Title: European Mid-Market Manager/Associate Director

Location: Munich, Germany

Department: Structured & Private Equity Team

Reporting to: European Mid-Market Managing Director

Summary of our opportunity

The European Mid-Market team recently announced a €3bn close for Mid-Market Fund II, representing a 300% increase compared to the prior fund vintage, and was already deployed significantly across 8 investments. The Fund’s predecessor, Mid-Market Fund I, has delivered [5] exits to date, all delivering returns materially ahead of the target.

The team is growing quickly and consists of 25 employees (as of September 2025), with local presence in the UK, France, Germany and the Nordics. The German team will comprise two following this hire; the head of the fund sits in the UK. You would also be part of the wider ICG UK Equity & Subordinated debt team with a further 30+ team members investing from our Large Cap fund (ICG Europe Fund IX, currently in fundraising with a target of EUR 10.0bn) and the Mid-Market fund.

Both of these funds have the same strategy, which is to provide partnership capital to make successful investments alongside founders and leading management teams. They are heavily differentiated by having a very flexible structuring capability, covering minority and majority equity investments, as well as the ability to provide more structured solutions, such as preferred equity.

This allows ICG to source opportunities which are unique, less competitive and can offer better risk-adjusted returns. The Mid-Market fund further benefits from being a rare Pan-European player in a segment of the market which is typically dominated by single-country funds – this is appealing to many management teams.

The primary focus of the role will be to help build the investment thesis for investment opportunities considered, preparing investment committee papers and financial modelling, and generally supporting the deal lead to win the deal. There is scope for ambitious individuals applying for this role to lead on a number of key transaction execution workstreams and input to all. We are seeking “all-rounders” who are keen to develop and can demonstrate a balanced skill set of technical skills and softer skills to quickly form bonds with advisers and management teams in a transaction context. Post transaction, there will be an expectation that the individual will join the board of investments they have worked on and feel comfortable interacting with management teams. They will have an opportunity to proactively challenge business performance and promote performance improvement delivery through active involvement at monthly board meetings and in communication with management teams.

Candidates are expected to maintain and develop relevant networks of advisers/management teams to support deal sourcing and will be encouraged to continue to build these over their first 1-2 years around deal commitments. The expectations would be to use that network to actively build up origination targets of their own, with senior colleagues supporting them to further develop their deal leadership skills for the future.

Primary responsibilities for this role include (but are not limited to):

The responsibilities of the role include, but are not limited to:

Deal Identification/Origination

• Assist senior team members and use own network for origination of new investments, concentrating on mezzanine and equity deals with a target investment size of €75m - €250m
• Research into potential targets for direct approaches
• Manage new and current network/relationships within bankers, private equity sponsors, M&A advisors, accountants, lawyers and consultants for deal referrals and to conduct proactive marketing from these relationships to source new deals

Screening/Analysis

• Analysis, financial modelling and evaluation of proposals, including the production of new deal summaries and investment papers
• Market/sector monitoring and analysis

Due Diligence

• Lead appropriate financial and commercial due diligence workstreams in a timely manner, ensuring that all relevant information is identified and included in reports
• Lead sector expert calls and summarise findings
• Help contribute actively and thoughtfully to management team meetings and partially lead these meetings

Deal Closing

• Drive, manage and coordinate most activities through the entire deal process, from initial negotiations through to final implementation, including
• Investment structure
• Debt structuring and covenant negotiation
• Tax structuring
• Locked boxes
• Funds flows
• Knowledge and some experience of equity and acquisition documents is a benefit

Portfolio Management

Where applicable, act as a board member for investment companies as appropriate.

• Assist investee companies with financial and operating issues
• Monitor the investee companies to ensure continued financial performance and return on investment, by:
• Regularly reviewing financials
• Constantly monitoring and evaluating relevant sectors
• Potential growth strategies
• Improving operating efficiencies
• Strengthening the management team
• Monitoring and assessing performance against budget
• Support and help plan for exit processes

Annual Performance Expectations

• Analysis, modelling and evaluations of deals are timely and accurate
• Demonstrate independent thought and proactivity on deals
• Production of thorough, detailed and accurate IC papers focused on key issues
• Judgement in focusing on key issues on relevant work streams and materiality
• Increased value of portfolio/investee companies
• Influence on investee company board’s
• Maintaining and Development of relevant networks
• Sourcing of deal approaches from own network

Key Requirements/ Qualifications

You will have demonstrable experience of:

• German market experience
• 8+ years relevant experience (IB, Big4, preferably strategy consulting) in Private Equity or Asset Manager with €250m+ AUM or similar
• Private Equity background (credit background also favourably considered)
• Fluency in German (written and spoken) and English
• Ability and willingness to travel across the DACH region and to the UK / international offices as required for role

Our Global Benefits Framework is centred around these 3 key attributes:

• Wellbeing - Supporting your mental, physical and financial wellbeing as well as your lifestyle needs.
• Inclusivity – Fit for purpose and competitive, no matter who or where you are.
• Longevity – Long Term and sustainable in design.

Inclusion is one of ICG’s key values and we are committed to creating an equitable and inclusive workplace for everyone. By welcoming different perspectives, we strengthen ICG’s performance, enrich decision-making and contribute to better outcomes for our clients, colleagues, and the markets we serve. Accordingly, our recruitment processes provide equal employment opportunities to all applicants and employees, regardless of age, ethnicity, disability, sex, gender, sexual orientation, religion, or any other characteristic protected by local law.

We are equally committed to delivering an inclusive and accessible candidate experience. If you require information in an alternative format, additional time for assessments, an adjusted interview schedule, or any other support during the recruitment process, please let us know.