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 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
1. 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
2. Research into potential targets for direct approaches
3. 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
4. Analysis, financial modelling and evaluation of proposals, including the production of new deal summaries and investment papers
5. Market/sector monitoring and analysis
Due Diligence
6. Lead appropriate financial and commercial due diligence workstreams in a timely manner, ensuring that all relevant information is identified and included in reports
7. Lead sector expert calls and summarise findings
8. Help contribute actively and thoughtfully to management team meetings and partially lead thesemeetings
Deal Closing
9. Drive, manage and coordinate most activities through the entire deal process, from initial negotiations through to final implementation, including
10. Investment structure
11. Debt structuring and covenant negotiation
12. Tax structuring
13. Locked boxes
14. Funds flows
15. 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.
16. Assist investee companies with financial and operating issues
17. Monitor the investee companies to ensure continued financial performance and return on investment, by:
18. Regularly reviewing financials
19. Constantly monitoring and evaluating relevant sectors
20. Potential growth strategies
21. Improving operating efficiencies
22. Strengthening the management team
23. Monitoring and assessing performance against budget
24. Support and help plan for exit processes
Annual Performance Expectations
25. Analysis, modelling and evaluations of deals are timely and accurate
26. Demonstrate independent thought and proactivity on deals
27. Production of thorough, detailed and accurate IC papers focused on key issues
28. Judgement in focusing on key issues on relevant work streams and materiality
29. Increased value of portfolio/investee companies
30. Influence on investee company board’s
31. Maintaining and Development of relevant networks
32. Sourcing of deal approaches from own network
Key Requirements/ Qualifications
You will have demonstrable experience of:
33. German market experience
34. 8+ years relevant experience (IB, Big4, preferably strategy consulting) in Private Equity or Asset Manager with €250m+ AUM or similar
35. Private Equity background (credit background also favourably considered)
36. Fluency in German (written and spoken) and English
37. 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:
38. Wellbeing - Supporting your mental, physical and financial wellbeing as well as your lifestyle needs.
39. Inclusivity – Fit for purpose and competitive, no matter who or where you are.
40. Longevity – Long Term and sustainable in design