Private Credit Fund Allocation & Yield Simulator

Total Fund Target

€15.00B

Flagship direct lending target

Senior Tranche Allocation

€11.25B

75% Senior First Lien

Mezzanine Allocation

€3.75B

25% Junior / Subordinated

Weighted Loan Spread

575 bps

Above 3M Euribor base

Projected Annual Yield

€1.71B

Gross coupon cash flow

Estimated Net IRR

11.4%

Net of 1.2% defaults & fees

Capital & Tranche Configuration ICG Fund VI Setup

Fund Target Capital Size €15.0B

€5.0B €15.0B (Target) €25.0B

Senior Debt Tranche Share 75%

50% Senior 75% (Fixture) 95% Senior

Senior First Lien (75%) Mezzanine / Junior (25%)

Senior Tranche Spread (Euribor +) 500 bps

Mezzanine Tranche Spread (Euribor +) 800 bps

Annualized Default Rate Allowance 1.2%

0.0% (Pristine) 1.2% (Baseline) 4.0% (Stress)

Fund VI Deployment & Dry Powder Schedule (€ Billions)

4-Year Investment Period with Senior vs Mezzanine Drawdowns

Institutional LP Capital Syndication

Allocations across Pension Funds, Insurance Balance Sheets & Sovereign Wealth

LP Category	Target Share	Committed Capital (€)	Mandate Fit	Target Net Return

Total Gross Return Components (Euribor + Spread)

EUR 3M Base (3.65%) + Weighted Credit Spread (575 bps) - Loss Provisions