ICG Plc is targeting €15 billion ($17.4 billion) for its sixth European direct lending fund as the biggest private-credit managers continue to attract the bulk of new institutional money. The new fund, called Senior Debt Partners VI, will focus on senior loans to private equity-owned businesses across Western Europe, according to people familiar with the matter, who asked not to be identified because the matter is private. It will be managed by Peter Lockhead and Mathieu Vigier, co-heads of ICG’s senior debt partners strategy.

The fund’s predecessor raised €15.2 billion, surpassing an initial target of €10 billion to €12 billion. Firms with large asset bases and lengthy track records are capturing an outsized share of new commitments in Europe and the US, making fundraising harder for smaller and newer firms. Hayfin gathered more than €15 billion for its fifth direct lending fund, while Ares Management Corp. amassed a €30 billion pool of capital for a similar strategy last year.

A representative for ICG declined to comment. ICG runs the strategy from five European offices with more than 50 investment professionals. It launched its first direct lending fund in 2012, making it one of the market’s early entrants, and has since deployed roughly $37 billion.