Intermediate Capital Group, Europe's largest independent mezzanine finance provider, has delivered record results for the year to the end of January with a 48% rise in pre-tax profits to £95.5m (€138.7m).

Mezzanine is a hybrid, junior debt instrument with characteristics of both debt and equity. The boom in European leveraged buy-outs, where mezzanine is most often used, boosted ICG's returns from realisations by 140% to a record level of £62.9m.