Intermediate Capital Group, a private equity debt manager, has sealed what could be the first acquisition of a leveraged loan portfolio from a bank without vendor financing, after acquiring a large portfolio from the Royal Bank of Scotland.

The loan manager has bought the portfolio of senior loans, which had original values of €1.4bn, from the UK bank, which was for many years the largest lender to private equity in Europe until it pulled out of leveraged loans last year. Financial terms weren't disclosed.