ICG Doubles Secondaries Effort

Intermediate Capital Group has closed ICG Strategic Equity Fund III LP (Fund III) at $2.4 billion. The new fund was originally targeted at $1.6 billion and more than doubles the size of its earlier fund which closed in July 2017 with $1.1 billion of capital.

The ICG Strategic Equity family of funds (ICGSE) was launched in 2014 and invests in general partner-led secondary transactions, with a specific focus on complex fund restructurings.

According to ICG, Fund III is among the largest private equity funds in the market focused exclusively on general partner-led secondary transactions. The new fund has already closed two transactions and committed to a third, which is expected to close in the coming weeks. These three transactions represent more than $1 billion of capital.

“This is a significant milestone for ICGSE, and we are very grateful to our limited partners for their strong support,” said Andrew Hawkins, a senior managing director at ICG and head of its private equity solutions unit. “We are excited by the growth of our marketplace and believe that Fund III’s scale, together with the expansion of our team to 16 dedicated investment professionals, will enable us to continue our selective execution of differentiated, complex transactions on a global basis and derive significant value from them for our investors.” Mr. Hawkins joined ICG in 2014 from NewGlobe Capital Partners, a secondaries business he founded in 2012. He has worked in the industry since 1992 and was previously a managing partner at Vision Capital Partners and a partner at Palamon Capital Partners.

Intermediate Capital Group (LSE: ICP) is an alternative asset manager with more than $55 billion of assets under management. The firm invests in four asset classes – corporate, capital markets, real asset and secondary investments.

“The success of this fundraise is evidence of the highly differentiated nature of Strategic Equity’s investment approach and competitive positioning,” said Benoit Durteste, chief executive officer of ICG. “Andrew’s team has developed a strong reputation in the market as a reliable, flexible and solution-oriented counterparty, with the ability to execute the most complex transactions globally. ICGSE represents an excellent case study on ICG’s ability to incubate and scale teams with specialized skill sets and pioneering investment approaches.”

ICP is headquartered in London and has 15 offices located around the world.

© 2020 Private Equity Professional | January 31, 2020

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