LONDON & NEW YORK--(BUSINESS WIRE)--Intermediate Capital Group Inc, a subsidiary of ICG plc (ICG), has closed the ICG Strategic Equity Fund III at $2.4bn1, materially exceeding its $1.6bn target and more than doubling the size of its $1.1bn predecessor Fund II, which closed in July 2017.
ICG Strategic Equity (ICGSE), launched in 2014, is a specialist private equity business focused on the growing market for GP-led secondary transactions, with a primary focus on complex fund restructurings. In executing its strategy, ICGSE emphasises a disciplined, asset-intensive underwriting approach and active portfolio management consistent with direct private equity investing.
ICGSE III is among the largest private equity funds in the market focused exclusively on GP-led secondary transactions. It has already closed two transactions and committed to a third, which is expected to close in the coming weeks. These three initial investments collectively represent over $1bn of commitments and include a diverse portfolio of companies across North America, Europe, and Asia.
Andrew Hawkins, ICG’s Head of Private Equity Solutions, said: “This is a significant milestone for ICGSE and we are very grateful to our limited partners for their strong support. We are excited by the growth of our marketplace and believe that ICGSE III’s scale, together with the expansion of our team to 16 dedicated investment professionals2, 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.”
Benoit Durteste, Chief Executive of ICG plc, added: “The success of this fundraise is evidence of the highly differentiated nature of Strategic Equity’s investment approach and competitive positioning. Andrew’s team has developed a strong reputation in the market as a reliable, flexible and solution-oriented counter party, with the ability to execute the most complex transactions globally. ICGSE represents an excellent case study on ICG plc’s ability to incubate and scale teams with specialised skill sets and pioneering investment approaches.”
1 This includes amounts committed to related entities and a $200m commitment to the fund by ICG plc
2 ICGSE hired seven additional team members in 2019. The team is based in New York, London and Hong Kong.
ICG is a global alternative asset manager with over 30 years' history.
We manage €42.6bn* of assets in private debt, credit and equity, principally in closed-end funds. We provide capital to help companies grow through private and public markets, developing long-term relationships with our business partners to deliver value for shareholders, clients and employees.
We operate across four asset classes – corporate, capital market, real asset and secondary investments. In addition to growing existing strategies, we are committed to innovation and pioneering new strategies across these asset classes where the market opportunity exists.
*as at 31 December 2019