Intermediate Capital Group has closed its second secondary fund at $1.1 billion, beating its $1 billion target. Strategic Secondaries II Fund will focus on acquiring portfolios of private equity assets in partnership with general partners. So far, about 40 percent of the capital raised for the fund has been invested. Simpson Thacher & Bartlett advised ICG on the fund.
London– Intermediate Capital Group (ICG), the specialist asset manager, announces the successful final close of its Strategic Secondaries II Fund, which focuses on private equity fund restructurings and liquidity solutions. The total raised was US$1.1 billion, ahead of the US$1.0 billion target.
Strategic Secondaries acquires portfolios of private equity assets, in partnership with incumbent general partners, thus providing liquidity to existing investors in mature funds. ICG received commitments from leading institutional investors in Europe and North America.
The fund is approximately 40% invested.
Andrew Hawkins, Head of Secondaries at ICG, said: “Raising over $1bn for our first blindpool fund was a very gratifying achievement, and demonstrates the importance of fund restructurings in the private equity ecosystem. This is a growing market and we are pleased to offer a dedicated global fund to create value for our investors.”
ICG is a specialist asset manager with over 28 years’ history. We manage €23.3bn of assets in third party funds and proprietary capital, principally in closed end funds. Our strategy is to grow our specialist asset management activities to deliver increased shareholder value. Our goal is to generate income and consistently high returns whilst protecting against investment downside for our fund investors. We seek to achieve this through our expertise in investing across the capital structure. We combine flexible capital solutions, local access and insight with an entrepreneurial approach to give us a competitive edge in our markets. 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 to deliver value to our fund investors and increase shareholder value.
We are listed on the London Stock Exchange (ticker symbol: ICP) and provide investment management and advisory services in support of our strategy and goal through a number of regulated subsidiaries, further details of which are available at: www.icgam.com