ICG, the global alternative asset manager, today announced that it has successfully completed the fundraising for its debut LP-led secondaries fund, ICG LP Secondaries I ("LPS I"). LPS I, which specialises in acquiring buyout fund interests from limited partners, reached its hard cap of $1bn after being significantly oversubscribed. Including co-investment special purpose vehicles and separately managed accounts, the total commitments are $1.6bn.
LP Secondaries invests on a global basis, providing liquidity solutions to investors in third party private equity funds[1]. The team, led by Oliver Gardey, Ryan Levitt and Vivien Blossier, is comprised of specialised LP secondaries investors based in London and New York.
LP Secondaries was borne out of our belief that there is significant merit to specialisation within the secondaries market. The success of this first-time fundraise, for a pure LP secondaries strategy, is testament to the appetite among clients who share in our conviction.
This is a milestone moment for the ICG LP Secondaries team. We are extremely grateful for the confidence and support of our clients. We continue to believe that our specialist strategy and focus on LP secondaries will serve our clients well and allow us to create value through a differentiated approach.
We are delighted to have completed fundraising for our debut fund. With 7 LP stakes transactions already closed and over $1.5bn[2] of assets acquired, we look forward to further building on our reputation as an LP-led secondaries specialist investor.
1. ICG LPS is an illiquid strategy that does not offer liquidity to ICG LPS investors
2. Purchased NAV + unfunded
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For further information please contact:Catherine Armstrong
Interim Head of Corporate Communications
Email: [email protected]
About ICGICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with a 35-year history, managing $86.3bn of assets* and investing across the capital structure. We operate across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.
We develop long-term relationships with our business partners to deliver value for shareholders, clients and employees, and use our position of influence to benefit the environment and society. We are committed to being a net zero asset manager across our operations and relevant investments by 2040.
ICG is a member of the FTSE 100 and listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at www.icgam.com. You can follow ICG on LinkedIn, X (Twitter) and Instagram.
Past performance is no guarantee of future results.
*as at 31 December 2023
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ICG - Intermediate Capital Group plc published this content on 02 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 April 2024 12:23:04 UTC.