ICG opens Milan office

The office will be led by Luigi Bartone, head of ICG Italy. He will be joined by managing director Giulio Piccinini, who was previously based in London.

Piccinini joined ICG from Vision Capital in 2017. Prior to this, he worked in the investment banking division of Bank of America Merrill Lynch and as a management consultant at Bain & Co.

"Italy is a significant market for ICG and the opening of a permanent office strengthens our presence and commitment to the country," said Bartone. "There is plenty of activity in Italy and with an office in Milan we will capture even more opportunities across asset classes; we will be closer to our portfolio companies, and to entrepreneurs and management teams willing to partner with ICG to accelerate their companies' growth."

ICG is a global alternative investment specialist with €45.6bn's worth of assets in private debt, credit and equity. It is listed on the London Stock Exchange.

The firm has recently launched a second recovery fund, ICG Recovery Fund II, to invest in companies hit by the coronavirus crisis. The vehicle is believed to have a target of around €1bn and has already started to pitch investors, including Teachers' Retirement System of Louisiana, which is considering a $50m commitment. 

Like its predecessor during the 2008-2009 global financial crisis, this new recovery fund will target companies with solid businesses that are nevertheless experiencing dull performances and balance sheet problems, or where the debt is constraining the company's growth. The fund might also explore distressed and special situation strategies.

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