Standard Chartered to sell PE division in ICG-backed deal

The transaction will reportedly see ICG acquiring around $1bn of assets from the vendor and provide fresh capital to support the new firm.

According to a report by Bloomberg, which cited people that were speaking on condition of anonymity, the new firm created by the proposed deal would be led by Nainesh Jaisingh, while current executives will have ownership stakes.

ICG will reportedly provide around $400m to bring the newly established firm's assets under management to $3.6bn, including around $2.1bn in assets from third-party investors, which include Goldman Sachs.

An industry source told Unquote that the details reported by Bloomberg are broadly accurate.

Reuters reported that the development forms part of Standard Charter's strategy of divesting its principal finance investment business and comes as the vendor agreed to sell its real estate investment business in Asia to Actis.

Spokespeople for ICG and Standard Chartered declined to comment on the reports when approached by Unquote.

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• Topics
• UK / Ireland
• GPs
• Financials
• United Kingdom
• Intermediate Capital Group
• Goldman Sachs