ICG heads for secondaries fund close, new strategy launches

Rachel Lewis
26 May 2022

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Intermediate Capital Group (ICG) is heading to a final close on its latest secondaries and direct lending funds in FY23, while it considers launching new strategies for life sciences and North American private equity, the firm said in its FY22 report.

The GP said it expects to hold final closes for Strategic Equity IV, its GP-led secondaries strategy, and Europe VIII, its direct lending strategy, in the next financial year.

The secondaries vehicle has raised USD 3bn as of the end of March, following a November 2020 launch. The fund is already larger than its predecessor, Strategic Equity III, which closed in January 2020 at USD 2.4bn.

Europe VIII, which has an ESG-linked facility, has raised EUR 7.2bn since its launch in early 2021 and has a target of EUR 7.5bn.

ICG also laid out the potential to launch a new vintage of its European mid-market buyout fund plus two new strategies depending on market conditions: Life Sciences I and North American Private Equity I.

Its latest mid-market fund, Europe Mid-Market, closed in January 2020 at EUR 1bn.

The firm said it is also continuing to raise for the first vintage of its LP Secondaries strategy, LP Secondaries I. The vehicle held a first close on March 18, but ICG did not reveal how much it has raised.