ICG raises €1bn for Mid-Market fund, appoints two MDs

Greg Gille
@unquotenews
10 January 2020

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Intermediate Capital Group (ICG) has closed its Mid-Market fund on €1bn and appointed Peter Kirtley and Robin Molvin as managing directors to assist with origination.

The appointees will support the deployment of €1bn in capital (including €100m from ICG's balance sheet) raised for the first vintage of ICG's Mid-Market fund.

The new strategy is headed by Gareth Knight and was launched last year to complement the main European strategy of ICG, which closed its seventh flagship vintage on €4.5bn in late 2018. The fund will target European mid-market companies with an enterprise value lower than that of the main Europe Fund VII vehicle.

ICG registered ICG Europe Mid-Market Fund as a Luxembourg SCSp in March 2019, according to Unquote Data. Pennsylvania State Employees Retirement System committed €67m ($75m) to the fundraise.

Kirtley joins ICG in London from Beechbrook Capital, where he worked for four years leading equity and debt investments in UK corporates. Prior to that, he spent six years at Lloyds Banking Group as an investment director in the corporate restructuring division.

Molvin joins from Swedish private equity firm Ratos, where he worked for 13 years, most recently as a vice-president. Prior to that, he worked at Nordstjernan for six years. He is based in Stockholm.