ICG closes third secondaries fund on $2.4bn

The fund was launched in April 2018 and is more than double the size of its $1.1bn predecessor, ICG Strategic Equity Fund II, which was launched in January 2016 with a target of $1bn and closed in July 2017.

Earlier this month, the GP also closed its ICG Europe Mid-Market fund on €1bn, to deploy equity and debt across the European mid-market.

Investors
ICGSE III was oversubscribed and received strong support from a diversified base of LPs, the firm said. In addition, ICG committed $200m to the fund.

Investments
ICGSE III targets the growing market for GP-led secondary transactions, with a primary focus on complex fund restructurings. In executing its strategy, it follows an asset-intensive underwriting approach and active portfolio management consistent with direct private equity investing.

The fund invests around $100-200m in each transaction with an increased geographic diversification of the portfolio across North America and Europe.

It has already made two transactions and committed to a third, which is expected to close in the coming weeks. These three initial investments collectively represent $1bn of commitments and include a diverse portfolio of companies across North America, Europe and Asia.

People
ICG - Andrew Hawkins (head of private equity solutions); Benoit Durteste (CEO).

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