ICG makes headway with $1bn secondaries fund

Financial News reported in November that ICG was expected to raise about $ 1 billion for its debut secondaries fund, led by Andrew Hawkins, who was formerly at NewGlobe Capital Partners.

So far, ICG has made three investments from the vehicle and will imminently make a fourth investment, according to the person. The fund is expected to hit its target in the first quarter of 2017, the person added.

It hit a first close on the secondaries vehicle at $ 367 million in February, according to another person. ICG launched its ICG Strategic Secondaries business in November 2014 to focus on restructurings of older private equity funds.

The firm joined forces with NewGlobe and Goldman Sachs Asset Management to recapitalise US buyout firm Diamond Castle’s fourth fund at the time, with ICG investing $ 300 million to buy remaining private equity assets from the Diamond Castle IV fund and put them in a new $ 860 million vehicle managed by Diamond Castle.

In May this year, the firm bought out investors who were seeking to offload their stakes in VSS Communications Partners IV, a fund run by US private equity firm Veronis Suhler Stevenson.

ICG’s CEO Christophe Evain said following the publication in May of its full-year results to March 31 that the firm would explore new strategies such as secondaries, Asian debt and real estate in the new financial year.

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