Co-investors key in Diamond Castle recap

Circa $69 million of the $300 million invested by ICG into the recent Diamond Castle IV fund restructuring has been syndicated to co-investors.

The co-investors come from both the US and abroad, according to documents filed this week with the US Securities and Exchange Commission.

ICG declined to comment.

Last month ICG and NewGlobe completed their first-ever secondaries deal, acquiring a substantial portfolio of private equity assets from US private equity fund Diamond Castle IV. The restructuring gave liquidity to existing investors and resulted in a new, $860 million vehicle that will be managed by the incumbent general partner.

ICG underwrote $300 million of the new fund with Goldman Sachs also investing an undisclosed amount. It was unclear at press time if Goldman also syndicated some of its equity to co-investors.

The deal was the first for two-year-old NewGlobe, which revealed at the same time its team was going in-house at ICG to form ICG Strategic Secondaries, a fund restructuring/recapitalisation-focused platform.

ICG’s new secondaries business operates from London and New York and consists of NewGlobe’s three executives – Andrew Hawkins, Christophe Brown and Ricardo Lombardi – all of whom worked for direct secondaries group Vision Capital prior to founding NewGlobe.