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Hollyport, ODDO among buyers of ICG Trust portfolio sale

The listed arm of Intermediate Capital Group de-risked its portfolio by selling stakes in funds managed by IK, Graphite and Silverfleet, among others.

ICG Enterprise Trust has carried out a spring cleaning exercise on its £800 million ($1 billion; €884 million) private equity portfolio.

The listed arm of Intermediate Capital Group sold a portfolio worth £76 million in the six months to 31 July, £21 million of which was unfunded commitments, according to its interim results announcement. This included the partial disposal of a “sizeable holding” in Graphite VIII, a 2013-vintage, £500 million UK mid-market buyout fund.

“These secondary transactions reduced the concentration of our portfolio and expand our
capacity to make new investments aligned to our strategic goals,” the firm noted, adding that it carried out two “further selective secondaries sales” after the reporting period.

ICG ET’s private equity portfolio was £765 million in size on 31 July, compared with £806 million on 31 January, the firm noted.

Hollyport Capital accounted for a majority of the sale, picking up around £50 million of mainly tail-end stakes, according to a source with knowledge of the matter. This included positions in the 2007-vintage Doughty Hanson & Co V and Segulah IV, according to August-dated UK public filings.

France’s ODDO BHF Private Equity was among the other buyers, acquiring a stake in 2015-vintage mid-market European growth fund Silverfleet Capital Capital Partners II, according to an August filing.

Nordics-focused secondaries buyer Cubera acquired stakes in 2013-vintage IK VII and 2016-vintage IK VIII, according to two October-dated filings.

Oliver Gardey, who was Pomona Capital’s head of European operations, joined ICG last year to head the Enterprise Trust’s investment team. He was joined by fellow Pomona alumnus Ryan Levitt and former Unigestion vice-president Vivien Blossier.

ICG, Hollyport, ODDO, Graphite and DH Private Equity declined to comment. Cubera, Silverfleet and IK did not respond to requests for comment.