Intermediate Capital Group chief executive and chief investment officer, Christophe Evain, will be stepping down from his roles in July, according to a company announcement.
He will be replaced by Benoit Durteste, the firm’s head of European investments. Evain will step down the annual general meeting on 25 July. A source familiar with the situation told sister publication Private Debt Investor the chief executive is retiring following 23 years with the firm and does not, at present, have another role lined up.
The source added there will be no direct replacement for Durteste. Since Durteste’s appointment a number of additional managerial appointments have been made which allow the role to be absorbed among his team.
The company announcement also noted the firm had appointed an external search firm to look for a new chief executive and CIO before deciding on Durteste. He has been with ICG since 2002 and joined the firm’s executive committee in 2012. He also led the firm’s expansion into secondaries.
ICG launched its secondaries platform at the end of 2014 and hired a specialist team from NewGlobe Capital, after it had partnered with NewGlobe and Goldman Sachs on the $860 million restructuring of US private equity fund Diamond Castle IV.
In November, Secondaries Investor reported that the firm had raised $700 million for ICG Strategic Secondaries Fund II, which has a target of $1 billion.