ICG collects $700m for strategic secondaries fund – exclusive

The mezzanine powerhouse is nearing the $1bn target for its restructurings-focused vehicle, Secondaries Investor has learned.

Intermediate Capital Group is about to hold a close on its secondaries fund targeting GP-led restructurings, Secondaries Investor has learned.

The mezzanine-focused investment firm has amassed $700 million for ICG Strategic Secondaries Fund II, which includes $500 million of third-party capital, according to a source familiar with the fundraising. The target is $1 billion.

ICG will commit $200 million, according to a March investor document on the firm’s website.

London-headquartered ICG had raised $347 million from third-party investors by mid-November, according to its first half 2016 results, which noted the firm had already invested in three secondaries transactions. It is understood the firm is working on a fourth deal.

The firm has the ability to invest in secondaries deals from its balance sheet and move these transactions into its secondaries fund.

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.

The firm declined to comment.