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ICG eyes December final close on latest secondaries fund

Strategic Equity Fund III will be 40% invested 'right off the gate', CIO and CEO Benoît Durteste said today at the firm's half-yearly earnings presentation.

Intermediate Capital Group is planning to wrap up fundraising for its third secondaries vehicle by the end of the year.

The London-headquartered firm is still fundraising for Strategic Equity Fund III and is expecting to hold the final close on the fund in December, Benoît Durteste, the firm’s chief investment officer and chief executive, said at a presentation of the firm’s half-year results in London on Tuesday.

“On the back of two additional transactions that were signed late September, the fund should actually be 40 percent invested right off the gate,” Durteste added.

Fund III is targeting $1.6 billion and launched in the first half of last year, according to Secondaries Investor data. The vehicle will focus primarily on complex end-of-life restructurings in Europe and North America and can also buy private equity portfolios, Secondaries Investor previously reported.

Secondaries third-party funds under management increased 24 percent to €2.8 billion, the firm noted in its results for the six months to 30 September. The firm raised €441 million in the six months to June for its Strategic Equity fund strategy, it noted.

ICG’s 2016-vintage $1.1 billion Strategic Secondaries II fund is 100 percent invested across 12 assets.

ICG emerged as the backer of a restructuring involving ACON Investments‘ 2012-vintage ACON Equity Partners III fund, sister publication Buyouts reported on Monday.

This month ICG hired a second Pomona Capital alumnus to manage its listed private equity business, ICG Enterprise Trust. Ryan Levitt joined as a managing director based in New York, charged with building its North America private equity funds investments team. He will work with head of private equity funds investments Oliver Gardey and managing director and portfolio manager Colm Walsh.

At least nine of the top 10 biggest secondaries firms are in market with flagship vehicles or planning to return to market this year, according to Secondaries Investor data.