ICG returns seeking $1.6bn – exclusive

The firm's last dedicated secondaries fund, focused mainly on end-of-life processes, closed in April 2017 on $1.1bn.

Intermediate Capital Group is back and targeting $1.6 billion for its latest secondaries fund, a year after hitting final close on its last dedicated secondaries vehicle, Secondaries Investor understands.

Like its predecessor, Strategic Equity Fund III will focus primarily on complex end-of-life restructurings in Europe and North America. It can also buy private equity portfolios.

The first investors were informed of the fund’s launch yesterday, according to one source familiar with the matter.

Secondaries Investor reported in November that Strategic Secondaries II was investing “ahead of its linear investment pace” and likely to be followed up “during the next 12 months”. The fund is over 70 percent committed across seven transactions, Secondaries Investor understands.

ICG Strategic Secondaries Fund II closed on $1.1 billion in March 2017 after just over a year in the market, above its $1 billion target. Investors in the fund include ICG Enterprise Trust, the firm’s listed private equity arm, according to data from Private Equity International.

The funds investments include the restructuring of EdgeStone Capital Equity Fund II and EdgeStone Capital Equity Fund III, buyout funds managed by Toronto-based EdgeStone Capital Partners in April 2017.

It also emerged as the buyer in the restructuring of Quadriga Capital‘s €525 million, 2006-vintage buyout fund, which was first reported by Secondaries Investor in August 2017.

In January, the firm hired Neuberger Berman fundraiser Imene Boumalala to head its marketing effort to institutional clients in France, Italy, Spain, Geneva, Monaco and of selected strategies to Israel.

ICG did not comment on the fundraise.