Christophe Evain will be replaced in his capacity as ICG’s CEO and CIO by Benoit Durteste in July.
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Buyers paid more than 90% of NAV for fund stakes in the strategy as a hedge against possible market falls, according to Setter Capital.
The European secondaries investor picked up stakes in two European Capital debt funds from the firm’s previous owner, American Capital, as part of the acquisition announced last week.
The European secondaries investor has acquired a 20-strong team and management of private debt funds with assets of €700m.
The opening brings the Allianz spin-out’s global office count to five as it forges ahead with its latest secondaries fundraise.
In this second part of their chapter from The Secondaries Market, Lloyds Bank executives discuss the forms and fundamentals of debt in secondaries transactions.
The stakes include up to $10m in secondaries funds in addition to buyout, credit and real estate fund interests.
Coller Capital, Goldman Sachs and StepStone were among LPs in the $1.1bn fund which has been renamed Northlane Capital Partners I.
The global asset manager remained ‘disciplined’ amid an uncertain market environment and elevated valuations in 2016.
Daryl Cohen has left after eight years at the direct secondaries pioneer and is understood to be joining another private equity firm.