ICG closes Strategic Secondaries Fund II ahead of target at US$1.1bn

Intermediate Capital Group, the specialist asset manager, announces the successful final close of its Strategic Secondaries II Fund, which focuses on private equity fund restructurings and liquidity solutions.

The total raised was US$1.1 billion, ahead of the US$1.0 billion target.

Strategic Secondaries acquires portfolios of private equity assets, in partnership with incumbent general partners, thus providing liquidity to existing investors in mature funds.

ICG received commitments from leading institutional investors in Europe and North America. The fund is approximately 40% invested. 

Andrew Hawkins, Head of Secondaries at ICG, said:

“Raising over $1bn for our first blindpool fund was a very gratifying achievement, and demonstrates the importance of fund restructurings in the private equity ecosystem. This is a growing market and we are pleased to offer a dedicated global fund to create value for our investors.”