ICG announces $1bn final close for debut LP Secondaries fund

"The success of this first-time fundraise, for a pure LP secondaries strategy, is testament to the appetite among clients who share in our conviction," says Benoît Durteste, CIO and CEO of ICG

ICG, the global alternative asset manager, today announced that it has successfully completed the fundraising for its debut LP-led secondaries fund, ICG LP Secondaries I (“LPS I”). LPS I, which specialises in acquiring buyout fund interests from limited partners, reached its hard cap of $1bn after being significantly oversubscribed. Including co-investment special purpose vehicles and separately managed accounts, the total commitments are $1.6bn.

LP Secondaries invests on a global basis, providing liquidity solutions to investors in third party private equity funds[1]. The team, led by Oliver Gardey, Ryan Levitt and Vivien Blossier, is comprised of specialised LP secondaries investors based in London and New York.

Benoît Durteste
Benoît Durteste

Benoît Durteste, CIO and CEO of ICG, commented:

LP Secondaries was borne out of our belief that there is significant merit to specialisation within the secondaries market. The success of this first-time fundraise, for a pure LP secondaries strategy, is testament to the appetite among clients who share in our conviction.

Oliver Gardey
Oliver Gardey

Oliver Gardey, Head of Private Equity Fund Investments and LP Secondaries at ICG, added:

This is a milestone moment for the ICG LP Secondaries team. We are extremely grateful for the confidence and support of our clients. We continue to believe that our specialist strategy and focus on LP secondaries will serve our clients well and allow us to create value through a differentiated approach.

Ryan Levitt
Ryan Levitt

Ryan Levitt, Head of Americas, LP Secondaries at ICG, said:

We are delighted to have completed fundraising for our debut fund. With 7 LP stakes transactions already closed and over $1.5bn[2] of assets acquired, we look forward to further building on our reputation as an LP-led secondaries specialist investor.

1. ICG LPS is an illiquid strategy that does not offer liquidity to ICG LPS investors
2. Purchased NAV + unfunded

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About ICG

ICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with a 35-year history, managing $86.3bn of assets* and investing across the capital structure. We operate across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.

We develop long-term relationships with our business partners to deliver value for shareholders, clients and employees, and use our position of influence to benefit the environment and society. We are committed to being a net zero asset manager across our operations and relevant investments by 2040.

ICG is a member of the FTSE 100 and listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at www.icgam.com. You can follow ICG on LinkedInX (Twitter) and Instagram.

Past performance is no guarantee of future results.

*as at 31 December 2023