Specialist asset manager Intermediate Capital Group (ICG) has announced a successful final close for its Strategic Secondaries II Fund, on $1.1 billion, ahead of its target.
The fund acquires portfolios of private equity assets, in partnership with the existing general partners, giving liquidity to existing investors in mature funds. ICG said it has received commitments from leading institutional investors in Europe and North America and that the fund is approximately 40% invested. Andrew Hawkins, head of secondaries at ICG, said: “Raising over $1 billion for our first blind-pool 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 fulfill the need of investors.”