UK-based specialist asset manager Intermediate Capital Group (ICG) has acquired the private equity funds investment business of Graphite Capital Management for £20m.
The unit will be responsible for managing and investing the Graphite Enterprise Trust, a London-listed investment trust focusing on primary and secondary fund investments and co-investments.
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Following the acquisition, the trust will be renamed as ICG Enterprise Trust, effective 1 February 2016. The deal is subject to regulatory approvals.
Additionally, the trust’s investment team, led by Emma Osborne, will move to ICG where it will form a new business unit within the firm.
The transaction will help GET grow to its next stage of development leveraging ICG’s global scale and wide range of investment strategies.
ICG chief financial officer Philip Keller said: "ICG is delighted the Graphite Enterprise Trust Board have chosen to move the management of the investment trust to ICG for its future development, we see great opportunities to continue to develop the strategy for existing shareholders as well as to deliver a new strategic business area for ICG."
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By GlobalDataGraphite Capital managing partner Rod Richards, said: "Under our management, the £23 million raised in the early 1980s increased to £681 million of which £180 million was returned in cash, representing a multiple of 29 times the amount subscribed."
