Intermediate Capital Group (ICG), London-based asset manager, has appointed the management team of secondaries investment firm NewGlobe Capital Partners to launch a new private equity secondaries platform.
Known as ICG Strategic Secondaries, the new platform will be based in London and New York, reported Financial News.
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As part of the deal, Andrew Hawkins, formerly CEO of NewGlobe, will become global head of secondaries at ICG and will travel between London and New York.
Also, the secondaries platform will be led by Christophe Browne, co-founder of NewGlobe, who will be based in New York alongside Ricardo Lombardi, who will be based in London.
Browne and Lombardi will report to ICG managing director Benoît Durteste.
The move comes as part of ICG’s plans to construct a team specializing in fund restructurings deals that include new investors acquiring fund stakes to provide liquidity for existing investors in buyout funds.
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By GlobalData"We have been looking at the secondaries business for some time to identify something compatible with what ICG does and…in a growing part of the market," said Durteste.
Durteste added that the firm is planning to further expand the secondaries team.
Moreover, ICG and NewGlobe have partnered with Goldman Sachs Asset Management to do their first deal, recapitalizing US buyout firm Diamond Castle’s fourth fund.
