Intermediate Capital Group to concentrate on third party funds

ICG currently manages around €12bn, comprising €3bn of investments made by its own funds and €9bn of external funds.

According to the firm, the banking crisis has reduced the attractiveness of debt capital available to businesses, thereby constraining the growth of ICG's balance sheet in the medium term.

ICG now intends to double its assets under management over the next five years through a greater focus on its fund management operation specialising in mezzanine capital, growth capital and buy-out debt.

The firm will continue to co-invest using its balance sheet alongside ICG's third party funds.

ICG has also appointed Christophe Evain as CEO and Peter Gibbs as non-executive director on the company’s board.

Evain has been with ICG for 16 years and a managing director since 2005. He was responsible for the establishment of ICG's international franchise, opening the company's Paris office in 1995, Hong Kong office in 2001 and New York office in 2007.

Gibbs was, until 2005, CIO of Merrill Lynch's investment management activities outside the US.

ICG in January closed an investment in Jersey-based patent and legal services firm CPA Global, putting a reported £440m (€485.2m) into the deal in exchange for a 25 per cent stake.

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