Ryan Shelswell to replace Chris Heine as ICG's Asia head

Shelswell (pictured), who will take up his new role on July 30, is currently in charge of the firm’s Australia and New Zealand team, which has completed seven deals worth $700 million, or 69% of total capital deployed in the region. He joined ICG in 2010, has been a member of the Asia Pacific investment committee since 2014, and led the establishment of the firm’s sponsor-less deal capability in the region.

Heine was recruited by ICG in 2006, having previously spent seven years with CVC Capital Partners as part of the founding team in Asia. He has overseen general expansion of the business, including the establishment of a Singapore office and the creation of a Japan mezzanine joint venture with Nomura.

The sponsor-less deal segment has become an increasingly significant part of ICG’s business in Asia. When the firm first came to the region, it focused on providing mezzanine for buyout sponsors, typically taking equity alongside the mezzanine tranche through a warrant or direct co-investment. The next phase came after the global financial crisis as companies looked to restructure their balance sheets.

ICG, which closed its third Asia fund at EUR650 million in 2016, continues to work with buyout sponsors and on restructuring opportunities, but it is also pursuing deals on an independent basis. It takes advantage of situations where the company founder doesn’t want to sell control – or work with a traditional leveraged buyout player – or requires a more flexible form of capital.

The firm’s last three deals fit this profile. It acquired Australia-based Everlight Radiology, invested $200 million in Korea-owned Yudo China Holdings as part of a complex cross-border corporate restructuring initiative, and bought Singapore education business PSB Academy from Baring Private Equity Asia. In the latter deal, ICG is said to have underwritten the entire capital structure.

“Our flexible capital solutions are proving themselves in the Asian market against more traditional debt and equity products and I’m excited to build on our Asia Pacific success with Ryan, who has a strong track record in sourcing and executing deals and who has worked to expand our coverage from sponsor mezzanine into the full set of ICG’s strategies,” said Benoit Durteste, CEO of ICG.

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