ICG closes fourth Asia fund on $1.1b
Intermediate Capital Group (ICG) has closed its fourth Asia Pacific fund with USD 1.1bn in commitments, with nearly one-third of the corpus already deployed across four deals.
The vehicle, which had a target of USD 1bn, represents a significant step up in size from the previous vintage. Fund III closed on EUR 650m (USD 752m) in 2016. The firm raised USD 300m and USD 562m, respectively, for its first two regional funds.
ICG pursues three strategies in Asia: sponsorless or corporate transactions; mezzanine finance; and balance sheet repair and restructuring. Fund IV will primarily focus on the first of these, providing bespoke and complex capital structures that meet the specific needs of founders and management teams while offering downside protection. Cheque sizes are normally in the USD 100m range.
Recent activity includes the acquisition of a majority stake in Canopy Healthcare Group, a New Zealand-based healthcare platform that offers diagnostic imaging, medical oncology, and drug compounding services. It follows previous successful forays into healthcare in Australia with Cura Day Hospitals and Everlight Radiology. Both are now exited.
The Canopy investment facilitated an exit for New Zealand private equity firm Waterman Capital. The same happened in another Fund IV investment, with ICG taking out a position held by KV Asia Capital as part of its acquisition of Malaysian grocery retailer TF Value Mart. The firm has also sold assets to private equity investors. Everlight was picked up by Livingbridge last year.
ICG has USD 70.8bn in assets under management globally, with 508 employees across 15 offices. The Asia bases are in Hong Kong, Singapore, Tokyo, Sydney, and Brisbane. Regional coverage takes in Australia, New Zealand, Japan, South Korea, Hong Kong, and Southeast Asia.
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