Secondaries and private wealth explored
Intermediate Capital Group (ICG)
Global alternative asset manager, creating sustainable value by partnering with ambitious businesses.
In this first edition of our LinkedIn newsletter, ICG insights, we dive into the hot topic of private wealth. Specifically, the role secondary investments could play.
We hear three, short insights from New York-based Ryan Levitt and Oliver Gardey , in London.
Private equity isn’t designed for investors outside of large, patient, financial institutions. But with private and public markets historically performing well[1] and the need for portfolio diversification, high net worth individuals are taking note. There are also countless alternative asset managers now happy to be the custodians of HNW investors’ capital.
How can global alts firms differentiate in the PE private wealth space? We believe there are two ways: capital solutions and secondaries. Our experts explore the latter:
1)????? “Secondary funds designed specifically for private wealth can offer access to the return potential of private equity while seeking to mitigate some of the operational challenges that private wealth investors might typically encounter when accessing alternative assets.” ?
?? Ryan Levitt joined ICG in 2019 and is Head of the Americas for our LP Secondaries team and a member of its investment committee
2)????? “Secondaries can mitigate some of the risks applicable to [private equity] investments because you can analyse the historical performance of the portfolio.”
?? Oliver Gardey, Head of Private Equity Fund Investments, ICG.
3)????? “In addition, there is greater liquidity because at that point of investment the portfolio is already in exit mode.” ?
?? Oliver Gardey
Past performance is not a reliable indicator of future results.?Investing in private markets involves substantial risks, including the risk of capital loss. The value of investments can up as well as down.
There are no guarantees that investors will be able to redeem their investment as of any desired date. Redemptions are discretionary, subject to significant limitations and are not guaranteed.
Diversification does not guarantee a profit or protect against losses.
Read more:
1. Explore data from Cambridge Associates (Q4 2024) and Pitchbook (June 2024) via the insight links above.
?? Deal download ??
“The retirement market has compelling demographics supporting it,” says Isobel Dench , Managing Director with ICG Real Estate, unveiling a ￡63m loan for a new residential development in England’s historic town of Henley-on-Thames.
As Milan-based Luca Lelli explains, Coop is a market leader in the Italian grocery sector. It is now a “valued partner and we look forward to enhancing the portfolio” of 15 Coop supermarkets and seven of its hypermarkets, says the ICG Real Estate Managing Director. Our international real estate investment team announced the €222m joint venture, which includes a 30-year leaseback, in January. Read-up on our Strategic Real Estate team (clients only).
???? Recent recruits ????
With the appointment of Friedel Drees, we now have a local presence in 20 cities globally. Friedel Drees , starting with our flagship European Corporate team as a Managing Director based in Munich, comments: “I’m excited to join ICG to help leverage the unique platform ICG offers with its strong focus on long-term partnerships with management teams and founders.” More on the European Corporate team (clients only).
Another flagship team at our firm, Senior Debt Partners which recently closed its fifth vintage significantly above target at $17bn, is bolstering its Parisian presence. Pierre Grandjean is welcomed from Sixth Street, where he worked as a Principal in Speciality Lending, covering senior direct lending and mezzanine solutions.
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???? Culture & community ???
Colleagues from ICG offices and their friends from Kroll gathered in London recently to share their personal family-building journeys. Surrogacy was the topic of conversation. View the photos. Learn more about how ICG supports employees’ families and family building.
As part of our ongoing charitable giving programme, we recently made donations to the British Red Cross Disaster Fund and the American Red Cross.
?? Final features ??
With $22bn raised in the twelve months to 31 December 2024, catch up with our Q3 trading statement.
Sale-leaseback transactions can provide investors with access to high-quality logistics assets at beneficial pricing, argue ICG Real Estate's Gregory Minson , Chris Nichols and Adam Golebiowski . Download the PDF (clients only) or read the article.
CLOs sound complex and may elicit a measure of trepidation among those not actively involved in the industry. However, as ICG managing directors on two sides of the Atlantic, Rob Faulkner and David Saitowitz , illustrate in a new White Paper (clients only), collateralized loan obligations are actually relatively simple financing structures. Read the exec summary.
At ICG we:
?? Invest globally
?? Grow businesses and assets sustainably
? Value partnerships
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