Alt asset manager ICG makes $1.1b final close of fourth Asia Pacific fund

Singapore. Photo: Guo Xin Goh

Global alternative asset manager ICG announced that it has made a final close of Asia Pacific Fund IV, its flagship strategy in Asia, at $1.1 billion, exceeding its target of $1 billion.

Fund IV, which is 60% larger from the last vintage, received commitments from a group of investors looking for exposure to Asia, the firm said.

It invests in debt and equity of mid-market businesses across Japan, South Korea, Hong Kong, Southeast Asia, Australia, and New Zealand.

The fund is currently 32% deployed, with four deals completed to date. Its first investment was in Malaysian groceries store chain TF Value Mart in December 2020.

“It is a significant achievement to exceed our target for Asia Pacific Fund IV and reach $1.1 billion,” said ICG CIO and CEO Benoit Durteste.

ICG, which has 20 years of track record in the region, said the latest vehicle represents its flagship strategy for Asia.

The strategy targets locally sourced, directly originated, and privately negotiated subordinated debt and equity investments in Asia Pacific middle market companies.

Most recently, ICG announced an investment in Asian healtchare provider Canopy Healthcare Group, following investments in Everlight Radiology and Cura Day hospitals.

Listed on the London Stock Exchange, ICG has over 30 years’ history, managing $71 billion of assets and investing across the capital structure. It also commits to being a net zero asset manager across its operations and relevant investments by 2040.

In April, the firm announced the launch of its Asia-Pacific real estate business and hired a dedicated team to invest in real estate equity and debt in the region.

The new team of four, based in Singapore and Sydney, will be led by David Kim and Stephen Tang, who will become managing directors and co-heads of real estate, Asia-Pacific. Rohan Neville and Isaac Leo are the other members of the team.

In August last year, Fubon Life Insurance, the insurance unit of Taiwanese financial conglomerate Fubon Financial Holding, committed $65 million in ICG’s Strategic Equity Fund IV, the firm’s strategic equity business that focuses on GP-led secondaries transactions.

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