Single Assets

ICG Strategic Equity Fund V is more than double the size of its predecessor, which closed on $5.3bn in 2022.

Deal highlights the increasing adoption of CV technology by mid-market sponsors, which have been strategically utilising more highly concentrated CVs than multi-asset vehicles.

There have been two recent instances of continuation funds falling by the wayside in favour of M&A. In some instances, this can cause real headaches.

Infrastructure/real asset deals accounted for about 6% of the $84bn of GP-led volume last year, according to a Greenhill report.

The GP-led secondaries market is continuing its growth spurt – both in terms of volume sought and new entrants. But there’s no guarantee that everyone will succeed.

The firm’s decision comes two months after Secondaries Investor reported the European manager had put its blindpool GP-led secondaries fundraising plans on ice.

Liquidity remains a main focus in the industry as exit activity has yet to pick up after a multi-year slump.

While some believe exit activity will pick up this year along with overall investment activity, PE-backed assets held in older funds continue to grow.

Providence’s single-asset deal for Globeducate was one of two deals it was shopping in the market last year, Secondaries Investor understands.

Rob Campbell, head of North America at ICG’s Strategic Equity unit, outlines elements for a successful CV when just one asset is involved and why such deals differ from co-investments.