ICG GP-Led Secondary Fund
Anyone have the latest on ICG's GP-Led Secondaries Fund? After raising a massive $6.5bn fund and convincing a bunch of LPs on the virtues of a fund with only single asset continuation vehicles, apparently they are now "putting the brakes on larger GP-led deployment". Wonder whether the donut on Wheel Pros is forcing a rethink of the strategy. Any one know how the other investments have done or what the market perception of ICG is?
ICG's Durteste: We're putting the brakes on larger GP-led deployment (secondariesinvestor.com)
On the LP side and they are just a co-invest fund masquerading as a secondary fund (meaning their 2.5x net TVPI for a 2016 fund is bang average). Every deal is single-asset and most are from funds who have owned the asset less than 5 years and many cases 2-3. The 2021 fund may not return cost IMO as they own a bunch of stinkers. When a fund has in their deck they've completed 14 of the largest 15 investments in ____________ you should RUN.
Based on the most helpful WSO content, here's what you need to know about GP-led secondaries and related market dynamics:
GP-Led Secondaries Overview:
Market Dynamics:
ICG's Strategy:
General Perception and Performance:
For more detailed insights, you might want to explore specific threads or articles on WSO or related financial news platforms.
Sources: Differences between Co-invest and Secondaries?, Q&A: PE Secondaries Principal, Why is fund of funds a thing, Q&A: PE Secondaries Principal, I invest in GP-led secondaries, and it’s awesome.
They're not good investors. Allocated to a bunch of really lousy deals where anyone with a brain could see they would suck. Their issue is their fund is big so need to deploy capital in big deals and have to be term takers instead of makers.
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