Page Content
ICG provides mezzanine and equity financing to private equity buyout investors, management led sponsorless transactions and companies in need of development financing or debt restructuring solutions.
Intermediate Capital Managers Limited (ICML) is the investment advisor to three of ICG’s four European mezzanine investment funds with aggregate funds under management of €2 billion. ICML’s mezzanine funds are structured as limited partnerships and invest alongside ICG’s balance sheet.
Intermediate Capital Asia Pacific Limited (ICAP) acts as investment advisor to ICG’s two dedicated Asia Pacific funds.
Our experience translates into stability and reliability for our partners and superior returns for our investors.
Mezzanine investment philosophy
We invest alongside financial sponsors and management teams with a focus on mid-market companies.
We seek a prudent balance of risk and return for our investors and this balance determines which part of the capital structure we invest in. Returns are generated through debt coupon – cash, payment in kind, pay-if-you-can or pay-if-you-want – and through equity, either through equity warrants associated with mezzanine or standalone equity.
A key strength is our ability to adapt our financing approach to each investment opportunity. ICG has led the market through a very reactive and flexible approach, structuring adhoc solutions and products and introducing such features as pay-if-you-can, reverse toggles and unirates.
Investment approach
We lead, structure, underwrite and arrange mezzanine and equity investments. By controlling each instrument we invest in, we provide certainty and stability in a capital structure. If syndication is required this is typically to one of our limited partners or financing partners but ICG is always the primary contact point for management and shareholders.
We are 'take and hold' investors with the intention to hold our investments to maturity, investing in the business and its management team for the medium to long term. By investing for longer periods and by having board representation, either as an observer or director, a deeper mutual understanding is generated between ICG, management and shareholders. ICG is often a serial investor in a business and management team as businesses are sold in secondary transactions. ICG represents continuity and stability to those management teams and businesses.
We believe in a local approach to investment. Our local executives originate and execute transactions and retain a monitoring responsibility throughout the life of the investment. This ensures continuity and better communication between ICG, management and shareholders.