ICG expands US debt team

The firm has appointed Brian Marshall from GoldenTree Asset Management to support the firm’s development of new financial products in the US.

ICG has bolstered its US team with the appointment of Brian Marshall as a managing director.

Marshall’s remit is to contribute to the development of new investment products at the asset manager, as well as capital formation and engaging with existing clients of the firm. He will be based in the firm’s New York office.

He arrives from GoldenTree Asset Management, a New York-headquartered investment firm established in 2000 by Steven Tananbaum. In the role, which he joined in 2013, he was responsible for capital raising.

Before joining GoldenTree, Marshall held roles at Barclays Capital and the now defunct Lehman Brothers.

Seth Katzenstein, managing director at ICG, said: “We continue to see great opportunities in the leveraged loan and high yield markets both for raising new vehicles and developing new strategies. This new appointment is timely and will greatly enhance our capacity to capitalise on these opportunities.”

The London listed asset manager is preparing to launch a junior debt fund in 2017 and is understood to be setting a target close to the amount raised on its previous vehicle, ICG North American Private Debt Fund, which closed on $790 million earlier this year.

The firm had a mixed year on the fundraising front. The firm raised €1.4 billion in capital commitments in the recent financial year, significantly down on its target of €4 billion per annum. But as ICG chief executive, Christophe Evain explained to PDI in an interview recently, the firm is still in the process of deploying its sixth European and second senior debt funds, both of which closed on €3 billion in 2015.

“It is possible that we see some of our bigger funds come back to the market next year, but it is all deployment related,” he said.

ICG’s real estate debt platform was a success story after it closed on its €1 billion hard-cap recently, surpassing its €750 million target. The platform raised almost €150 million after the Brexit vote. The firm has €22 billion of assets under management.