Intermediate Capital Group has hired Alan Ross as a managing director in its special situations team.
Ross joins ICG after more than a decade at Cerberus Capital where he was a senior vice-president with a focus on sourcing and executing credit, special situations and distressed debt opportunities.
It is thought ICG is preparing to launch a new special situations vehicle.
Before joining Cerberus, Ross worked in leverage and acquisition finance at UBS and ABN-Amro.
He will report to Zak Summerscale, global head of credit fund management, and will be responsible for continuing the firm’s special situations strategy in anticipation of more difficult market conditions which will create opportunities to invest.
Benoît Durteste, chief executive of ICG, said: “The global economic cycle is becoming more advanced … It is the right time to position ourselves for future opportunities.”
ICG said its first special situations vintage, the ICG Recovery Fund, was able to leverage market dislocation in the wake of the global financial crisis in 2008.
The firm declined to comment on whether it is launching a follow-up to its 2008 recovery fund.