ICG hires managing director from Avenue Capital

ICG has appointed Peter Lockhead as a managing director in its direct lending team.

Lockhead will join the firm at the beginning of June.

He arrives from Avenue Capital, where he spent more than four years as a portfolio manager. At Avenue, he headed up the firm’s direct lending division. Prior to that he was a director in Barclays Capital’s leveraged finance team and has also worked for NatWest in a career spanning 25 years in credit investments.

In his latest role, Lockhead will be responsible for sourcing investment opportunities across Europe. He will report to ICG’s head of direct lending, Max Mitchell.

On the appointment, Mitchell said: “In just five years, we have established a market leading direct lending platform and with the recent addition of an asset-based lending capaibility, we are constantly evolving our strategy.

“Lockhead joins us at exciting time as banks continue to retrench from lending, and we will benefit greatly from his experience and deep knowledge of the sector,” he added.

Lockhead arrives shortly after ICG chief executive Christophe Evain announced his decision to step down. Evain spent more than two decades at the firm and will be succeeded by Benoit Durteste, the firm’s head of European investments, in July.