Intermediate Capital Group (ICG) is a major name in alternative asset management, with more than $107 billion in AUM and a long track record across private equity, credit, and infrastructure. Founded in 1989, the firm has built a global platform designed to deliver flexible capital solutions to institutional and professional investors alike.
The Fund's Purpose
The ICG Core Private Equity Fund is an evergreen strategy focused on private equity secondaries. Built specifically for professional investors, it offers access to a portfolio of mature, cash-generating private equity assets—without locking up capital for the typical 10+ years you'd expect from a traditional private equity fund.
The goal, like most evergreen funds, is to make private equity more accessible, with lower entry barriers, more frequent liquidity windows, and exposure to deals that would otherwise be hard to access.
The fund is currently open through selected distributors only and has a current fund size of €70 million.
Structure & Liquidity
The fund is set up as a semi-liquid evergreen vehicle. It allows for periodic liquidity consistent with the nature of the underlying assets. Investors have regular redemption chances—though not daily-dealing like a mutual fund—subject to 90 days' notice and dual redemption gates. This is helpful for creating long-term exposure without complete illiquidity.
The fund is domiciled in Luxembourg and operates under a single GP structure.
Strategy
This fund is built around private equity secondaries. It acquires existing interests in private equity funds, sometimes alongside co-investments. This gives investors immediate exposure to seasoned portfolios, helps avoid blind-pool risk, and shortens the typical J-curve associated with traditional PE strategies.
The portfolio is broadly diversified across vintages, regions, and managers, sourced through ICG's global private markets platform and long-standing GP relationships.
Private equity secondaries can provide diversification and shorter J-curves
The Team
The fund is managed by ICG's private equity secondaries team and supported by the broader ICG investment platform.
Key managers include:
•Ryan Levitt – Co-Head of LP Secondaries & Portfolio Manager, Core Private Equity
•Oliver Gardey – Head of Private Equity Fund Investments
Both bring deep experience in secondaries and private equity portfolio construction, backed by ICG's global infrastructure.
ICG's experienced team brings deep expertise in private equity secondaries
Why Consider This Fund?
•Exposure to mature private equity assets without the long-term lockup
•Evergreen structure with built-in liquidity windows
•Diversified secondaries strategy, helping reduce risk and improve cash flow visibility
•Target return of 15%, with a realized annualized return of 22.3% since inception
•Management fee of 1.5% and 12.5% performance carry
•Managed by one of the most experienced private market firms globally
Interested in Investing in Private Equity?
The ICG Core Private Equity Fund is available exclusively to professional investors through selected distributors and is not open to individual investors.
Looking for more options? At FundScouter, you can explore a growing list of evergreen private equity funds, including several that are accessible to individual investors.
FundScouter helps investors compare and analyze evergreen private equity funds
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ICG Core Private Equity Fund
Discover how ICG's Core Private Equity Fund provides investors with access to mature private equity assets through a diversified secondaries strategy.
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