Updated: July 22, 2025 by Mark Liam
About Intermediate Capital Group (ICG)
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.
ICG Core Private Equity Fund Overview
The ICG Core Private Equity Fund is an evergreen private equity secondaries strategy focused on providing professional investors access to 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 Luxembourg semi-liquid private equity fund is currently open through selected distributors only and has a current fund size of €70 million.
Evergreen Structure & Liquidity (Semi-Liquid, Luxembourg SICAV)
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, making it a true Luxembourg semi-liquid private equity fund for professional investors.
Private Equity Secondaries Strategy – Shorter J-Curve & Diversification
This evergreen private equity secondaries fund is built around acquiring existing interests in private equity funds, sometimes alongside co-investments. This shorter J-curve private equity strategy 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. Read more about ICG's LP Secondaries strategy on ICG's official website.
Private equity secondaries can provide diversification and shorter J-curves
Experienced Team – Ryan Levitt & Oliver Gardey
The ICG Core Private Equity 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
Key Fund Highlights (Fees, IRR, Fund Size)
•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
•€70 million current fund size, managed by one of the most experienced private market firms globally
Why Professional Investors Choose This Fund
The ICG Core Private Equity Fund is available exclusively to professional investors through selected distributors and is not open to individual investors. This evergreen private equity secondaries approach offers institutional-quality access to private markets with enhanced liquidity features.
Looking for similar strategies? Explore more evergreen private equity secondaries funds on Fundscouter. At FundScouter, you can explore a growing list of Luxembourg semi-liquid private equity funds, including several that are accessible to individual investors.
FundScouter helps investors compare and analyze evergreen private equity funds
Frequently Asked Questions
What is the ICG Core Private Equity Fund?
A Luxembourg evergreen private equity secondaries fund managed by ICG.
What are its returns and fees?
Target 15%, realized 22.3% IRR; 1.5% management fee & 12.5% carry.
How liquid is the fund?
Semi-liquid evergreen structure with quarterly redemptions (90-day notice).
Who can invest?
Professional investors via selected distributors.
Fund Manager Profile
Learn more about Intermediate Capital Group's investment philosophy, management team, and their comprehensive approach to private equity secondaries across global markets.
View Fund Manager Profile
Fund Profile
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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