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Intermediate Capital Buys Graphite Capital's Private Equity Unit

Wed, 23rd Dec 2015 08:00

LONDON (Alliance News) - Specialist asset manager Intermediate Capital Group PLC on Wednesday said it has acquired the private equity unit of Graphite Capital Management LLP for around GBP20.0 million.

The unit is responsible for managing and investing the Graphite Enterprise Trust, a London-listed investment trust, which will be renamed the ICG Enterprise Trust from February 1, 2016. This change was confirmed by the fund itself.

Intermediate Capital said the new unit is complementary to its existing private markets investing business.

"ICG is delighted the Graphite Enterprise Trust Board have chosen to move the management of the investment trust to ICG for its future development, we see great opportunities to continue to develop the strategy for existing shareholders as well as to deliver a new strategic business area for ICG," said Chief Financial Officer Philip Keller.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance