Intermediate Capital buys private equity funds investment business

Specialist asset manager Intermediate Capital Group has acquired the Graphite Capital Management LLP's private equity funds investment business for a consideration of around £20m, subject to regulatory approval.

The business is responsible for managing and investing the Graphite Enterprise Trust, which is a London-listed investment trust making primary and secondary fund investments and co-investments.

It will be renamed the ICG Enterprise Trust.

ICG said the private equity funds investment business is complementary to its expertise in investing in private markets, combining flexible solutions and local access and insight into investment opportunities.

Chief financial officer Philip Keller said: "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."