Standard Chartered Agrees to Sell Majority of PE Assets to ICG for US$994 Million; Affirma Capital Takes Over Activities of SCPE (Multi-region)
Posted On: 17 Dec 2018 |
Source(s): Standard Chartered, Intermediate Capital Group
U.K.-based financial services group Standard Chartered has agreed to terms for the spinout of its private equity business and the sale of the majority of private equity assets held on its balance sheet. Affirma Capital, a newly formed independent private equity firm owned and operated by the former management team of Standard Chartered Private Equity (SCPE), will manage the SCPE portfolio going forward. Global alternative investment firm Intermediate Capital Group (ICG) has agreed to acquire the majority of Standard Chartered’s PE assets for GBP790 million (approximately US$994 million) through its secondaries unit, ICG Strategic Equity. The acquired portfolio comprises investments in 35 companies in Southeast Asia, India, China, South Korea, the Middle East and Africa. As part of the transaction, ICG has also agreed to provide Affirma with GBP316 million (approximately US$398 million) for new investments and follow-on commitments to the acquired portfolio companies. The transaction is expected to be completed in the first half of 2019.