UK-listed investment manager Intermediate Capital Group has launched a senior loans unit to cover Australia.
The firm, which specialises in mezzanine investments but has the flexibility to invest in all levels of the capital structure, has been active in Australasia since 2001. It established an office in Sydney, Australia, in 2006. Hitherto, its involvement in that market has encompassed junior capital investments from subordinated debt and mezzanine to preferred and common equity. The new business unit adds senior debt to that suite.
Chris Heine, head of Asia Pacific at ICG, said in a statement: “This is an important step in the development of ICG's credit fund management business in Asia, extending our participation into every part of the capital structure of our investments.”
ICG has hired Matthew Turner as head of the new business unit. He will be based in Sydney and will be responsible for building out the team initially. Once established, Turner and his team will aim to invest in the region of A$1 billion ($1 billion; €803 million) in Australian senior loans over the next five years, ICG said in a statement confirming the appointment.
Turner will report to ICG’s London-based heard of credit fund management, Dagmar Kent-Kershaw.
He joins from National Australia Bank, where he was director of acquisition finance and led a number of senior secured debt transactions. Prior to joining NAB, he was a director in Credit Suisse’s investment banking division between 2002 and 2007, having begun his career at Bank of America where he worked in the bank’s TMT team.