10: Choosing Wisely: Where ICG Invests and Where It Doesn't

Discover why disciplined focus and organic growth are powering ICG’s global ascent—and learn how long-term partnerships with major pension funds and a unique balance sheet approach are setting new standards in private markets. What does it take to build a global asset manager without relying on acquisitions, and how are client relationships evolving as the industry consolidates?In this episode, Glenn Schorr sits down with David Bicarrequi and Brian Spenner of ICG to unpack the firm’s growth from $15B to nearly $130B in AUM. Hear about ICG’s disciplined expansion in the U.S., their commitment to differentiated investment strategies (especially in private credit), and why scale and performance—not just AUM growth—define their culture. The conversation covers client consolidation trends, scaling in infrastructure and real estate, partnerships like the Amundi collaboration for wealth distribution, and why ICG’s hands-on, aligned investment approach matters more than ever.Episode Highlights & Timeline:[00:00] Flow of Funds introduction; who is ICG?[01:22] ICG overview—history, growth, and organic expansion[02:31] Personal backgrounds—career journeys at ICG[03:23] The firm’s culture: organic growth, not acquisitions[04:11] Industry tailwinds and structural risks in private markets[06:23] How and why LP relationships are consolidating[08:26] Partnership-driven client structures and allocation[10:11] Where ICG is scaling and exploring new asset classes[11:30] ICG’s approach to private credit in US vs. Europe[13:43] European market complexity and ICG’s edge[16:39] US credit market, BDC redemptions, and ICG’s model[18:15] Technology exposure within ICG’s credit platform[19:23] The long-game mindset: balance of heritage and diversification[20:11] Insurance clients and balance sheet strategy[21:59] Growth and future of the asset-backed market[23:49] Daily marks and liquidity in private credit—pros and cons[24:46] ICG’s vision for wealth management and Amundi partnership[27:16] Launching new funds with Amundi; product and branding strategy[30:14] Strategic use of the ICG balance sheet for innovation and alignment[32:27] LP alignment and the impact of ICG’s balance sheet investment[33:20] Dry powder, patient deployment, and fundraising outlook[34:27] Areas of greatest growth and LP interest across ICG’s platform[35:52] Performance, reputation, and the flywheel effect[36:47] Closing thoughts and episode wrap-upApplicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: evercoreisi.mediasterling.com/disclosure⁠