The market is beginning to get a handle on Intermediate Capital Group, and this is reflected in the share price. Created 26 years ago, this was a specialist in investing in obscure mezzanine debt and was little understood in the City.
It has been transformed over the past few years, under new management, into a more traditional fund manager, with €20.2 billion in total under management at the end of June.
Even that does not quite tell the whole story; ICG raises cash from investors for funds that are in unquoted investments or that mezzanine debt. Think of it as somewhere between a fund manager and a private equity.
Small surprise that the market has had difficulty on this one, though the share price