When interest rates are low and capital is easy to access, investing in private companies is a sellers’ market. This has been true for some time and means that companies such as Intermediate Capital Group have to be selective in their investments. The volatile conditions in the last quarter of last year, though, made such investments a little easier, especially in America.
I have been following ICG for several years, convinced that it is an investment that the market has not fully understood in the past and that with further understanding will come greater appreciation. So it has transpired: the shares were 370p in October 2014 and topped out at 620p-odd last month before being caught out in the market falls this year.
This is