Icap, an interdealer broker, has expanded its alternative investments business with the hires of Laura Prager and Linda Prager, who will act as co-heads and managing directors of the alternative investments group.
The alternative investments group will provide personal and strategic assistance to investors interested in buying and selling secondary interests in hedge funds, private equity funds, real estate funds and other illiquid assets.
The group's goal is to provide sellers of illiquid positions the ability to gain liquidity, rebalance portfolios and/or reduce exposure to distressed assets. For purchasers, the group will provide access to mark-to-market priced limited partnership interests and other illiquid products, positions with shorter investment horizons, and a channel for rebalancing portfolios.
Doug Rhoten (pictured), chief executive officer of Icap Americas, says: 'The secondary markets are an exciting area and we look forward to expanding the ICAP platform with the addition our new alternative investments group.'
The group does not list funds for sale on an online marketplace nor does it auction portfolios or funds.
'We are extremely excited about joining the Icap family, and our diverse backgrounds, knowledge and contacts in the investment and general partner community will be invaluable to our providing a premium service to new and existing Icap customers,' says Linda Prager.