18 December 2018
- Tom Lin, Michael Ng, Thomas England, Jervis Chan, Kai-Niklas Schneider, Daryl Liu, Richard Blewett, Anthony Stewart, Tess Forge
- Singapore, Hong Kong, Tokyo
Clifford Chance advises ICG Strategic Equity on portfolio acquisition in conjunction with the MBO of Standard Chartered Bank's Private Equity Unit
Leading international law firm Clifford Chance is advising ICG Strategic Equity (ICGSE) on the acquisition by ICGSE's managed funds of a portfolio of private equity investments from Standard Chartered Bank's (SCB) balance sheet, in conjunction with the management buyout of SCB's private equity unit by its senior executives. The spin-out firm will relaunch as Affirma Capital.
The secondary portfolio comprises private equity investments in 35 companies across Southeast Asia, India, China, South Korea, the Middle East and Africa. As part of the transaction, ICGSE's managed funds will also make dry powder commitments for Affirma Capital to deploy into new and follow-on deals within its emerging markets investment strategy.
Speaking on the transaction, Tom Lin comments: "We are delighted to be assisting ICG Strategic Equity on their first foray into Asia-Pacific and on their partnership with the Affirma Capital team. The complexity of this multi-layered transaction showcases the depth of our M&A, debt, funds and regulatory practices and we are fortunate to have the opportunity to again support long-standing client Intermediate Capital Group on a significant opportunity in the region."
The Clifford Chance team is co-led by partner Andrew Whan (Hong Kong) and counsel Tom Lin (Singapore). Andrew and Tom are supported by associates Charmaine Yeo, Michael Ng and Salma Izzatii, with partner Thomas England and senior associate Jervis Chan leading the acquisition finance work, and partner Kai-Niklas Schneider and counsel Daryl Liu leading the funds work (Singapore). Partner Richard Blewett (Hong Kong) and associate Holly Cao (Sydney) are providing antitrust advice and partner Anthony Stewart and associate Dominique Pelides (London) are providing tax support. Head of the firm's Asia Pacific Anti-Corruption and Trade Controls Practice Wendy Wysong, counsel Ali Burney, and senior associate Tess Forge advised on ABC/ AML and related due diligence. The broader Clifford Chance team includes partners and associates from our international offices in Beijing, Hong Kong, Dubai, London and Perth.
The transaction is subject to certain conditions and is expected to complete in 2019.