Preface

For our next interview, we decided to speak with one of the leading middle market GP Stakes firms: Investcorp Strategic Capital Group. Based in NYC, ISCG has 16 dedicated professionals on its GP Staking team: 9 investors, 2 GP development professionals, and 5 in capital formation. Its Managing Partner, Anthony Maniscalco, has been in the GP Stakes industry for nearly 20 years, and one of the first investment bankers in the space during his time at Lehman Brothers.

With that, I’m pleased to share my recent conversation with Anthony Maniscalco, Managing Partner and Head of Investcorp’s Strategic Capital Group.

What We Already Know

• ISCG has made 12 partnership investments since inception, has a 6-year track record, and $1.7 billion in AUM

• Invests across longer-duration private capital strategies (e.g., private equity, private credit, real assets)

• Strong advisory board spanning from former Governor Jeb Bush to seasoned GP Solutions professionals at ORIX and Xponance

Digging Deeper

Investcorp SCG’s Investment Playbook

ISCG takes a highly thematic approach when evaluating prospective GPs. The portfolio maintains a strategic allocation, with buyout representing roughly 40–45%, private credit at around 25%, and the remainder spread across other asset classes. Within buyout, the team is spending more time with sector specialists, believing these GPs benefit from fundraising tailwinds. On the private credit side, ISCG leans into asset-based finance, asset-backed lending, non-sponsor cash-flow lending, distressed, and special situations.

In real assets, ISCG is focused on infrastructure—particularly energy transition in Europe—as well as digital infrastructure globally and certain niches within real estate lending. In secondaries, ISCG has already partnered with Banner Ridge but would be interested in another player that isn’t focused on private credit secondaries. However, the overall opportunity set for secondaries is somewhat lighter, as many managers have already sold via the control route. Across all asset classes, the goal for ISCG is to identify and engage with the best GPs early on.

Banner Ridge Ties & Pipeline Insights

The partnership with Banner Ridge has been going extremely well. Investcorp has facilitated numerous introductions to potential investors on Banner Ridge’s behalf and has spent substantial time in close dialogue with the founders, Tony and C.J., to discuss industry trends and opportunities, deepening the strategic relationship.

Looking ahead, ISCG feels confident about its near-term pipeline and expects to announce additional transactions over the next six months.

The Corsair Connection

ISCG’s relationship with Corsair Capital dates back to July 2021, when it acquired a minority stake in the firm. That investment remains unchanged today—ISCG continues to hold its minority ownership in Corsair Capital. However, in December 2023, Corsair Capital sold 50% of its infrastructure business to Investcorp at the corporate level (not its GP Staking division), forming the jointly owned Investcorp Corsair Infrastructure Partners.

Although ISCG itself does not directly hold Investcorp Corsair Infrastructure Partners in its portfolio, this transaction was still considered a partial realization for ISCG. As a minority investor in Corsair Capital, ISCG was able to return cash flow from the infrastructure business sale to its own investors. This distinction is important for readers who may have seen reporting referencing a realization tied to Investcorp Corsair Infrastructure Partners. It actually reflects proceeds flowing through ISCGʼs broader ownership in Corsair Capital, rather than implying a direct ownership, and consequently, sale in the infrastructure business itself.

Building the Platform

ISCG has invested heavily in building its team and post-acquisition support capabilities for its partner GPs. Six team members are dedicated to fundraising on behalf of its partner GPs, while additional resources help those GPs with product development. The broader ISCG platform includes 19 advisors and operating partners who have been with the firm for many years.

Beyond the Office

We always enjoy learning what members of the GP Stakes community are passionate about outside of work. For Anthony, that includes rooting for his hometown Chicago sports teams—especially the Bears—alongside a deep appreciation for Bruce Springsteen’s music. He also prioritizes fitness and stays active through regular exercise.

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