Overview
A. The Adviser is an investment advisory firm located in Dallas, Texas that specializes in making
investments in the lower end of the North American private equity middle market. The Adviser provides
investment advisory services on a discretionary basis to private funds (each or collectively “Fund(s),” or
“Client(s)”).
The Adviser was formed in 2016 by Messrs. Christian Fuentes, David Nunez, and Alberto Martin
Soberon. The Adviser changed its name in 2020 from Investar Capital Partners Investment Manager,
LLC to ICP Group Investment Manager, LLC. Christian Fuentes and Tomas Diaz Mathe are the current
principals of the Adviser (the “Principals”). The Principals are the equity owners of the Adviser.
B. Investment advisory services include working with the Client to establish an investment objective
and selecting portfolio investments utilizing the Adviser’s overall investment strategy, which focuses on
making
private equity investments in the lower end of the North American middle market. Each Client
portfolio is managed pursuant to an investment management agreement with the Client, any investment
guidelines attached thereto, the Client’s investment policy, and any applicable regulations.
C. While each of its Clients generally follows the strategy stated above, the Adviser may tailor the
specific advisory services with respect to each Client on the individual investment strategy of each Client.
D. The Adviser does not participate in wrap fee programs.
E. As of September 30, 2023, the Adviser managed approximately $189,136,254 in discretionary and
$50 million in non-discretionary portfolios. For purposes of this annual updating amendment, the
regulatory assets under management are calculated using the most recent values available (as of
September 30, 2023) as a result of the Clients’ Fund of Funds structures.