Intermediate Capital Group hired a life-sciences investment team, entering the broader health-care sector to invest in biotech companies in the U.K., Europe and North America.
Allan Marchington will become managing director and head of ICG life sciences at the alternative money manager. He will be joined by four other staffers: Toby Sykes and Simon Tate, who become managing directors; Peter Kiener, venture partner; and Tracy Weightman, associate director.
The team previously worked together at life-science venture capital fund Bridge Valley Ventures, which Mr. Marchington founded. Details on the company were not available.
"Biotech is a segment of the health-care industry with particularly attractive and sustainable growth drivers," Benoit Durteste, CIO and CEO of ICG, said in a news release. "It is playing a central role in health-care innovation, advancing differentiated and novel therapies in diseases of high unmet need."
ICG had €46.1 billion ($54 billion) in assets under management as of Sept. 30.
Spokesmen could not be reached for additional comment.