Investing in
long-term growth

Our team

The trust is managed by a dedicated private equity fund investment team, led by Emma Osborne who has managed the team since 2004.


Kane Bayliss

Managing Director

Kane is a member of the investment committee for private equity fund investments. He joined ICG in 2016 from Graphite Capital where he was originally a direct investment Partner before moving to the fund investment team. Prior to Graphite, Kane worked in Terra Firma's buyout team as well as Merrill Lynch's M&A group in both the London and Sydney offices.

He commenced his career in 1996 as a commercial lawyer in Australia with Allens. He has a first class degree in Law from Bond University, Australia, and an MBA from INSEAD.



Colm Walsh

Associate Director

Colm joined Graphite Capital in 2010, initially as a Senior Financial Controller before assuming his current role in the investment trust and moving to ICG in 2016. Previously he had spent three years with Terra Firma Capital Partners as a finance executive and prior to that worked for the financial services audit group at Deloitte.

Colm is a Chartered Accountant and a CFA Charterholder. He has a degree in Economics from the London School of Economics. 


Fiona Bell

Associate Director

Fiona joined Graphite Capital in 2009 as an investment manager in the fund investment team, moving to ICG in 2016.

Fiona started her career at KPMG in the media and private equity groups before joining JPMorgan Cazenove, where she worked as a corporate broker and mergers & acquisitions advisor in the industrials sector. Fiona qualified as a Chartered Accountant with KPMG and holds a degree in Experimental Psychology from Oxford University.



Emma Osborne

Head of Private Equity Fund Investment 

Emma joined Graphite Capital in 2004 and led the team move to ICG in 2016. Emma is Head of Private Equity Fund Investments. Previously she worked for Merrill Lynch's private equity fund-of-funds team. 

She has direct equity and mezzanine investing experience from Morgan Grenfell Private Equity and Royal Bank of Scotland respectively. She qualified as a Chartered Accountant with Coopers & Lybrand and holds a first class degree in Economics and Politics from Bristol University



Philip Keller

Chief Finance and Operating Officer

Prior to ICG, Philip was Finance Director of ERM, a global environmental consultancy, where he was part of a management team that led two leveraged buyouts in 2001 and 2005. He previously held a number of financial directorships at GlaxoSmithKline and Johnson & Johnson. He is a Chartered Accountant and graduate of Durham University.

Member of plc Board, Investment and Executive Committees. Responsible for finance, human resources and operations.



Andrew Lewis

General Counsel and Company Secretary

​Andy is responsible for ICG's Legal and Company Secretarial functions. Prior to joining ICG, he spent eleven years in legal practice with Slaughter and May and Ashurst LLP, specialising in company law, mergers and acquisitions and corporate governance. He is qualified as a Solicitor in England and Wales and is a graduate of Oxford University.



Mark Crowther

Investor Relations Director



Kelly Tyne


Kelly joined ICG as part of the acquisition of Graphite Capital's private equity fund investment business, where she worked as an investment and portfolio associate. Prior to Graphite, Kelly was a research analyst at First NZ Capital (Credit Suisse, New Zealand). Kelly is a graduate in Finance and Accounting from Otago University.



Beno​ît Durteste

Chief Executive Director and Head of European Investments

Beno​ît is the Head of European Investments, a Managing Director of ICG and a member of the Executive Committees. In addition, he is Chairman of the BVCA Debt Funds Working Group. Benoît joined ICG from Swiss Re where he worked as a Managing Director in the Structured Finance division in London. Prior to Swiss Re, Benoît worked in the Leveraged Finance division of BNP Paribas for six years and as a CFO of a GECC portfolio company for GE Capital in London. Benoît is a graduate of the Ecole Superieure de Commerce de Paris.

Member of plc Board, Investment and Executive Committees. Responsible for mezzanine business in Europe and Recovery Fund Manager. Benoît is the current Chairman of the BVCA Alternative Lending Committee.



Stuart Griffiths

Group Compliance Officer



Amalia Formoso


Amalia joined ICG in 2013 from HSBC where she worked for 2 years as M&A analyst in the TMT team. Before joining HSBC, Amalia worked for Arcano Corporate in Madrid and Lehman Brothers in New York.

She attended ICADE University in Madrid and Northeastern University in Boston with an Erasmus at ESSEC in Paris and gained a dual-Degree in International Business.


Case studies


Deutsche Beteiligungs

ICG Enterprise (“the Company”) has had a long-standing and successful relationship with DBAG since 2002 when the manager raised its first external more

More case studies


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