Interdealer broker ICAP is bolstering its alternative investments business and has hired twin sisters Laura and Linda Prager to co-lead the new group, created to facilitate secondary market trading in hedge funds, private equity funds, real estate funds and other common illiquid assets.
For sellers, ICAP hopes to provide liquidity for otherwise illiquid positions. The new venture will also grant purchasers access to mark-to-market priced limited partnership interests and other illiquid assets, shorter investment horizons and a means to rebalance their portfolio.
“The secondary markets are an exciting area and we look forward to expanding the ICAP platform with the addition our new Alternative Investments Group,” Doug Rhoten, chief executive of ICAP Americas, said in a press release.
Laura Prager is founder of LP Strategic Capital, a secondary market service provider. She has also served in various roles at Marathon Asset Management, Credit Suisse and Shearman & Sterling.
Linda Prager most recently served as U.S. head of prime brokerage business consulting at Citigroup.