ICG, the global alternative asset manager, today announced that its Asia Pacific Corporate team, together with a consortium of management and industry experts, has completed a transaction to partner with SuperChoice (“the Company”), Australia’s leading superannuation payments platform. The transaction sees the Company’s existing partner Potentia Capital (“Potentia”) fully exit the business.
SuperChoice is a leading provider of B2B financial technology solutions in Australia, specialising in the superannuation and payroll sectors. Established to address complexities in the Australian superannuation system, SuperChoice has developed a robust platform that intermediates intricacies in the payments ecosystem, representing over 14 million workers in the country.
The partnership will see ICG leverage its deep experience working with local and global players within the superannuation and payroll sectors, including Link Group, Veda Advantage and Perpetual Guardian Trust. ICG’s consortium partners include John Hawkins and Mick Dempsey, who also bring significant industry knowledge. John Hawkins is the former CFO of Link Group and former Director of Pexa, and Mick Dempsey is the founder of Ezidebit.
The ICG team will support SuperChoice in its long-term growth objectives, including the buildout of its sector-leading technology platform and scaling of the business. ICG will also work with the Company’s management to respond to upcoming regulatory reforms and a transition to the New Payments Platform (NPP) from the Bulk Electronic Clearing System (BECS).
ICG Asia Pacific Fund IV successfully raised $1.1bn in May 2022, with this transaction representing its ninth partnership to date following Alfa Medicus and Cura Day Hospitals, announced in February 2024 and December 2023, respectively.
James Giannas, Managing Director at ICG, commented:
SuperChoice is a market-leading technology platform providing a critical service with a highly compelling business model. This partnership underscores our strong belief in the robust platform that SuperChoice has developed, which is a key component of its competitive edge and essential to delivering an exceptional customer experience. The business stands to benefit from strong organic growth, and we look forward to working with Richard and the exceptional management team to further propel SuperChoice forward.
Richard Breden, CEO of SuperChoice, said:
This marks an exciting new chapter for SuperChoice. With ICG’s support, we are well-positioned to strengthen our leadership in the superannuation payments sector and explore global opportunities in pensions. We extend our gratitude to Potentia for their stewardship over the past three years and look forward to continuing our mission of delivering value to funds, digital service providers, employers, and ultimately members during this transformative period.
Andrew Gray, Managing Director of Potentia, added:
Since our investment in 2021, we have been consistently impressed by SuperChoice’s exceptional team, technology, and business performance. ICG is the ideal partner to guide the Company through its next phase of growth.
The terms of the transaction have not been disclosed.
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For further information please contact:
Clare Glynn
Head of Corporate Communications
+44 20 3545 1395
[email protected]
Maisie Le Masurier
Corporate Communications
+44 20 3545 1624
[email protected]
About ICG
ICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with over 35 years’ history, managing $107bn of assets* and investing across the capital structure.
We develop long-term relationships with our business partners to deliver value for shareholders, clients and employees, and use our position of influence to benefit the environment and society.
ICG is a member of the FTSE 100 and listed on the London Stock Exchange (ticker symbol: ICG). Further details are available at www.icgam.com. You can follow ICG on LinkedIn and Instagram.
*Past performance is not a reliable indicator of future results; as at 31 December 2024.
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