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ICG-backed fund accused of ‘improper purpose’ in court clash with Irish investor

Investor Barry Maloney clashes with private equity firm ICG

ICG and Maloney are fighting in courts in the UK and Ireland Rasid Necati Aslim/Anadolu Agency via Getty Images
ICG and Maloney are fighting in courts in the UK and Ireland Rasid Necati Aslim/Anadolu Agency via Getty Images

An investment vehicle backed by private equity giant Intermediate Capital Group has been accused of pursuing an “improper purpose” in connection with its investment in an Irish tech unicorn.

Irish investor Barry Maloney alleged that the directors of ICG-backed special purpose vehicle Falcon VII followed an improper purpose or strategy after a disagreement over its investment in tech business Workhuman.

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