Alternative asset manager ICG has appointed Ramon Arocena as a managing director to lead its push into Iberia, as it looks to strengthen its European mid-market strategy.

The firm said Iberia was a natural extension for its ICG Europe Mid-Market strategy. Arocena will lead deal sourcing and execution for the mid-market funds in the region.

He joins from Advent International, where he was a managing director. Before that he was a partner at Peninsula Capital, a southern European mid-market investment firm.

Arocena will be based in Madrid and report to Gareth Knight, head of ICG Europe Mid-Market.

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“Iberia is an important market for our strategy, and Ramon’s extensive experience and long-standing relationships will be hugely valuable as we look to partner with long-term owners where there is strong alignment and a shared vision for the future,” said Knight.

London-listed ICG is a global alternative asset manager with $126bn (£93.4bn) of assets under management across structured capital, private equity secondaries, private debt, liquid credit and real assets.

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“As a first mover in the structured capital solutions space, ICG has built an impressive platform with a differentiated approach and an unparalleled track record,” said Arocena.

“I look forward to working with the team to further develop our presence in Iberia, identify new investment opportunities and build lasting partnerships with family owners, founders and management teams across the region.”

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