ICR Announces Completion of Significant Investment from CDPQ


Global investment group CDPQ joins existing investor, Investcorp, to support ICR’s continued growth and expansion

ICR adds more than 175 new team members in 2021; approaches $200M in revenue

New York, NY – November 30, 2021 – ICR, a global leader in strategic communications and advisory services, today announced that it has completed a significant investment from Caisse de dépôt et placement du Québec (CDPQ), a global investment group, to support ICR’s continued growth and expansion. CDPQ joins with ICR team members and Investcorp, a leading global provider and manager of alternative investment products, which remains an investor in ICR.

CDPQ’s investment will support ICR’s continued industry-leading growth, including expansion of existing services and entry into new sectors and markets. ICR, which has recorded double-digit compounded growth since its founding in 1998, expects firmwide total revenue to grow organically in excess of 70% to almost $200 million in 2021. The firm’s growth, demonstrated by the hiring of more than 175 new team members in 2021, has been fueled by increased activity in all areas, including its core investor relations and public relations practices, as well as its capital markets advisory, corporate governance/ESG and digital branding groups.

Tom Ryan and Don Duffy, CEO and President of ICR, respectively, stated, “We are pleased to partner with CDPQ and their team while continuing to leverage our existing relationship with Investcorp. Our fundamental focus as a firm is to continue driving growth, which serves as a powerful engine for our team members, creating new learning opportunities, increased responsibility and seniority, expanded knowledge and category expertise, and accelerated professional development. Ultimately, ICR’s history demonstrates that investing in people creates significant value while delivering exceptional service and results for our clients. We look forward to continuing that tradition as CDPQ joins Investcorp as a strategic partner.”

Founded in 1998 by a team of former Wall Street analysts, including Mr. Ryan, ICR has been one of the fastest growing agencies in the world over the past 20 years, establishing itself as a leading advisor to companies in need of communications and advisory support. Based on its unique industry-focused model, ICR provides fully-integrated services across investor relations, public relations, transaction advisory, governance/ESG and digital branding.

“ICR has created a remarkable value proposition for companies and their leadership teams thanks to its unique portfolio of services, high‑quality network and the distinctive profile of its client-facing team members who possess deep industry and capital markets knowledge. This provides ICR a unique advantage to align strategic communications and transaction advisory among all stakeholders,” said Martin Laguerre, Executive Vice-President and Head of Private Equity and Capital Solutions at CDPQ. “CDPQ is excited to join forces with Investcorp and ICR’s team to further propel the Company’s growth.”

Investcorp invested in ICR in 2018 to focus on accelerating the Company’s organic growth, identifying complementary acquisitions, and expanding the business globally.

“ICR is a proven market leader, well known for its differentiated coupling of capital markets and communications professionals to help effectively deliver on its clients’ goals of building and protecting their equity and brand value,” said David Tayeh, Head of Private Equity – North America at Investcorp. “We look forward to our continued partnership with ICR – and working alongside CDPQ – as we further expand the business to meet the growing needs of current and prospective clients.”

Jefferies LLC served as lead financial advisor, while William Blair also served as financial advisor for Investcorp and ICR. White & Case acted as company counsel. Credit Suisse served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel for CDPQ.


Established in 1998, ICR partners with its clients to execute strategic communications and advisory programs that achieve business goals, build awareness and credibility, and enhance long-term enterprise value. The firm’s highly-differentiated service model, which pairs capital markets veterans with senior communications professionals, brings deep sector knowledge and relationships to more roughly 900 clients in approximately 20 industries. ICR’s healthcare practice operates under the Westwicke brand (www.westwicke.com). Today, ICR is one of the largest and most experienced independent communications and advisory firms in the world, maintaining offices in New York, Norwalk, Boston, Baltimore, and Beijing. Learn more at www.icrinc.com. Follow us on Twitter at @ICRPR.


At Caisse de dépôt et placement du Québec (CDPQ), we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2021 CDPQ’s net assets total CAD 390 billion. For more information, visit cdpq.com, follow us on Twitter or consult our Facebook or LinkedIn pages.


Investcorp is a global investment manager, specializing in alternative investments across private equity, real estate, credit, absolute return strategies, GP stakes and infrastructure. Since our inception in 1982, we have focused on generating attractive returns for our clients while creating long-term value in our investee companies and for our shareholders as a prudent and responsible investor.

We invest a meaningful portion of our own capital in products we offer to our clients, ensuring that our interests are aligned with our stakeholders, including the communities that we operate within, towards driving sustainable value creation. We take pride in partnering with our clients to deliver tailored solutions for their needs, utilizing a disciplined investment process, employing world-class talent and combining the resources of a global institution with an innovative, entrepreneurial approach.

Investcorp has today presence in 12 countries across the US, Europe, GCC and Asia, including India, China and Singapore. As of June 30, 2021, Investcorp Group had US $37.6 billion in total AUM, including assets managed by third party managers, and employed approximately 430 people from 45 nationalities globally across its offices. For further information, visit www.investcorp.com and follow us @Investcorp on LinkedIn, Twitter and Instagram.