FTSE 100 private equity giant Intermediate Capital Group (ICG) is set to face Irish investor Barry Maloney in High Court today over a spat linked to an investment into “unicorn” firm Workhuman.

ICG provided financing to Irish-American cloud-based HR software provider Workhuman, valued at $1.2bn, which in turn granted the PE firm direct and indirect equity.

However, since then the relationship has since turned sour, with parties turning to the lawyers.

Maloney, who is venture capital fund Falcon Capital CEO, also holds a position as both the chairman and largest shareholder of Workhuman.

ICG provided Maloney with financing in 2018 to buy a 40 per cent stake in Workhuman through an investment vehicle company Falcon, giving ICG a seven per cent equity stake.

But two years later, ICG separately bought a ten per cent equity stake in Workhuman. This minority stake was a direct investment in the company and did not involve Maloney.

It is alleged that ICG attempted to prevent the Irish investor from paying off a debt and redeeming its equity stake in his holding company.

The current amount of debt that Maloney is attempting to repay ICG amounts to approximately $110.7m with a continuing interest of 15 per cent per annum.