Global alternatives manager ICG has closed ICG Strategic Equity Fund V and its related vehicles at $11 billion, according to a news release March 3.
Capital commitments to Fund V and its related vehicles well exceeded the fund’s original $6 billion target and more than doubled the closing of the previous fund ICG Strategic Equity Fund IV, which closed at $5.3 billion in 2022.
The secondary fund partners with private equity sponsors to invest in North American and Western European single-asset continuation vehicles for high-quality companies, according to the news release. The fund series has had more than $19 billion in total commitments since its inception in 2014.
Investors in Fund V include the $349.7 billion California State Teachers’ Retirement System, West Sacramento, which reported a $100 million commitment in the first half of 2024; and the $24.9 billion Los Angeles City Employees’ Retirement System, which reported a commitment of $30 million in 2023.
