In a resounding win for the secondaries market, British private equity firm ICG (Intermediate Capital Group) has closed its fifth general partner-led secondaries fund at a staggering $11 billion, surpassing its initial $6 billion target and setting a new benchmark for the industry.
The fund, named ICG Strategic Equity Fund V (ICGSE V), more than doubled the size of its predecessor, which closed in 2022 with $5.3 billion in investor commitments. This latest milestone underscores ICG’s dominance in the GP-led secondaries space, where firms extend ownership of prized assets while unlocking liquidity for limited partners.
Breaking Records and Scaling New Heights
ICGSE V was oversubscribed, pushing past its original target to close at its increased hard cap. Since its launch in 2014, ICG Strategic Equity has remained laser-focused on the general partner-led secondary market, investing more than $19 billion in transactions to date.
“The successful close of ICGSE V at $11 billion, more than twice the size of its previous vintage, demonstrates our pioneering approach and market leadership in the GP-led secondaries space,” said Benoît Durteste, ICG’s CEO and chief investment officer.
