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ICG closes fund dedicated to GP-led secondaries at $5bn

ICG has held the final close of the ICG Strategic Equity IV fund, which is focused on GP-led secondaries, at over $5 billion in capital commitments, according to a report by Secondaries Investor.

The report cites unnamed sources as revealing that the fund reached final close after just 18 months in the market having been launched in November 2020.

ICG chief investment officer and chief executive officer Benoît Durteste is reported as previously saying during the firm’s annual results presentation in May that the final close would be held within the coming financial year.

SE IV is backed by investors including CalPERS – the California Public Employees’ Retirement System ($250 million), Fubon Life Insurance ($65 million), and the New York City Employees’ Retirement System, are among the fund’s backers.

ICG IV’s predecessor fund held its final close in January 2020 at $2.4 billion.

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