ICG secured $11bn for its fifth GP-led secondaries fund, ICG Strategic Equity Fund V, surpassing its $6bn target and more than doubling the size of its previous fund, which closed at $5.3bn in 2022.

Oversubscribed at its hard cap, the fund underscores strong investor demand for GP-led secondary market opportunities.

Since 2014, ICG Strategic Equity has committed over $19bn to GP-led secondaries. The new fund will continue investing in single-asset continuation vehicles for high-quality companies across North America and Western Europe, partnering with top private equity sponsors. Find out more about ICG’s fundraising efforts at Italy’s largest Private Equity Conference in Milan.

ICGSE V attracted a broad range of investors, including sovereign wealth funds, pension funds, insurance companies, asset managers, foundations, family offices, and high-net-worth individuals.

Ricardo Lombardi, Global Head of ICG Strategic Equity, called the fund a significant milestone, reinforcing investor confidence in ICG’s differentiated secondaries strategy. He noted that the fund strengthens ICG’s ability to help PE sponsors retain top-performing assets while offering liquidity to limited partners.

CEO and CIO Benoît Durteste highlighted that over $4bn of the commitments came from first-time investors in the strategy. He said the fund’s strong close reinforces ICG’s leadership in GP-led secondaries and aligns with its growing presence in LP secondaries, further solidifying its role in the expanding secondaries market.