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Laxman Pai, Opalesque Asia:

The global alternative asset manager Intermediate Capital Group (ICG) has raised $2.4bn for the final close of its third secondaries fund, ICG Strategic Equity Fund III.

The fund, which focuses on GP-led secondary transactions, has smashed its initial $1.6bn target and pulled more than double the capital of its predecessor fund which closed on $1.1bn in 2017. Commitments to Fund III included $200m of ICG's own capital.

The asset manager which manages $47bn of assets said that the ICGSE III is among the largest private equity funds in the market focused exclusively on GP-led secondary transactions.

It has already closed two transactions and committed to a third, which is expected to close in the coming weeks. These three initial investments collectively represent over $1bn of commitments and include a diverse portfolio of companies across North America, Europe, and Asia.

Andrew Hawkins, ICG's Head of Private Equity Solutions, said: "This is a significant milestone for ICGSE and we are very grateful to our limited partners for their strong support. We are excited by the growth of our marketplace and believe that ICGSE III's scale, together with the expansion of our team to 16 dedicated investment professionals, will enable us to continue our selective execution of differentiated, complex transactions on a global basis and derive significant value from them for our investors."

Benoit Durteste, Chief Executive of ICG plc, added: "Th......................

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