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Laxman Pai, Opalesque Asia:

Global alternative asset manager ICG has soared to an $11bn final close for its fifth flagship secondaries fund, almost twice the $6bn it initially hoped to raise.

The ICG Strategic Equity Fund V more than doubled its predecessor fund program, ICGSE IV, which closed at $5.3bn in 2022, according to a press release from the London-based asset manager.

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.

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

Investors in Fund V include the California State Teachers' Retirement System, West Sacramento, which reported a $100 million commitment in the first half of 2024; and the Los Angeles City Employees' Retirement System, which reported a commitment of $30 million in 2023.

Ricardo Lombardi, Global Head of ICG Strategic Equity, said: "We are grateful for the continued support of our investors, colleagues, and partners. The final close for the Fund marks a milestone for ICG Strategic Equity and demonstrates the continued investor interest in our highly differentiated GP-led secondaries st......................

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