Nomura is advising on the sale process according to peHUB, which cited two sources familiar with the situation.
It said Marshall currently has an EBITDA of about $45m and could sell for up to $300m.
Las Vegas-based Marshall runs retail stories in casino hotels across the US including Las Vegas, Florida and Atlantic City.
ICV is currently eyeing up to $600m for its ICV Partners III fund, and had gathered more than $330m in December 2013 according to an updated filing with the US securities regulator.
That made the latest vehicle larger than the $300m second vehicle the firm raised in 2005.
ICV was co-founded by former Deutsche Bank Alex Brown investment banker Willie Woods, who previously worked with Levmark Capital and Lehman Brothers.
It was launched as Inner City Ventures in 1998 to create “a world-class, ethnic minority-owned private investment company”, according to its website.
The firm targets companies with sales of between $25m and $250m, and invests between 45 and 55 per cent of the transaction value as equity.
It generally targets companies in the manufacturing and consumer goods, business services, food and drink, commercial services and healthcare sectors.
The firm also has special partnership links with institutional co-sponsors American Securities and the Initiative for a Competitive Inner City, which provide deal flow, expertise, back office support and industry connections.
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