Lower mid-market firm ICV Partners has held a final close of $400m for its third fund.
Most of the commitments came from existing and new US-based LPs including corporate, family offices and public pension funds. Regulatory filings showed that the fund was targeting up to $600m at the time of its launch in late 2012.
At that time, AltAssets reported that the fund had secured a $25m commitment from the Illinois Municipal Retirement Fund.
ICV Partners III follows the New York-based firm’s second fund, which was closed with commitments of $313m in 2006.
The new fund takes ICV’s total capital under management to nearly $850m.
ICV managing director Lloyd Metz said, “Fund III positions us well to continue to identify attractive investment opportunities with our team of 11 investment professionals and to partner with high quality management teams to build market leading companies.
“We are excited about the performance of our current portfolio of companies and are enthusiastic about the prospects for Fund III.”
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