ICV Partners raises $585m

The New York-based private investment firm closes latest fund above target.

ICV Partners has held a final close of ICV Partners IV at $585 million, having launched in January 2017 with a target of $500 million. The fund will continue to pursue the investment strategy of its predecessors, targeting lower middle market companies.

Investors in the fund include the New York State Common Retirement Fund, the Chicago Teachers’ Pension Fund, Virginia Retirement System and the New York City Retirement Systems.

ICV Partners III held a final close in May 2014 at a significantly lower amount of $400 million.

Acalyx Advisors was the exclusive placement agent for fund IV and Willkie Farr & Gallagher provided legal counsel.