The London-based mezzanine-focused firm beat its $1 billion target for Strategic Secondaries II Fund, according to a statement. The fund is around 40 percent invested.
“Raising over $1 billion for our first blind-pool fund was a very gratifying achievement, and demonstrates the importance of fund restructurings in the private equity ecosystem,” Andrew Hawkins, head of secondaries at ICG, said. “This is a growing market and we are pleased to offer a dedicated global fund to fulfill the need of investors.”
The fund was backed by institutional investors in Europe and North America, the firm said.
The fund’s investments include the restructuring of EdgeStone Capital Equity Fund II and EdgeStone Capital Equity Fund III, which are managed by Toronto-based EdgeStone Capital Partners, Secondaries Investor reported in April. It also invested in the restructuring of VSS Communications Partners IV, a fund managed by Veronis Suhler Stevenson, according to a source familiar with the fund.
Strategic Secondaries II Fund has a 1.15 percent target management fee on committed capital, according to a March presentation on the firm’s website.
London-listed ICG manages €23.3 billion of assets in third-party funds, and proprietary capital, mainly in closed-end funds, according to the statement.