Minority-run ICV Partners raises at least $570 mln for fourth fund

  • Fund: ICV Partners IV
  • Amount raised: $570 mln
  • Target: $500 mln

ICV Partners, a New York private equity firm founded in 1998 as Inner City Ventures, has raised at least $570 million for its ICV Partners IV fund, well ahead of its $500 million target.

Executives at the firm were unavailable for comment on the fundraise.

According to the firm’s website, its investor group is made up of 42.7 percent pension funds, 20.9 percent banks, 16.4 percent fund of funds, 10.9 percent insurance, 3.5 percent foundations, 3.5 percent sponsors, 1.1 percent high-net-worth individuals and 1.1 percent endowments.

New York State Common Retirement Fund committed $75 million to the fund. Participants in prior funds include Maryland State Retirement and Pension System, Teachers’ Retirement System of the State of Illinois and Virginia Retirement System.

The forerunner fund, ICV Partners III, closed in 2013 with its full target of $400 million in committed capital. In 2016, the firm’s second fund closed at $313 million.

Annual management fees tend to be up to 2 percent of aggregate capital commitments, according to ICV’s Form ADV brochure. ICV also requires a minimum investment threshold of $5 million.

ICV invests in lower-middle-market companies with $50 million to $300 million in annual revenue in a wide range of industries.

Its 10 current and 12 past partnership investments include companies in technology, healthcare, manufacturing and consumer services. Among active portfolio companies are Safe Security, a provider of residential-security systems, One Touch Point, a technology platform providing virtual portals, and Coverall, a franchiser of commercial cleaning services.

The three most recent ICV funds were led by ICV President and Managing Director Willie Woods, according to the Form D.

The firm has 14 employees altogether listed on its website, including Managing Directors Lloyd Metz, Cory Mims, Ira Moreland and Zeena Rao.

Since its founding, ICV has invested $235 million in 19 companies.