ICV Capital Partners has held a final close on its second investment fund, ICV Partners II, at $313 million (€247 million).
The fundraising finished more than 1.5 times oversubscribed, exceeding its initial target of $200 million. With the successful closing of its newest fund, ICV now manages a total pool of capital of over $440 million.
Investors in the new fund include many returning investors from ICV’s first fund such as CalPERS, Citibank, Fairview Capital Partners, Bank of America and New York State Common. New investors with ICV include the City of Philidelphia, Illinois Teachers, CSFB Emerging Opportunities Fund, Lehman Brothers, New York Life, CalSTRS, the State of Connecticut and CSFB/NJDI Investment fund.
As with the firm’s first fund, ICV II will invest in smaller middle-market companies , perusing buyouts, recapitalisations and corporate divestiture opportunities. The firm said that companies in which ICV plans to invest typically have annual revenues ranging between $25 million to $100 million, and EBITDA between $5 million and $15 million.
Currently ICV’s portfolio includes four platform companies: Sterling Foods, which makes bakery products for the military and commercial markets; AAMP of America, a developer, marketer and distributor of 12-volt mobile audio after market accessories; The Hilsinger Company, which provides eyewear and eye care accessory products and supplies, and; Innovative Folding Carton Company, a manufacturer of folding carton packaging.