Private equity firm ICV Partners has closed a $400 million fund that will make lower middle- market investments.

ICV Partners III LP follows the firm's previous fund, which closed in 2006 with $313 million. 

ICV, headquartered in New York, targets investments in a variety of industries with between $25 million and $250 million in revenue. Portfolio companies include: Cargo Airport Services LLC, a cargo handling company; and Safe Security Inc., a residential and commercial security group. In April, the firm was rumored to be seeking a buyer for Marshall Retail Group LLC, a specialty retailer for resorts and casinos. 

MVision acted as placement agent for the fund.

The news comes the same day that CapStreet announced the closing of a $340 million lower middle-market fund. Private equity firms are seeing the best fundraising climatein years, and many have recently closed funds. Other recent funds raised include Thoma Bravo LLC's $3.65 billion fund, which closed in May, and the Jordan Co.'s $3.2 billion fund, which also closed in May. 


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