ICG, manager of the market's biggest platform for GP-led secondaries, has delayed launching its planned mid-market strategy focusing on concentrated continuation fund bets. The London-listed firm's current fund, Strategic Equity Fund V, raised $11bn last year, making it the largest dedicated fund for backing continuation vehicles.

CEO and CIO Benoît Durteste announced the pause during the firm's end-of-financial-year-2026 results call, explaining the delay avoids market competition with its flagship GP-led focused fund's return. This strategic recalibration reflects ICG's careful approach to capital deployment amid shifting market conditions in the secondaries space.

The postponement signals ICG's prioritization of its core strengths over expansion into new segments. With the mid-market strategy on hold, the firm will concentrate resources on its proven GP-led platform, potentially missing opportunities but maintaining focus on where it holds competitive advantage in the crowded secondaries market.