Established in March 2011, ICPSD is the product of a strategic partnership between UNDP and the Government of Türkiye to advance the private sector's role in sustainable development, formalized through the Partnership Framework Agreement between Türkiye and UNDP.

Since then the Centre has grown from a team of four into a multidisciplinary global policy centre of more than 50 experts, serving over 80 countries across all development contexts and producing more than 150 publications, briefs and datasets on private sector engagement. The independent evaluation of UNDP's Global Policy Centres recognized ICPSD as the largest by staffing and funding diversity and the one UNDP Country Offices rank as most relevant to their work.