<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001690766</cik>
        <entityName>GoldenTree Emerging Markets ICAV</entityName>
        <issuerAddress>
            <street1>GROUND FLOOR, THE OBSERVATORY BUILDING</street1>
            <street2>7-11 SIR JOHN ROGERSON'S QUAY</street2>
            <city>DUBLIN</city>
            <stateOrCountry>L2</stateOrCountry>
            <stateOrCountryDescription>IRELAND</stateOrCountryDescription>
            <zipCode>2</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>212-847-3500</issuerPhoneNumber>
        <jurisdictionOfInc>IRELAND</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Irish Collective Asset-Management Vehicle</entityTypeOtherDesc>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>George</firstName>
                <lastName>Travers</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>300 Park Avenue</street1>
                <street2>21st Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Carol</firstName>
                <lastName>Mahon</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>9 Mount Pleasant Avenue Upper</street1>
                <street2>Ranelagh</street2>
                <city>Dublin</city>
                <stateOrCountry>L2</stateOrCountry>
                <stateOrCountryDescription>IRELAND</stateOrCountryDescription>
                <zipCode>6</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Aogan</firstName>
                <lastName>Foley</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Incisive Capital Management</street1>
                <street2>77 Sir John Rogerson's Quay</street2>
                <city>Dublin</city>
                <stateOrCountry>L2</stateOrCountry>
                <stateOrCountryDescription>IRELAND</stateOrCountryDescription>
                <zipCode>2</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001012975-25-000208</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2017-03-15</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>122841</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>825564114</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>37</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>Issuer's confidential offering materials fully discuss management fees.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>GoldenTree Emerging Markets ICAV</issuerName>
                <signatureName>/s/ George Travers</signatureName>
                <nameOfSigner>George Travers</nameOfSigner>
                <signatureTitle>Director</signatureTitle>
                <signatureDate>2026-04-22</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>