Magnetic susceptibility of a monocrystalline icosahedral Al70.2Pd21.3Mn8.5 quasicrystal was measured over the temperature range from 4 to 1100 K. The susceptibility was found to include the temperature-independent diamagnetic contribution, the temperature-dependent Curie’s contribution, and the contribution from the Pauli paramagnetism of an electron system with energy gap. An analysis of the low-temperature susceptibility revealed the presence of about 0.008% of ions with magnetic moment 4µB in the quasicrystal at 4 K. It is assumed that the ions with uncompensated magnetic moments appear near the structural vacancies in the quasicrystal lattice. The energy gap between the valence and conduction bands is estimated at ∆ = 0.64 eV, and the effective mass of charge carriers is equal to approximately 70 electron masses.