Amundi and ICG announce a strategic partnership in private markets
19 NOV, 2025
By Joanna Piwko from RankiaPro Europe
Amundi and ICG have announced a long-term strategic partnership that includes several elements:
- 10-year agreement in which Amundi will be the exclusive global distributor in the wealth banking channel for ICG's evergreen funds and other products; and ICG will act as the exclusive provider of such products for Amundi's distribution network.
- Joint development of new products specifically designed for wealth investors.
- Acquisition by Amundi of a 9.9% stake in ICG, becoming a strategic shareholder without diluting ICG's current shareholders and reinforcing the long-term partnership.
Development of two evergreen funds
During the first half of 2026, Amundi and ICG will begin developing two European evergreen funds:
- A secondary private equity fund.
- A private debt fund.
Both entities also commit to progressively expanding the range of strategies and products suitable for wealth investors.
The alliance opens new opportunities for both firms
It allows Amundi to benefit from ICG's investment expertise and profitability track record to accelerate the distribution of private assets, one of the most dynamic segments of the industry. In turn, ICG will rely on Amundi's international distribution capacity in the wealth management channel and its experience in designing investment solutions for this type of clients, a high growth segment within private markets.
ICG manages nearly $125 billion (108 billion euros) for a predominantly institutional base, through strategies that span structured capital, secondary private equity, private debt, credit and real assets.
Amundi, for its part, has 70 billion euros in private market assets, mainly in real estate and multi-management, strengthened in 2024 with the acquisition of Alpha Associates.
The association will allow more than 200 million individual investors served by Amundi's global network to access various diversified and high-yield strategies from ICG, through vehicles specifically designed for long-term savings and retirement planning.
This collaboration is expected to generate significant value for the stakeholders of both companies and strengthen their strategic positioning and long-term ambitions in private markets.
This alliance with ICG, a recognized and diversified leader in private markets, represents an extraordinary opportunity to offer our distributor clients and the entities of the Crédit Agricole group access to high-performance strategies that were traditionally reserved for institutional investors. It aligns fully with the priorities of our strategic plan, which seeks to reinforce our leadership by expanding the offer in promising segments supported by long-term structural trends, such as the private assets market and its opening to wealth investors. This partnership opens very promising opportunities for both parties and will be a driver of profitable and sustainable growth.
Valérie Baudson, CEO of Amundi
Our long-term strategic partnership with Amundi represents a significant advance in ICG's strategy to access the wealth management channel in a clearly complementary and additive way to our strong institutional offer. The combination of ICG's investment expertise and entrepreneurial approach with Amundi's structuring capacity and extensive distribution network creates a differentiated alliance with enormous potential, substantially accelerating our ability to participate in the evolution of the wealth investor channel in private markets. At the heart of this relationship is the shared conviction that investment returns will continue to be key to our long-term success. We are proud of our reputation for consistently delivering superior performance and excited to work alongside Amundi in developing new strategies suitable for this growing segment.
Benoît Durteste, CEO and Investment Director of ICG
