Strategic Alliance Between Amundi and ICG Marks New Era for Wealth Access to Private Assets

(IN BRIEF) Amundi and ICG have entered a strategic 10-year global partnership to accelerate wealth investor access to private market strategies. The agreement grants Amundi exclusive worldwide distribution rights (excluding the U.S., Australia, and New Zealand) for select ICG evergreen and wealth-focused solutions, with ICG designated as Amundi’s exclusive private markets provider. Amundi will also acquire a 9.9% equity stake in ICG and secure a board seat, underscoring the long-term nature of the alliance. The collaboration leverages ICG’s $125 billion in private market expertise and Amundi’s extensive retail distribution network to develop new wealth-tailored private equity and debt products, including two evergreen funds planned for launch in 2026. This partnership reinforces both firms’ ambitions to democratize private markets, expand their product suite, and deliver diversification opportunities to a broader range of investors.

(PRESS RELEASE) PARIS, 18-Nov-2025 — /EuropaWire/ — Amundi, Europe’s largest asset manager, and Intermediate Capital Group (ICG), a leading global specialist in private markets, have entered into a significant strategic and equity partnership aimed at bringing institutional-grade private assets to a growing wealth investor market. Under the terms of a 10-year agreement, Amundi will become the exclusive global distributor for a range of ICG’s evergreen and other wealth-friendly private markets products, while ICG will serve as the sole provider of such solutions for Amundi’s distribution channels.

In addition to the distribution agreement, the two firms plan to jointly develop a suite of new products designed specifically for retail wealth and retirement-focused investors, reflecting accelerating demand for access to private equity, private debt, and credit strategies through accessible, structured vehicles.

To reinforce the collaboration, Amundi will acquire a 9.9% economic interest in ICG—structured to avoid dilution of current ICG shareholders—and appoint a non-executive representative to the ICG board. This stake underscores a shared commitment to expanding the private markets footprint in a sector ripe for transformation through mass affluent channels.

The partnership leverages the complementary strengths of both institutions. ICG, with $125 billion in assets under management, brings a track record in private capital across credit, real assets, and secondaries. Amundi, with €70 billion in private markets AUM and deep structuring capabilities, spans a distribution network that reaches over 200 million individual investors and more than 600 partner institutions.

Looking ahead, Amundi and ICG will first introduce two evergreen European strategies—a private equity secondaries fund and a private debt vehicle—set to launch in the first half of 2026. Both companies emphasize the goal of enabling retail channels and insurers, including Crédit Agricole Assurances, to tap into a broader range of private markets strategies traditionally reserved for institutional investors.

Valérie Baudson, CEO of Amundi, praised the agreement as “a remarkable opportunity to enhance long-term returns for a broader investor base,” aligning with Amundi’s mission to meet retirement and diversification needs in private assets. Benoît Durteste, CEO and CIO of ICG, added that the partnership “accelerates our access to the wealth channel with a trusted partner aligned in philosophy and ambition.”

About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players^[1], offers its 200 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €2.3 trillion of assets^[2].

With its six international investment hubs^[3], financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

Amundi clients benefit from the expertise and advice of 5,600 employees in 35 countries.

Amundi, a trusted partner, working every day in the interest of its clients and society

www.amundi.com

Footnotes

^[1] Source: IPE “Top 500 Asset Managers” published in June 2025, based on assets under management as at 31/12/2024
^[2] Amundi data as at 30/09/2025
^[3] Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)

About ICG

ICG (LSE: ICG) is a global alternative asset manager with $124bn* in AUM and more than three decades of experience generating attractive returns. We operate from over 20 locations globally and invest our clients’ capital across Structured Capital; Private Equity Secondaries; Private Debt; Credit; and Real Assets. Our exceptional people originate differentiated opportunities, invest responsibly, and deliver long-term value. We partner with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with our expertise and flexible capital. For more information visit our website and follow us on LinkedIn.

Strategic Alliance Between Amundi and ICG Marks New Era for Wealth Access to Private Assets

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