**Summary**
ICG and Amundi have announced a long-term strategic partnership to develop and distribute private markets products targeted at wealth investors. The partnership combines ICGs investment expertise in private equity secondaries and private debt with Amundis global distribution network and structuring capabilities. Key highlights include
1. **Initial Focus**Developing two European evergreen funds in private equity secondaries and private debt.
2. **Distribution**Amundi will be the exclusive global distributor (excluding the U.S., Australia, and New Zealand) for ICG’s evergreen and certain other products in the wealth channel.
3. **Equity Partnership**Amundi intends to acquire a 9.9% non-dilutive economic interest in ICG, becoming a strategic shareholder. This includes acquiring 4.64% in ordinary shares and 5.26% in non-voting shares, with a share buyback to ensure no dilution for existing shareholders.
4. **Governance**Amundi will have the right to nominate a non-executive director to ICG’s Board, subject to conditions.
5. **Term**The partnership has an initial 10-year term, renewable on a rolling 5-year basis.
The partnership aims to generate significant additional assets under management for ICG, accelerate its product scaling, and deliver value to shareholders. Both CEOs emphasized the complementary strengths of the partnership and its potential to address the growing demand for private market investments among wealth clients.
**Key Figures**
ICG’s AUM$124 billion (as of September 2025).
Amundi’s AUM€2.3 trillion (as of September 2025).
Amundi’s shareholding in ICG9.9% economic interest (4.64% ordinary shares, 5.26% non-voting shares).
**Advisors**
ICGLatham & Watkins (legal), Fenchurch Advisory Partners (financial), Deutsche Numis (corporate broker).
AmundiCleary Gottlieb Steen & Hamilton (legal), PJT Partners (lead financial), Morgan Stanley (financial).
This partnership aligns with both firms’ strategic goals and is expected to drive profitable and sustainable growth.