Europe’s largest asset manager Amundi has agreed to acquire a 9.9% stake in London-listed alternative asset manager Intermediate Capital Group (ICG), in a move designed to accelerate its private markets strategy under the firm’s 2025-28 “Invest for the Future” plan, according to a report by Reuters.
While the exact price of the transaction was not disclosed, ICG’s market capitalisation stands at about £5.5bn, indicating Amundi’s stake could be worth around £550m.
Under the structure of the deal, Amundi will procure approximately 4.9% of ICG through market purchases, with ICG issuing new non-voting shares equal to another 5%, offset by a simultaneous share buy-back to prevent dilution.
The strategic partnership also includes a 10-year exclusive distribution agreement, through which Amundi will channel select ICG private-assets products globally via its wealth-management network. The programme initially covers plans to launch a private-equity secondaries fund and a private-debt fund in 2026.
Under its 2025-28 plan, Amundi is targeting over €330bn of cumulative net inflows in 2026-28, with half coming from Asia. The firm currently manages €2.3tn in assets.
