Amundi has completed the purchase of a 9.9% economic stake in ICG for approximately €620 million, and the first product of the partnership behind it is a private equity secondaries fund for wealth investors. The two firms announced the completion today. The stake includes 4.9% of voting rights, and from the third quarter of 2026 Amundi’s assets under management, net flows and financial results will reflect its economic interest in ICG.
The equity is one leg of a partnership announced in November 2025. The other is a 10-year agreement that makes Amundi the exclusive distributor of ICG’s evergreen and certain other products in the wealth channel, outside the United States, Australia and New Zealand. ICG is in turn Amundi’s exclusive provider of those products.
Secondaries go first. “Our teams are working closely on a number of products that are appropriate to the wealth market, and we are looking forward to launching the first of these in the coming weeks: an evergreen fund giving access to our LP Secondaries investment strategy,” said Benoît Durteste, CEO and CIO of ICG. In November the two firms said they would develop two European evergreen funds during the first half of 2026, one for private equity secondaries and one for private debt.
ICG runs secondaries through two teams. Strategic Equity is dedicated to the GP-led market, with a focus on single-asset continuation vehicles, and has more than 20 investment professionals in New York and London under global head Ricardo Lombardi. It has committed $24 billion across 44 GP-led transactions since 2014 and closed its fifth fund at $11 billion in March 2025, more than double the $5.3 billion predecessor and well above its $6 billion target. LP Secondaries buys buyout fund stakes from LPs and is led by Oliver Gardey in London and Ryan Levitt in New York. Its debut fund closed in April 2024 at its $1 billion hard cap, or $1.6 billion including co-investment vehicles and separately managed accounts.
ICG has been making the wealth case for secondaries for some time. In a December 2024 piece, Levitt and Gardey argued that secondaries give wealth investors more cash-efficient access to private equity, exposure to mature assets closer to liquidity, and a faster route to returning capital. Amundi, which serves more than 600 distributors and over 200 million investors and manages close to €2.6 trillion, is the channel where that case now gets tested.
Sources: Amundi and ICG, "Amundi and ICG complete equity partnership" (17 September 2026); ICG, "ICG and Amundi announce long-term strategic and equity partnership" (18 November 2025); ICG, Private Equity Secondaries capability page; ICG, Strategic Equity strategy page; ICG, "ICG Strategic Equity Completes Record Fundraise of $11bn" (3 March 2025); ICG, "ICG announces $1bn final close for debut LP Secondaries fund" (2 April 2024); ICG, "Could secondaries offer an optimal route into private equity for wealth investors?" (10 December 2024).