Frédéric Hoogveld, Head of Investment Specialists at Amundi Alternative & Private Assets, speaks about LP secondaries with Oliver Gardey, Head of Private Equity Fund Investment at ICG
Two players with complementary expertise
In November 2025, Amundi announced the acquisition of a minority economic stake in ICG, one of Europe’s leading private markets asset managers. The 10-year agreement creates exciting new opportunities for both parties, allowing Amundi to benefit from ICG’s investment expertise and ICG to benefit from Amundi’s international distribution capacity. Together, Amundi and ICG will structure and distribute investment solutions for wealth clients, a high-growth segment in private markets.
ICG manages approximately EUR 110bn of assets1 on behalf of predominantly institutional clients through various strategies across structured capital, private equity secondaries, private debt, credit, and real assets.
Partnership Highlights
- 10 year agreement under which Amundi will be the exclusive global2 distributor in the wealth channel for ICG's evergreen and certain other products, with ICG being Amundi's exclusive provider for those products to Amundi's distribution business;
- Joint development of new products specifically targeted at, and appropriate for, wealth investors;
- Amundi acquired a 9.9% economic stake in ICG3, becoming a strategic shareholder in a manner that is non-dilutive to existing ICG’s shareholders and anchoring the long-term partnership.
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Valérie Baudson
Our partnership with ICG marks a significant step in the development of Amundi’s private markets offering. Leveraging ICG’s leading capabilities and Amundi’s global reach and strong understanding of individual clients’ needs, we will continue to broaden access to private market solutions for wealth investors globally. This partnership creates a strong platform for innovation with the ambition to develop new products tailored to investors’ evolving needs, while generating profitable, long-term growth for the benefit of all stakeholders.
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Benoît Durteste
We are delighted that Amundi has now acquired a 9.9% economic stake in ICG in line with the long-term strategic partnership announced in November 2025. 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. This is just the first step in realising the commercial benefits of our partnership that combines ICG’s leading investment capabilities and Amundi’s expertise in the wealth and pensions market, and we are already seeing a number of opportunities to deepen our collaboration over the longer-term.
Fund launches
Amundi and ICG launched their first jointly developed product in September 2026: Amundi ICG Global Private Equity Secondaries. Structured as an evergreen fund, the product will provide investors with direct access to ICG’s established private equity LP secondaries strategy and a highly diversified portfolio of unlisted companies across North America and Europe.
The fund is designed to address several key needs of wealth investors4:
- Access to ICG’s proprietary deal flow of LP secondary interests, including compelling opportunities that have historically been beyond the reach of wealth investors.
- Immediate exposure to existing private equity investments, rather than requiring investors to wait for capital to be deployed over time.
- Focus on established, market-leading unlisted companies, offering greater visibility on cash flows while seeking long-term return potential.
- Capture the illiquidity premium available in private markets, in addition to offering diversification benefits for certain individuals’ existing investment portfolios.
Investments are subject to risks, including risks of capital loss, liquidity, and valuation.
Amundi ICG Global Private Equity Secondaries Overview
Fund Details and Documents
Amundi ICG Global Private Equity Secondaries
Find all the information and publications relating to the fund
Glossary
Private markets comprise assets that are not traded on public financial markets; they are illiquid and cover various market segments such as private equity, private debt, and investments in tangible assets like real estate and infrastructure.
Investing in unlisted companies allows exposure to sectors that are not accessible through traditional financial markets.
Investment in the equity of privately held companies at various stages of their development. It contrasts with public equity, which consists of investing in companies publicly traded on the stock market.
Private Markets funds can be accessed through evergreen funds - open-ended investment products with undetermined lifespan. Unlike traditional closed-end private equity funds, which have long terms and very limited liquidity, evergreen funds are designed around the specific needs of retail investors, with features such as:
- No fixed maturity date
- The possibility of regular subscriptions and, under certain conditions, redemptions
- Low minimum investment amounts
- Raised capital can be deployed immediately, with proceeds reinvested into new opportunities
The purchase of existing interests in private equity funds from investors seeking liquidity. LP-led secondaries, the primary focus of the Amundi ICG Global Private Equity Secondaries strategy, involve acquiring fund interests from existing Limited Partners (LPs), rather than transactions initiated by the fund manager.
The potential additional return investors may expect for investing in assets that cannot be bought or sold as readily as publicly traded investments.
FAQ
Private market portfolios offer an attractive proposition for investors looking to diversify their long-term portfolio across asset classes with different characteristics.
Investors for whom sustainability is important, and who want to support the digital and environmental transition towards a climate and socially responsible economy, will also find this a promising asset class:
- Potential higher risk-return profile
- Low correlation to public market sentiment
- Long-term portfolio diversification
- Tangible investments
- A broad range of potential investments and sectors
Investments in private markets are exposed to risks, including valuation, liquidity and capital loss risks. However, investors should have a long-term horizon, sufficient financial resources, a good understanding of investments, and a certain capacity to bear risk. Private Markets funds are complex investment products with limited liquidity compared with traditional funds, and they are therefore not suitable for short-term speculation.
This is a long-term strategic partnership with several components:
- Amundi's acquisition of a minority stake in ICG (Amundi will become a strategic shareholder with 9.9% economic exposure in ICG) and board representation.
- 10-year agreement under which Amundi will be the exclusive global distributor in the wealth channel for ICG’s evergreen and certain other products, with ICG being Amundi’s exclusive provider for those products to Amundi’s distribution business.
- Joint development of new products specifically targeted at, and appropriate for, wealth investors.
The partnership opens exciting new opportunities for both parties.
It allows Amundi to benefit from ICG’s investment expertise and performance track record to accelerate its distribution of private assets, one of the most dynamic markets in asset management.
ICG will benefit from Amundi’s international distribution network and its structuring capability in designing investment solutions for wealth clients, a high-growth market segment in private markets.
1 At end of June 2026
2 Excluding the United States, Australia and New Zealand
3 Completed 17 September 2026
4 The fund is currently registered for professional investors only.
This marketing communication is provided to Professional Clients only. Please refer to the prospectus and to the KID before making any final investment decisions.
This page contains information about ICG GLOBAL PRIVATE EQUITY SECONDARIES, a sub-fund of a Luxembourg Part II Umbrella. The Fund is an investment company incorporated under the laws of Luxembourg as a Société d’Investissement à Capital Variable (investment company with variable share capital) in accordance with the provisions of Part II of the Law of 17 December 2010. The Management Company of the Fund is Amundi Luxembourg S.A., 5, allée Scheffer, L-2520 Luxembourg.
This material is for information purposes only, is not a recommendation, financial analysis or advice, and does not constitute a solicitation, invitation or offer to purchase or sell any the Funds or services described herein in any jurisdiction where such offer, solicitation or invitation would be unlawful. The information contained in this document is confidential and shall not, without prior written approval of Amundi, be copied, reproduced, modified, or distributed, to any third person or entity in any country.
Not all share classes described in this document may not be available to all investors and may not be registered for public distribution with the relevant authorities in all countries.
Please note that the management company may decide to terminate the arrangements made for the marketing of its collective investment undertakings in a Member State of the EU in respect of which it has made a notification.
A summary of information about investors’ rights and collective redress mechanisms can be found in English on the regulatory page at https://about.amundi.com/legal-documentation.
Investment involves risk. Investment return and the principal value of an investment in the Funds or other investment product may go up or down and may result in the loss of the amount originally invested. The decision of an investor to invest in the Fund should consider all the characteristics or objectives of the Fund. Past performance does not predict future returns. All investors should seek professional advice prior to any investment decision, to determine the risks associated with the investment and its suitability. It is the responsibility of investors to read the legal documents in force particularly the current prospectus for each Fund. Subscriptions in the Funds will only be accepted on the basis of their latest prospectus in English or in local language in EU countries of registration, and/or the Key Information Document (“KID”) (available in local language in EU countries of registration) which, together with the latest annual and semi-annual reports may be obtained, free of charge, at the registered office of Amundi Luxembourg S.A. or at www.amundi.lu.
The performance data do not take account of the commissions and costs incurred on the issue and redemption of units/shares of the Funds.
Information on sustainability-related aspects can be found at https://www.amundi.com/globaldistributor/responsible-investment-policies-and-reports.
The information in this document is as at the date of publication except where otherwise stated and is based on sources that Amundi considers to be reliable at the time of publication. Data, opinions and analysis may be changed without notice. The information contained shall not be copied, reproduced, modified, translated or distributed without the prior written approval of Amundi.
This document is not intended for use by residents or citizens of the United States of America and “U.S. Person”, as defined by the Securities and Exchange Commission “Regulation S” under the U.S. Securities Act of 1933.
This material is based on sources that Amundi considers to be reliable at the time of publication. Data, opinions and analysis may be changed without notice. Amundi accepts no liability whatsoever, whether direct or indirect, that may arise from the use of information contained in this material. Amundi can in no way be held responsible for any decision or investment made based on information contained in this material.
Date of publication: September 2026.
Document ID number: 6059671
Amundi Private Equity Funds is a Société par Actions Simplifiée with a capital of €12,394,096. Portfolio management company approved by the AMF (Autorité des Marchés Financiers) under no. GP 99 015. Registered office: 91-93, boulevard Pasteur 75730 PARIS Cedex 15. N° Siren 422 333 575 RCS Paris.
Alternative Investment Limited (ICG AIL) is a wholly-owned subsidiary of ICG PLC and authorized and regulated by the UK Financial Conduct Authority .
Amundi Luxembourg, registered office: 5, allée Scheffer, L 2520 LUXEMBOURG Registration number: RCSL B 27.804 Management company authorized by the CSSF in accordance with Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provision s concerning certain undertakings for collective investment in transferable securities (UCITS), as amended (“Directive 2009/65/EC”) and in accordance with Chapter 15 of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment (“2010 Law”).