Amundi and ICG Launch First Private Equity Secondary Fund for Individual Investors
On September 17, 2026, Amundi announced its entry into ICG's capital at 9.9% for 620 million euros. On October 6, 2026, the two asset managers presented the first product resulting from their partnership: Amundi ICG Global Private Equity Secondaries, a fund designed for wealth management clients.
Access to ICG's Secondary Strategy in North America and Europe
Structured in an "evergreen" format, the fund provides access to ICG's strategy dedicated to secondary transactions in the private equity market. The principle consists of acquiring, from existing investors, stakes already constituted in private equity funds. The exposure covers a diversified portfolio of unlisted companies located in North America and Europe.
According to the press release, the fund has already made its first investment in these two regions. ICG provides its investment platform, underwriting discipline, and market access. Amundi supplies its structuring capabilities, knowledge of individual investors, and distribution network.
The two companies do not operate at the same scale: Amundi claims nearly 2,600 billion euros in assets under management as of June 30, 2026, and ICG 126 billion dollars in assets under management on the same date.
Monthly Subscriptions, Quarterly Redemptions Subject to Restrictions
The fund allows monthly subscriptions and quarterly redemptions, subject to certain significant restrictions. The prospectus details the risks as well as liquidity management tools.
The promoters highlight several objectives. The first is immediate exposure to existing portfolios, without waiting for the gradual deployment of capital. The others are positioning in established unlisted companies and seeking the illiquidity premium specific to private markets.
The legal notices in the document remind that the fund offers neither capital guarantee nor performance guarantee. Investors may lose all or part of the invested capital.
107 Billion Euros in Secondary Transactions in 2025 According to Evercore
The launch is based on growth in the secondary market. According to Evercore, cited in the press release, private equity secondary transactions carried out with existing investors reached 107 billion euros in 2025. This volume corresponds to an average annual growth of 15% over the past decade.
Oliver Gardey and Ryan Levitt, co-managers of the fund at ICG, indicated that this strategy was "historically reserved for institutional investors". Vincent Mortier, Chief Investment Officer of Amundi, stated that this launch "marks an important milestone in the partnership between the two groups".
