Amundi agreed to acquire independent private markets multimanager firm Alpha Associates, in a move that creates a more than €20 billion ($21.9 billion) platform.
Financial terms were not disclosed, and the deal is expected to close by the third quarter, subject to regulatory approvals.
Zurich-based Alpha Associates is a founder-led specialist in private markets multimanager solutions and has €8.5 billion in assets under management across funds of funds in private debt, infrastructure and private equity. The firm has a strong footprint in Switzerland, Germany and Austria, Amundi said in a statement on Feb. 7.
Alpha's capabilities will be combined with Amundi's existing private markets multimanager team based in Paris, which manages €12 billion of assets mainly in France, Italy and Spain. The deal will also reinforce Amundi's presence on secondary transactions.
The multimanager's activities in private markets will be combined into a new business line, the statement said. Peter Derendinger, founding partner and CEO of Alpha Associates, will lead the combined business.
The deal increases Amundi's institutional offering and also accelerates the development of suitable private markets products for individual clients, it said.
"Within the asset management industry, private markets have seen sustained growth in recent years, as investors have increased their allocation to this asset class in their portfolios," said Valerie Baudson, CEO of Amundi, in the statement. "This segment should also benefit from the appetite of retail investors for real assets investment solutions. The acquisition of Alpha Associates will thus allow Amundi to significantly broaden its client base, capabilities and product offering, in a promising market. This move, which is fully in line with our strategic objective to increase our footprint in alternative and real assets in Europe, will allow us to create substantial value for our clients and shareholders."
Amundi will pay up to €350 million for the firm, made up of an initial cash payment of €160 million and an additional maximum deferred payment of €190 million over the course of the next five years subject to revenue growth, a spokesperson confirmed.
Amundi had a total €2.04 trillion in assets under management as of Dec. 31, up 7% year on year, according to its annual results published on Feb. 7. Net inflows totaled €25.8 billion in 2023, vs. €7 billion in net inflows in 2022.
