Intchains Group Limited (ICG) and France‑based asset manager Amundi announced a long‑term partnership on 18 November 2025, in which Amundi will acquire a 9.9 % non‑dilutive economic interest in ICG. The stake will be built in two phases: an initial purchase of ordinary shares and a subsequent issuance of non‑voting shares, with the full transaction expected to complete by 30 June 2027. Under the agreement, Amundi will provide product structuring, marketing and client distribution for ICG‑managed private‑markets products, while ICG will gain access to Amundi’s global wealth‑channel network.
ICG released its six‑month interim results on the same day, reporting fee‑earning assets under management of $83.8 billion, a 6 % increase from the $73 billion recorded a year earlier and 3 % above the $81.6 billion consensus forecast. The modest growth reflects a steady expansion of ICG’s private‑markets platform amid a competitive environment, with fee income rising in line with the broader market.
Profit before tax surged to £351.6 million, up 77 % from £198.4 million in the six months to September 30 2024 and beating the £296 million consensus by roughly £55 million. The jump was driven by higher management fees from private‑equity secondaries and private‑debt funds, coupled with disciplined cost control that kept operating expenses in check.
Analysts welcomed the earnings beat and the strategic partnership, noting that the combination of strong financial performance and Amundi’s distribution reach positions ICG to capture a larger share of the high‑net‑worth wealth channel. The partnership aligns with Amundi’s “Invest for the Future” plan, which prioritises expansion into private markets and Asia, while providing ICG with a platform to scale its fee‑earning business.
The initial focus of the partnership will be two European evergreen funds—one targeting private‑equity secondaries and the other private debt—scheduled for launch in the first half of 2026. By leveraging Amundi’s structuring expertise and client base, ICG expects to accelerate the growth of its private‑markets platform, potentially adding new assets under management and generating additional fee income. In return, Amundi gains exposure to ICG’s specialised investment strategies, diversifying its own product offering.
Benoît Durteste, ICG’s CEO and CIO, said the partnership “materially accelerates our ability to access and shape the evolving wealth channels for private markets.” Valérie Baudson, Amundi’s CEO, added that the collaboration “opens very promising new opportunities for both parties” and strengthens Amundi’s position in the private‑markets space.
With a robust earnings beat, a clear growth plan, and a partnership that expands distribution and product depth, ICG is positioned to accelerate its scaling strategy and broaden its revenue base. The deal is expected to unlock new assets under management and fee income, while reinforcing Amundi’s private‑markets footprint and supporting its long‑term strategic objectives.
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