TRANSACTION SUMMARY

On 7 February 2024, Amundi Asset Management announced it had signed a binding agreement for the acquisition of Alpha Associates, a Zurich-based independent asset manager offering private markets multi-management investment solutions, with c.€8bn of AUM.

As part of the transaction, Amundi’s existing private markets multi-management business with a dedicated Paris-based team with over 20 years of experience, managing c.€12bn of assets on behalf of institutional clients in Europe, mainly in France, Italy and Spain, will be combined with Alpha Associates into a new business line that will be led by the current management team of Alpha Associates.

This will position Amundi as a leading European player in this space with a team of over 70 experts, a combined c.€20bn of assets under management, an enhanced multi-manager offering spanning across private debt, infrastructure, private real estate, private equity and venture capital, and an enlarged client & geographical footprint. Amundi will be able to distribute new private markets funds to its existing institutional clients globally and to build new solutions for retail clients.

ALPHA ASSOCIATES

Founded in 2004, Alpha Associates (“Alpha”) is a Zurich-based, founder-led, specialist in private markets multi-management, which currently manages €8bn of assets. Alpha Associates brings differentiating capabilities in private equity, infrastructure and private debt to over 100 institutional investors, notably pension funds and insurance companies with a strong footprint in the DACH region mostly based in Switzerland, Germany, and Austria. Alpha offers institutional clients access to private markets fund of funds products and separately managed accounts, providing a “one stop shop” concept.

The company has a 20-year track record of delivering strong outperformance across private equity venture capital, infrastructure and private debt, with low volatility. This performance is driven by a team of more than 50 outstanding professionals and state-of-the-art technology.

AMUNDI ASSET MANAGEMENT

Amundi Asset Management (“Amundi”) is a Paris based asset management company with c.€2tn of AUM, listed on the Euronext stock exchange (since November 2015) with a market capitalisation of €12.6bn as of February 2024. Amundi is majority owned by Credit Agricole S.A., France’s second largest bank by assets. The company’s private markets multi-management business was founded in 1999 and is based in France and Spain, with an investment team of 12 professionals. The team manages funds of funds products across 4 asset classes: Private equity, Infrastructure, Private Debt and Real Estate.

ROLE

SHP acted as exclusive financial adviser to Alpha.