French asset management company Amundi has signed a binding agreement to acquire Alpha Associates, a Switzerland-based independent manager and adviser for investments in private equity, private debt, and infrastructure.

The financial terms of the deal were not disclosed.

Established in 2004, Alpha Associates specialises in private markets multi-manager solutions. Currently, the Zurich-headquartered firm manages €8.5bn of assets. 

Alpha Associates is said to bring differentiating funds-of-funds capabilities in private debt, infrastructure, and private equity to more than 100 institutional investors including pension funds and insurance companies. It has a notable presence in Switzerland, Germany, and Austria.

As part of the acquisition, both parties intend to combine their multi-manager activities in private markets into a new business line.

Alpha Associates founding partner and CEO Peter Derendinger said: “We are pleased to join Amundi, a major global player in the asset management industry, and play an important role in Amundi’s plan to accelerate its footprint in the private markets segment.”

Through the proposed deal, Amundi aims to position itself as a top European player in the sector with a combined approximately €20bn of assets under management.

Besides, the acquisition will increase the French firm’s offering of private markets funds and custom-made solutions for its existing institutional clients across the globe.

It will also expedite the development of appropriate private markets products for individual clients.

Alpha Associates’s capabilities will be combined with Amundi’s existing private markets multi-manager structure, complementing a dedicated team based in Paris with over 20 years of experience. This team currently oversees €12bn in assets for institutional clients, primarily in France, Italy, and Spain.

Amundi CEO Valerie Baudson 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.

“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.”

Subject to regulatory approvals, the transaction is expected to be completed by Q3 2024.