Intermediate Capital Group

Despite economic headwinds, geopolitical uncertainty and more, there’s still strong appetite for North American secondaries this year.

The €24bn investor has no future inflows and has an approach to private equity based almost entirely on outperformance, head of investment management Verena Kempe tells PEI.

A challenging environment has created a gulf between those smashing their private equity fund targets and those falling short.

As part of the tie-up, Amundi will pick up a 9.9% stake in London-based ICG by June 2027.

Constantly raising capital and deploying quickly may shift managers’ attitudes toward deal activity, according to executives from Ardian, ICG and Neuberger Berman.