ICICI Prudential AMC Seeks CCI Nod to Acquire ICICI Venture’s AIF and Advisory Businesses

ICICI Prudential Asset Management Company Limited (ICICI Prudential AMC) has approached the Competition Commission of India (CCI) for approval to acquire the Alternative Investment Fund (AIF) management and advisory businesses of ICICI Venture Funds Management Company Limited. The move is part of a strategic effort to strengthen ICICI Prudential AMC’s foothold in India’s growing alternative investment space.

Under the proposed arrangement, ICICI Prudential AMC will acquire the Investment Management (IM) Business, which manages five SEBI-registered Category II AIFs, and the Advisory Business, which provides investment guidance to an identified offshore investment fund. The deal will be executed through a slump sale, transferring all rights, title, and interests from ICICI Venture to ICICI Prudential AMC.

ICICI Venture’s Background and Business Portfolio

ICICI Venture, a wholly owned subsidiary of ICICI Bank, is among India’s earliest and most established private equity and venture capital firms. Its portfolio spans several Category II AIFs registered under the Indian Trusts Act, 1882, catering to institutional and high-net-worth investors.

Apart from fund management, ICICI Venture also engages in advisory and recommendation services through formal investment advisory agreements. The divestment of these businesses reflects the company’s broader strategy to streamline operations and refocus on newer investment vehicles aligned with evolving investor preferences.

Strengthening ICICI Prudential AMC’s Alternative Investment Platform

The proposed acquisition represents a key expansion move for ICICI Prudential AMC, enabling it to diversify further into private equity and offshore advisory mandates. With this deal, the asset manager gains operational control of multiple AIF structures and an established offshore investment platform.

This acquisition will likely enhance ICICI Prudential AMC’s product diversification and institutional presence, catering to investors seeking exposure beyond conventional equity and debt instruments. The consolidation also reflects a broader industry trend where large fund houses are integrating alternative products under a unified entity to achieve greater scale and efficiency.

Competition and Regulatory Assessment

According to the filing with CCI, the transaction is not expected to raise competition concerns in India. The Commission will assess overlaps between the two entities’ existing operations, which are limited in scope. The likely relevant market could be defined as investment management and advisory services in India, including AIFs and related financial instruments.

Strategic Significance for the ICICI Group

The acquisition represents a strategic realignment within the ICICI Group, designed to simplify fund management operations under one umbrella and improve governance efficiency. The integration of domestic AIF management with offshore advisory capabilities will enable ICICI Prudential AMC to leverage global best practices and streamline client servicing.

This restructuring aligns with a broader consolidation trend across India’s financial services sector, where large groups are merging or transferring their investment arms to strengthen capital efficiency, compliance, and operational coherence.

Read More: ICICI Prudential Mutual Fund became the second fund house after SBI MF to cross ₹10 trillion in average assets under management

Conclusion

The proposed acquisition of ICICI Venture’s AIF and advisory businesses by ICICI Prudential AMC signals a major consolidation within India’s asset management landscape. The move enhances ICICI Prudential AMC’s alternative investment capabilities while optimising group-level synergies within the ICICI ecosystem.

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