The private equity arm of French asset manager Amundi SA launched a €500 million investment program targeting European small and medium-sized companies, Private Equity News reported.

The Amundi Private Equity Megatendances II program consists of several legal structures, including a vehicle for French retail investors, and a private equity fund for sophisticated investors.

The funds will take minority stakes in small and medium-sized companies through growth capital and buyout transactions. The portfolio will include between 15 and 25 companies, and the average investment ticket will range from €10 million to €50 million per transaction.

The vehicles are expected to close in December 2020, according to a person familiar with the matter.