Franco-German financial services group Oddo BHF has completed the acquisition of ACG Capital, a French private equity firm, for an undisclosed sum.

Oddo BHF started negotiations with ACG on the acquisition in August last year.

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ACG Capital, set up in 1998, provides primary and secondary funds of funds to institutional investors and family offices, primarily in Europe and the US.

ACG Capital currently oversees €2.2bn in assets across 25 funds. The business is part of the ACG Group, an independent private equity group that includes investment management company ACG Management.

In 2013, ACG took over Groupama Private Equity, a unit of mutual insurance firm Groupama.

Meanwhile, ODDO offers private banking, asset management and corporate and investment banking services. The group currently employs 2,300 staff and manages over €100bn in assets.

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ACG will now shift its focus on direct investments in non-listed firms, through ACG Management.