The private equity arm of French asset management giant Amundi has launched a €500m investment program targeting European small and medium-sized companies operating in France and in the western eurozone.

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

The vehicles will seek to take active minority stakes in small and medium sized companies that are benefiting from either technological developments, demographic, environmental and social changes or globalisation, through growth capital and buyout transactions.