The private capital network for family offices has been in the hands of its 100 Founding Members since March and has already closed two of Mondevo Group's own acquisitions.
ABU DHABI, UAE and GENEVA, Sept. 30, 2026 /PRNewswire/ -- In November 2025, Mondevo Group announced its vision: to create a private capital network for global family offices, with AI at its core. Four months later the platform was live, ahead of plan. It is now open beyond its founding group.
Ittikar is where family offices analyse deals, invest and raise capital. Behind it sits a family office with a 25-year investment track record and relationships across 500 family offices. Mondevo Group used the platform to acquire Caruso, the Italian menswear house, in February, and Underscore District, the Milan-based brand accelerator behind Magliano, GR10K and the multi-brand retailer WOK Store, in August. Ittikar's due diligence engine carried both deals from analysis through to completion.
"We did not launch Ittikar with a demonstration. We launched it on our own deals, with our own capital. The Group bought Caruso and Underscore District with the same engine our members use: the whole data room read and graded in days, every finding sourced, the investment committee memorandum drafted before the advisers would normally have finished their first pass."
Fabio Brambilla, Co-founder, Ittikar and Mondevo Group
Mondevo Tech, the Group's technology division, builds Ittikar in-house: more than 50 engineers directing 120 AI coding agents. It is developed in alignment with GDPR, NIS 2 and the EU AI Act. Each member family holds its data in its own sovereign Data Pod, in a jurisdiction of its choice, under its own encryption.
"A family's data is the family's. That principle determined the architecture, and it is why we built to the strictest European standards rather than the most convenient ones."
Cristiano Motto, Co-founder and Chief Technology Officer, Ittikar and Mondevo Group
The intelligence behind the platform is vertical. Every member has their own assistant, Itti, and the specialist agents behind it work in one domain: private markets. They are calibrated to each family's investment profile, its Capital DNA™, and built on how a deal team reads a data room, how an investment committee weighs risk, and how a raise is structured and matched.
"Generic AI can summarise a document. It cannot take a family office through a transaction. Ittikar's AI was built by people with experience executing real transactions and applying institutional investment standards. The AI does the analysis. Ittikar's investment team reviews every deal before it is published on the platform. The family decides."
Chris Shann, Head of Investment and AI Enablement, Ittikar
The Founding Members are deliberately diverse: founding families, single family offices, multi-family offices, entrepreneurs and family conglomerates, across Asia, the Middle East, Europe and Latin America, and across industries from consumer and luxury to real estate, finance, industry and Technology. With the first release complete, Ittikar now opens at tiered levels of membership. Details are at ittikar.com.
"Ittikar is a business enabled by AI. It analyses data at a depth no single family office could resource, and shortens the deal cycle from months to days. It is a buy-side platform, built for family offices, not a place where deals are sold to investors. Members see only what matches their Capital DNA™, rather than the unfiltered deal flow the market is used to."
Hussam Otaibi, Founder, Ittikar and Mondevo Group
Development of the second release began in September. Like the first, it will run for nine months, with capabilities delivered progressively up to June 2027: portfolio analysis, monitoring and reporting in early 2027, negotiation tools in the second quarter, and by mid 2027 the ability for members to tokenise assets and settle co-investments on distributed ledgers, delivered through licensed partners. A first tokenisation proof of concept is planned before the end of this year.
Notes to editors
About Ittikar. Ittikar is the private capital network for global family offices, built by a family office and enabled by AI. It is where family offices analyse deals, invest and raise capital: institutional-grade due diligence, curated co-investment and direct capital raising on one buy-side platform, where every member sees only what matches its Capital DNA™. Live since March 2026. Part of the Mondevo Group.
www.ittikar.com
About Mondevo Group. Mondevo Group is a global private holding company operating at the intersection of investment, technology and luxury. It harnesses AI-native capabilities and a worldwide network of ultra-high-net-worth families to build enduring businesses in sectors with high barriers to entry and strong long-term growth. www.mondevogroup.com
Media contact
Roberta Callegari, Head of Media and Communications, Mondevo Group and Ittikar
roberta.callegari@mondevogroup.com
This press release is for general information purposes only and does not constitute, and should not be construed as, an offer, invitation or inducement to engage in investment activity, or a solicitation to buy, sell or subscribe for any security or other financial instrument. It is not investment, legal, tax or other professional advice and should not be relied upon in connection with any investment decision. Membership numbers, network figures and references to transactions completed with the support of the platform are stated as at the date of this release, may be approximate, and are provided as illustration only; past performance is not a reliable indicator of future results. References to licences, authorisations or certifications described as in process, expected or being finalised indicate an intention only, with no assurance that they will be obtained or obtained on the timetable indicated. Statements about future platform capabilities are forward looking and subject to change; actual outcomes may differ materially. Regulated services, where offered, are provided only by an appropriately licensed entity, in the jurisdictions where it is permitted to do so, under separate agreement. This release is not directed at, and must not be acted upon by, any person in a jurisdiction where doing so would be contrary to applicable law or regulation.
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Ittikar Is Live and Open to New Members
Ittikar Is Live and Open to New Members
Ittikar Is Live and Open to New Members
- Most CFOs report their role has expanded into enterprise technology or AI strategy leadership
- By 2030, more than half of surveyed CFOs expect to help design financial and ethical guardrails for AI
ARMONK, N.Y., Sept. 30, 2026 /PRNewswire/ -- A new global study from the IBM (NYSE: IBM) Institute for Business Value finds that as AI becomes more integrated into enterprise operations and decision-making, CFOs are taking on a larger role in shaping enterprise priorities around AI, helping turn strategy into execution, and determining how investments and capital allocation support them.
The study* of 1,500 CFOs found that 62% of respondents say their role has expanded into enterprise technology or AI strategy leadership, 56% report greater portfolio-management and capital reallocation authority, and 54% have taken on more responsibility for business model or growth strategy design. Yet only 6% of surveyed CFOs say finance has reached a transformation-ready state, with AI consistently embedded into finance workflows and decision-making at scale.
More than half of surveyed CFOs report that by 2030 they expect to have greater responsibility for designing financial and ethical guardrails for AI (56%), shaping operating models, workforce strategies and organizational structure (55%), and driving enterprise value creation and portfolio strategy (52%).
James Kavanaugh, IBM Chief Financial Officer, writes in the study's foreword: "Historically, the CFO was viewed as the guardian of stability, responsible for financial discipline and controllership of risk. Those responsibilities remain essential. But today, it's not enough for CFOs and their teams to simply evaluate decisions. They need to shape them from the start – connecting strategy to execution, insight to action, and technology to value creation."
The study also identifies a group of AI-first CFOs whose organizations demonstrate advanced capabilities across enterprise strategy, AI governance, integrated intelligence, capital allocation, and long-term planning. These CFOs are twice as likely as their peers to help design enterprise-wide business-model experiments or lead initiatives that could shape their industries.
Other key findings include:
Data-driven insights are changing how CFOs approach capital allocation
- 48% of CFOs say their organizations frequently update capital allocation for AI and growth investments using real-time, data-driven insights, while 38% say their approach is informed by data but slow to adjust.
- 48% of CFOs say finance actively tracks AI-driven value creation and reallocates capital accordingly, but just 8% say finance leads enterprise-wide AI value goals and has automated investment triggers tied to those results.
- Only 6% of respondents allow AI to recommend or execute reallocations within defined guardrails.
Finance is developing AI skills faster than it is redesigning work around AI
- Nearly half (48%) of CFOs describe finance as being in the developing stage, where targeted AI skills remain concentrated in specific roles, teams or use cases rather than scaled across the function.
- 42% of CFOs say finance has reached a high stage of AI readiness, with AI-fluent teams capable of scaling AI.
- Only 6% of respondents describe finance as transformation-ready with AI consistently embedded into workflows and decision-making at scale.
Organizations led by AI-first CFOs report stronger execution and better outcomes
- Organizations led by AI-first CFOs achieved revenue growth rates 23% higher relative to peer organizations from 2022 to 2024.
- AI-first CFOs are 18% more likely to report that their organization executes its enterprise strategy effectively.
- Organizations led by AI-first CFOs approve funding for new AI initiatives 15% faster than peer organizations.
The study includes a playbook for CFOs on connecting enterprise strategy, AI governance, decision-making, capital allocation and long-term flexibility to create value. To view the full report, visit: https://www.ibm.com/thought-leadership/institute-business-value/en-us/c-suite-study/cfo
The study also features perspectives from CFOs across industries on how finance leaders are turning AI ambition into disciplined execution. A selection of these quotes is available in the addendum below.
*Study Methodology
The IBM Institute for Business Value, in cooperation with Oxford Economics, conducted a survey of 1,500 CFOs and equivalent senior finance leaders across 33 geographies and 26 industries from February to April 2026. A composite performance measure was developed using respondents' assessments of organizational growth, efficiency and productivity, agility and adaptability, and risk preparedness relative to competitors. Additional analysis was conducted to measure which organizational capabilities, leadership practices, and investment approaches are closely tied to stronger business outcomes.
The IBM Institute for Business Value, IBM's thought leadership think tank, combines global research and performance data with expertise from industry thinkers and leading academics to deliver insights that make business leaders smarter. For more world-class thought leadership, visit: www.ibm.com/ibv. To receive more insights, subscribe to the IdeaWatch newsletter: https://ibm.co/ibv-ideawatch.
About IBM
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM's hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM's breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM's long-standing commitment to trust, transparency, responsibility, inclusivity, and service. Visit www.ibm.com for more information.
Media Contact
Marisa Conway
IBM Corporate Communications
conwaym@us.ibm.com
Executive Perspectives:
"Going forward, we want to delegate generating forecasts to AI and shift human effort toward higher-level decision-making." – Koichi Takahashi, Member of the Board and Senior Executive Officer, CFO, Daikin Industries
"If relevant data can be generated quickly and provide some indication of what lies ahead, we can make decisions proactively rather than reactively." – Mitsuru Hashimoto, Executive Officer, Chief General Manager, Corporate Planning & Finance Center, Yamaha Motor Co., Ltd.
"Capital allocation should operate dynamically and be reviewed continuously as opportunities and conditions change." – Hisako Takada, Senior Executive Officer and CFO, Advantest
"Given today's pace of change, you have to stay alive to new opportunities. So rather than commit all investments through the budget process, keep an element of funds ready to allocate to new initiatives as they take flight." – Lindsey Crossland, Group CFO, KPMG UK
"Finance needs to bring analytics and insights together to enable the business to make better decisions. And then we need to get out of the way and let the business do what it needs to do." – Erika Taurel, CFO, Lummus Technology
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IBM Study: As AI Scales Enterprise-Wide, CFOs Play an Expanded Role in Transformation
