Private Capital in Switzerland

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PRIVATE CAPITAL IN SWITZERLAND

KEY FACTS 52 €632mn €1.9bn Total number of Average size of Average allocation to Switzerland-based Switzerland-based funds private capital among funds in market, closed in 2018 YTD across Switzerland-based targeting an aggregate all private capital. investors. €13bn.

Fig. 2: Annual Switzerland-Based Private Capital Fig. 1: Annual Switzerland-Based Private Capital Fundraising by Asset Class, 2008 - 2018 YTD Fundraising, 2008 - 2018 YTD (As at October 2018) (As at October 2018)

39 100% 5 1.2 40 22 5.9 35 34 Natural Resources 35 32 33 30 31 80% 14.6 30 26 36 Private Debt 25 24 24 10.4 19 60% 20 16 Infrastructure 15 14.4 9.3 8.4 9.6 9.5 40% 10 7.8 6.9 6.2 6.8 Real Estate 5.8 212 55.2 5 2.5 Proportion of Total 0 20% Private Equity & 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Venture Capital 0% YTD Year of Final Close No. of Funds Aggregate Capital No. of Funds Closed Aggregate Capital Raised (€bn) Closed Raised (€bn) Source: Preqin Pro Source: Preqin Pro

Fig. 3: Switzerland-Based Private Capital: Median Net Fig. 4: Switzerland-Based Private Capital Assets under IRRs by Vintage Year (As at October 2018) Management by Asset Class, 2008 - 2018

18% 17.0%16.7% 50 16% 14.3% 40 14% 11.5% 11.3% 30 12% 10.9% 10.5%

10% 9.2% (€bn) 20 8.1% 8.5% 8% 6.4% 10 6% Assets under Management 4% 0

Median Net IRR since Inception 2% Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 0% Mar-18 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Private Equity Real Estate Infrastructure Vintage Year Private Debt Natural Resources Source: Preqin Pro Source: Preqin Pro

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Fig. 5: Switzerland-Based Private Capital Investors by Fig. 6: Switzerland-Based Investors’ Average Current Type and Target Allocations to Alternatives by Asset Class

25% Private Sector Pension Fund 22.1% 19.6% Public Pension Fund 20% 16% 24% Family Office 15% 3% 3% Asset Manager 10% 7.7% 6.9% 6.6% 6.7%

(As a % of AUM) 5.7% 5.6% Average Allocation 4.2% 12% Wealth Manager 5% 2.6% 15% Insurance Company 0% 12% Private Venture Real Real Private 15% Bank/Investment Bank Equity Capital Estate Assets Debt Other Current Allocation Target Allocation Source: Preqin Pro Source: Preqin Pro

Fig. 7: Largest Private Capital Funds Closed by Switzerland-Based Fund Managers in 2018 YTD (As at October 2018)

Fund Size Geographic Final Close Fund Firm Fund Type (mn) Focus Date

Partners Group Direct Infrastructure Partners Group Core-Plus Infrastructure 2,200 EUR Europe Feb-18 2016

Swiss Life (LUX) Global Infrastructure Swiss Life Funds Core Infrastructure 1,200 EUR Europe Jul-18 Opportunities II Management (LUX)

Capvis Equity V CapVis Equity Partners Buyout 1,200 EUR Europe Sep-18

Capital Dynamics Clean Energy and Capital Dynamics Value Added Infrastructure 1,200 USD North America Aug-18 Infrastructure Fund VII

Annual Secondary Program Fund IV Montana Capital Partners Secondaries 800 EUR Europe Apr-18

Source: Preqin Pro

Fig. 8: Top Performing Private Capital Funds Managed by Switzerland-Based Fund Managers (Vintages 2008 onwards)

Fund Size Geographic Net IRR Date Fund Firm Vintage (mn) Fund Type Focus (%) Reported

Core-Plus Aravis Energy I Aravis 2009 47 EUR Europe 448.0 Sep-18 Infrastructure

Ufenau III German Asset Light Ufenau Capital Partners 2011 25 EUR Buyout Europe 64.0 Mar-18

Ufenau IV German Asset Light Ufenau Capital Partners 2014 121 EUR Buyout Europe 56.6 Mar-18

Invision Hospitality Invision 2015 350 CHF Buyout Europe 30.6 Jun-18

Euro Choice Secondary Unigestion 2014 224 EUR Secondaries Europe 28.0 Mar-18

Source: Preqin Pro