Private Capital in Switzerland

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PRIVATE CAPITAL IN SWITZERLAND

KEY FACTS

52
€632mn

Average size of

€1.9bn

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

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

100%
80% 60% 40% 20%
0%
39
40

5.9

14.6
22
33
Natural Resources Private Debt
35
34
35

30 25 20 15 10
5
32
31
30

24 24

7.8
10.4
19
Infrastructure

Real Estate
16
14.4

9.6

8.4

6.2
5.8

212
55.2

2.5
0
Private Equity & Venture Capital
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
YTD

Year of Final Close

No. of Funds Closed
Aggregate Capital Raised (€bn)

No. of Funds Closed
Aggregate Capital Raised (€bn)

Source: Preqin Pro
Source: Preqin Pro

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

17.0%
50

40 30 20 10
0
18% 16% 14% 12% 10%
8%
16.7%
14.3%

11.5%
11.3%
10.9%
10.5%

9.2%
8.5%
8.1%

6.4%
6% 4% 2% 0%
Private Equity Private Debt
Real Estate Natural Resources
Infrastructure
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Vintage Year

Source: Preqin Pro
Source: Preqin Pro

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

25%
Private Sector Pension Fund
22.1%

19.6%
20%
Public Pension Fund
16%

24%

15% 10%
Family Office
3%
3%
Asset Manager

Wealth Manager Insurance Company Bank/Investment Bank Other
7.7%
6.9%

6.7%
6.6%

5.7%
5.6%

4.2%
2.6%
5% 0%
12%
15%

12%
Private

Equity
Venture Capital
Real Estate
Real Assets
Private Debt
15%

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
(mn)
Geographic Focus
Final Close

Date
Fund
Firm
Fund Type

Partners Group Direct Infrastructure 2016

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

Swiss Life Funds
Swiss Life (LUX) Global Infrastructure

Opportunities II
Core Infrastructure
Buyout
1,200 EUR 1,200 EUR 1,200 USD
800 EUR
Europe Europe
Jul-18 Sep-18 Aug-18
Management (LUX)

Capvis Equity V
CapVis Equity Partners

Capital Dynamics
Capital Dynamics Clean Energy and Infrastructure Fund VII
Value Added Infrastructure
Secondaries
North America

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

Source: Preqin Pro

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

Fund Size
(mn)
Geographic Focus
Net IRR
(%)
Date

Reported
Fund
Firm
Vintage
Fund Type

Core-Plus Infrastructure

Aravis Energy I
Aravis
2009
47 EUR
Europe
448.0
Sep-18

Ufenau III German Asset Light Ufenau IV German Asset Light Invision Hospitality
Ufenau Capital Partners Ufenau Capital Partners
Invision
2011 2014 2015 2014
25 EUR 121 EUR 350 CHF 224 EUR
Buyout Buyout
Europe Europe Europe Europe
64.0 56.6 30.6 28.0
Mar-18 Mar-18

Buyout
Jun-18

Euro Choice Secondary
Unigestion
Secondaries
Mar-18

Source: Preqin Pro

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