SECA Yearbook 2020 The Swiss Private Equity & Corporate Finance Association (SECA) is the representative body for Switzerland‘s private equity, venture capital and corporate finance industries. SECA has the objective to promote private equity and corporate finance activities in Switzerland. Meanwhile, SECA has a strong base of more than 500 members, which is composed of se- veral investment companies, banks, corporate finance advisors, auditing companies, management consultants, lawyers and private investors. SECA Yearbook 2020 May 2020 Publisher SECA – Swiss Private Equity & Corporate Finance Association Suurstoffi 1 CH-6343 Rotkreuz Production Druckerei Odermatt AG 6383 Dallenwil, Switzerland (www.dod.ch) Print run 800 Printed in Switzerland Cover Picture Adobe Stock Conception Maurice Pedergnana ([email protected]) Editor-in-Chief Pascal Luchs ([email protected]) For further questions: [email protected] / +41 41 757 67 77 SECA Yearbook 2020 P x x Recycle Bin My Jan 5 Feb 1 - March 3 - April 3 - Meeting Restricted Cost benefit Computer Meetin... Meetin... Meetin... Meetin... deck.pptx Stock Unit... analysis - ... P W P P Strategy Project Conference Jan 5 Feb 1 2019 2018 2017 2016 discussion... Outline Calendar.pdf Meeting.pptx Meetin... x x x x x x x Fund II - LP Fund II LP Fund II - Fund II Cash Waterfall Q1 Fund II - Fund II - Carry Vesting Fund II - CF Contact L... Notes LPA's Flow Expo... Fund II.xlsx Carry... CoInvestm... Status - Fu... Forecast.xlsx x x x x x x x Fund III - LP Fund III LP Fund III - Fund III Cash Waterfall Q1 Fund III - Fund III - Carry Vesting Fund III - CF Contact Li... Notes LPA's Flow Expo... Fund III.xlsx Carry Pl... CoInvestm... Status - Fu... Forecast.xlsx x x x x x x x Fund IV - LP Fund IV LP Fund IV - Fund IV Cash Waterfall Q1 Fund IV - Fund IV - Carry Vesting Fund IV - CF Contact L... Notes LPA's InseratFlow Expo... Fund IV.xlsx A5Carry Pl... CoInvestm... Status - Fu... Forecast.xlsx x x x x x x x Infra I - LP Infra I LP Infra I - Infra I Cash Waterfall Q1 Infra I - Infra I - Carry Vesting Infra I - CF Contact... Notes LPA's Flow Expo... Infra I.xlsx Carry Pl... CoInvestm... Status - Infr... Forecast.xlsx x EWMx x Globalx x x x Infra II - LP Infra II LP Infra II - Infra II Cash Waterfall Q1 Infra II - Infra II - Carry Vesting Infra II - CF Contact... Notes LPA's Flow Expo... Infra II.xlsx Carry Pl... CoInvestm... Status - Infr... Forecast.xlsx x x x x x x x x New folder Board seats Coinvest... Fund II - Fund III - Fund IV - Infra I - Infra II - Revenue by team m... Exec Exce... Exec Exce... Exec Exce... Exec Exce... Exec Exce... forecas... x IRRA Master CFO’s desktop should never look like this.New folder file.xlsx (2) We know your waterfall calculations and carry plan administration started out xsimple, but success made things complicated. That’s why our system handles all W Fundstages V - of your carried interest lifecycle from calculation to tracking proceeds acrossTo do Capitalyour Rai... deal team. Minimize the clutter. Minimize the risk. Embrace technology.list_April.d... Send us an email at [email protected] to nd out what carry optimization looks like today. www.ewmglobal.com Content Chapter I Report from the Chairman ..................................................... 5 Chapter II Chapters & Working Groups ................................................17 Chapter III Industry Insights ...................................................................37 Chapter IV SECA Events in 2019 ...........................................................55 Chapter V SECA Trainings in 2019 .......................................................63 Chapter VI Financial Audit & Report .......................................................67 Chapter VII Membership Reporting.........................................................71 Full Members .......................................................................72 Associate Members ...........................................................236 Individual & Honorary Members ..........................................279 Young SECA Members ......................................................282 Chapter VIII Partner Associations ..........................................................289 Chapter IX Articles of Association & Model Documentations ................295 Chapter X SECA membership benefits ...............................................297 SECA Yearbook 2020 – 3 Report from the Chairman Weiterbildung am IFZ Als Institut der Hochschule Luzern – Wirtschaft sind wir in der Schweiz das führende Fachhochschulinstitut im Finanzbereich. Seit über 20 Jahren bieten wir Finanzfachpersonen aus Unternehmen sowie Fach- und Führungskräften aus der FinanzbrancheInserat Weiterbildungen, Forschungs- A5 sowie Beratungsdienstleistungen an. Wir legen Wert auf hohe Qualität und bieten als marktorientierte Weiterbildungsinstitution Dienstleistungen in einem attraktiven Preis-Leistungs-Verhältnis an – oberstes Ziel sind zufriedene Kundinnen und Kunden. Master of Advanced Studies – CAS Digital Banking – MAS Bank Management – CAS Digital Controlling – MAS Controlling HSLU– CAS Financial Investigation – MAS Corporate Finance – CAS Financial Management – MAS Economic Crime Investigation – CAS Financial Transactions – MAS Immobilienmanagement – CAS Finanz- und Rechnungswesen für Juristen – MAS Pensionskassen Management – CAS Finanzmanagement für Nicht-Finanzfachleute – MAS Private Banking & Wealth Management – CAS Funding & Treasury – CAS Future of Insurance Diploma of Advanced Studies – CAS Gesamtbanksteuerung – DAS Accounting – CAS Governance, Risk and Compliance – DAS Bank Management – CAS Real Estate Investment Management – DAS Compliance Management – CAS Sales und Marketing im Banking – DAS Controlling – CAS Swiss Certified Treasurer (SCT)® – DAS Corporate Finance – CAS Turnaround Management – DAS Economic Crime Investigation – CAS Verwaltungsrat – DAS Pensionskassen Management – DAS Private Banking & Wealth Management Fachkurse Controlling, Digital CFO, Finanzen, Rechnungswesen, Certificate of Advanced Studies Risk Management, Treasury, Vermögensverwaltung – CAS Accounting – CAS Anlageberatung Seminare und Konferenzen – CAS Asset Management – CAS Commodity Professional Mehr Informationen – CAS Controlling www.hslu.ch/ifz-weiterbildung Report from the Chairman Dear Members and Readers, Welcome to the 2020 edition of the SECA yearbook. Our ongoing work for the Swiss private market industry has revealed several interesting insights, trends and firsthand information from the capital market turmoil, which we want to share with our members. Private equity and venture capital in Switzerland has enjoyed another great year in 2019. Record levels of fund raising, high investment activity across various strategies and for once supportive public policy have all contributed to a successful industry performance. However, things do change quickly in highly complex and fragile systems. The outbreak of a new form of the well known and researched coronavirus has created a panic sending Weiterbildung am IFZ shockwaves like an earthquake through the financial markets. This reaction is extraordinary since Homo Sapiens live with various types of flu for thouands of years killing every year more than 400’000 people around the globe. Or tuberculosis and traffic accidents, which Als Institut der Hochschule Luzern – Wirtschaft sind wir in der Schweiz das führende Fachhochschulinstitut both are responsible for around 5’000 death per day according to the WHO. Let us hope im Finanzbereich. Seit über 20 Jahren bieten wir Finanzfachpersonen aus Unternehmen sowie Fach- und that this ghost will leave us as quickly as it apeared. Wash your hands often and stay Führungskräften aus der Finanzbranche Weiterbildungen, Forschungs- sowie Beratungsdienstleistungen an. healthy. The total assets under management invested in private markets ballooned to an all-time Wir legen Wert auf hohe Qualität und bieten als marktorientierte Weiterbildungsinstitution Dienstleistungen high at US $6.5 trillion. Limited partners continue to shift global asset allocations from public asset classes into private markets in search of higher yield. Performance metrics in einem attraktiven Preis-Leistungs-Verhältnis an – oberstes Ziel sind zufriedene Kundinnen und Kunden. across various private equity strategies since the global financial crisis have been remarkably stable and strong. The lower volatility of private assets help to mitigate the short term price shock in diversified portfolios. Unfortunately, no asset class is shielded Master of Advanced Studies – CAS Digital Banking against a global recession and supply chain disruptions. Dealmaking will take a hard hit. – MAS Bank Management – CAS Digital Controlling However, I would like to remind everyone that the private equity industry as a whole – MAS Controlling – CAS Financial Investigation mastered the 2008/2009 financial crisis relatively well, because private equity funds have – MAS Corporate Finance – CAS Financial Management a key asset on hand, namely CASH, with record levels of dry powder to support their portfolio companies through the crisis. As Warren Buffett once said: “I do not like bad – MAS Economic Crime Investigation – CAS Financial Transactions times, but I do like the prices it creates.” – MAS Immobilienmanagement – CAS Finanz- und Rechnungswesen für Juristen – MAS Pensionskassen Management – CAS Finanzmanagement für Nicht-Finanzfachleute – MAS Private Banking & Wealth Management – CAS Funding & Treasury – CAS Future of Insurance Diploma