Partners Group: Baar's Global Private Markets Powerhouse
Partners Group Holding AG is the most successful business to have emerged from Canton Zug’s corporate ecosystem in the post-war period. Founded in Baar in 1996 by three former Goldman Sachs professionals — Urs Wietlisbach, Marcel Erni, and Alfred Gantner — the firm has grown from a Swiss-focused placement and advisory business into one of the world’s five largest private markets managers, with approximately CHF 155 billion in assets under management across private equity, private debt, private real estate, and private infrastructure. Its listing on the SIX Swiss Exchange in 2006 has delivered one of the most impressive long-term shareholder returns in European financial services history, with the share price increasing approximately 40-fold from CHF 100 at IPO to a range of CHF 3,500–4,500 across 2023–2025.
Partners Group’s significance to the Zug business ecosystem extends beyond its own success. It demonstrates that Zug can incubate, grow, and retain a global financial services institution of the highest calibre — a proof of concept for every asset manager, private equity firm, and financial platform company evaluating Swiss incorporation and operation.
Founding and Early Years
The three co-founders — Wietlisbach, Erni, and Gantner — each brought specific expertise from their Goldman Sachs careers that would prove foundational to Partners Group’s differentiated model. The founding thesis was straightforward but counter-consensual for the mid-1990s: private market asset classes — private equity, private real estate, private debt — were inaccessible to most institutional investors because of their minimum commitment sizes, long lock-ups, and complex due diligence requirements. Partners Group would provide institutional investors, including the Swiss pension funds (Pensionskassen) that form the backbone of Switzerland’s CHF 1.2 trillion+ pension asset pool, with structured access to global private markets through diversified programmes and funds-of-funds.
The early funds-of-funds model was pragmatic: it required manager selection expertise and investor access rather than a large direct deal team, allowing a small firm to manage substantial capital efficiently. The Swiss institutional investor base — historically under-allocated to alternative investments and seeking diversification from traditional equity and bond portfolios — was a natural early client base.
By 2006, at the time of the SIX IPO, Partners Group managed approximately CHF 20 billion in client assets across multiple vintage programmes and had begun the transition from purely fund-of-funds to direct investing — building direct private equity, direct real estate, and direct infrastructure deal capabilities alongside the existing fund-of-funds and secondary platforms.
Investment Philosophy: Transformative Private Market Investing
Partners Group’s investment approach has evolved significantly from the early fund-of-funds era. The firm now describes its philosophy as “transformative investing” — a focus on identifying businesses and assets with specific catalysts for value creation that can be systematically implemented through active ownership. This is distinct from the financial-engineering model associated with traditional leveraged buyout private equity, and distinct from passive hold-and-harvest approaches to infrastructure or real estate.
The transformative thesis works as follows: Partners Group seeks companies and assets where the value creation opportunity is operational and strategic rather than purely financial. This typically means businesses with fragmented competitor markets ripe for consolidation through buy-and-build strategy, businesses where geographic expansion represents an underexploited opportunity, businesses where technology adoption or business model modernisation has lagged peers, or infrastructure assets where operational improvement can structurally improve return profiles.
The firm applies its transformative framework across all four core asset classes:
Private equity. Partners Group’s direct private equity deals target businesses in the “upper mid-market” — typically enterprise values of EUR 500 million to EUR 5 billion — where the firm can take majority or significant minority positions and drive genuine operational change through 100-day plans, management augmentation, and strategic initiative execution. The private equity team has historically focused on technology services, healthcare, and business services as sectors with durable growth characteristics and scope for operational improvement.
Private debt. Partners Group’s private credit platform provides senior secured, unitranche, and subordinated debt to mid-market companies, typically as a preferred alternative to syndicated leveraged loans for borrowers that value certainty of execution and relationship-oriented lending over commodity pricing. The private debt strategy has grown significantly since the 2015–2020 period as European bank retrenchment from mid-market lending created structural demand for non-bank private credit.
Private real estate. The real estate strategy focuses on “value-add” and “core-plus” commercial, logistics, residential, and healthcare real estate assets across European and North American markets, where active asset management — repositioning, redevelopment, operational improvement — can drive returns above passive core real estate. Partners Group has been a significant investor in European logistics real estate, a beneficiary of the e-commerce-driven demand shift for distribution and warehouse space.
Private infrastructure. The infrastructure strategy targets assets in energy transition (renewable power generation, battery storage, grid infrastructure), transport (ports, airports, motorway concessions), digital infrastructure (data centres, fibre networks), and social infrastructure (hospitals, schools, public buildings). Partners Group’s infrastructure investments reflect a deliberate thematic bet on the energy transition: the firm has been an active investor in wind, solar, and storage assets across Europe and North America since approximately 2015.
Transformative Investing in Practice: Portfolio Company Case Studies
The abstract language of “value creation” and “operational transformation” acquires meaning only through concrete examples. Partners Group’s portfolio history provides several instructive case studies in how the transformative thesis is applied across sectors and geographies.
Foncia Group (French residential property management). Partners Group acquired Foncia — France’s largest residential property services company — and pursued an aggressive buy-and-build consolidation strategy in the fragmented French property management market. The transformation involved acquiring dozens of smaller regional property management firms, integrating them onto a common technology platform, and driving both revenue synergies through cross-selling and cost synergies through back-office consolidation. Foncia’s scale allowed it to invest in digital capabilities that smaller competitors could not afford, entrenching its market leadership. The investment demonstrated Partners Group’s willingness to pursue complex, multi-acquisition integration programmes in markets requiring patient capital.
Action (European discount non-food retail). Action is among the most remarkable retail success stories in European private equity over the past decade, and Partners Group has been a significant investor. Action operates a deep-discount non-food retail format across the Netherlands, Belgium, Germany, France, and several Central European markets. The company’s value proposition — broad assortment of home goods, cleaning products, toys, and garden supplies at prices 30–80% below branded alternatives — has proved resilient across economic cycles and structurally immune to e-commerce displacement (bulky, low-value goods with complex last-mile economics do not transfer well to online formats). Partners Group’s investment thesis centred on Action’s underpenetrated geographic opportunity: the format that had saturated the Benelux could be systematically rolled out across France, Germany, and beyond. By 2024-2025, Action’s EBITDA was estimated at EUR 2 billion+, making it one of the largest private equity-backed businesses in Europe by earnings. The investment has generated extraordinary returns for Partners Group’s clients.
Rovensa (crop nutrition and crop protection). Rovensa is a Portuguese-headquartered agri-sciences company providing crop nutrition, biosolutions, and crop protection products to farmers across Europe, Latin America, and Africa. Partners Group acquired Rovensa and pursued a geographical expansion and product diversification strategy, adding biosolutions capabilities (biological rather than chemical crop protection inputs) to capitalise on the regulatory and consumer pressure toward reduced synthetic pesticide use. The investment illustrates Partners Group’s sector conviction in agricultural inputs — a defensive, recurring-revenue business with structural tailwinds from food security demand and the shift toward sustainable agriculture.
Cognita (international schools). Partners Group’s investment in Cognita, a global operator of private schools, illustrates the infrastructure-adjacent education theme. Cognita operates private schools across the UK, Europe, Southeast Asia, and Latin America, serving the expatriate and domestic premium education market. The transformation playbook involved geographic expansion — particularly into Southeast Asia’s rapidly growing premium education market — academic quality improvement through shared curriculum and teacher development resources, and operational efficiency through shared services across the school network. Education is a defensive, mission-critical service with inelastic demand and long student tenure cycles, making it an appealing asset class for patient private capital.
The 100-day plan methodology. Across these investments, Partners Group applies a standardised post-acquisition framework: the 100-day plan. Within the first 100 days of ownership, Partners Group deploys specialist operating partners — typically former industry executives rather than generalist consultants — to the portfolio company to establish baseline operational metrics, identify the five to eight highest-impact value creation initiatives, and build a multi-year roadmap with quarterly milestones. Revenue synergy identification (cross-selling, pricing optimisation, market expansion) runs in parallel with cost structure analysis. The operating partner model is central to Partners Group’s claim that it is an operational investor rather than a financial engineering firm.
The 2022–2024 Private Markets Correction
The 2021–2022 period represented the zenith of the post-COVID private markets boom. Abundant liquidity, near-zero interest rates, and compressed risk premia pushed private equity valuations to historic highs — entry multiples for mid-market buyouts reached 11–13x EBITDA in many sectors, a level that could only be sustained in a zero-rate environment. Partners Group, like all private markets managers of scale, was not immune to these dynamics.
The PGHN share price cycle. Partners Group’s listed share (SIX: PGHN) reached approximately CHF 4,500 per share in January 2022 — a market capitalisation of roughly CHF 38–40 billion — reflecting peak enthusiasm for private markets business models and the earnings growth they were generating. As central banks pivoted to aggressive rate hikes through 2022, the PGHN share fell materially: the trough was reached in late 2022 at approximately CHF 2,800 per share, representing a decline of approximately 38% from peak. By 2024-2025, the share had recovered to a range of CHF 3,200–3,500, still below the 2022 peak but well above the correction low. This price cycle closely mirrors the experience of US-listed private equity managers — Blackstone (BX), KKR, and Carlyle Group (CG) — all of which saw 30–50% share price corrections in 2022 before recovery.
The denominator effect. Rising public equity market valuations in 2021 followed by public market corrections in 2022 created what practitioners term the “denominator effect” for institutional limited partners. As public equity and fixed income portfolio values fell, the relative weight of private market assets — whose valuations lag public markets due to quarterly NAV calculations — increased as a proportion of total portfolio. Many pension funds, endowments, and sovereign wealth funds found themselves over-allocated to private markets relative to their strategic asset allocation targets. The consequence was a reduction in appetite for new private market commitments in 2022-2024, as LPs sought to rebalance rather than add further exposure. Partners Group’s new fundraising was affected, though the firm’s long-term LP relationships and diversified client base cushioned the impact relative to managers with narrower LP bases.
Valuation markdown dynamics. The most contested question for private markets managers in 2022-2024 was the speed and magnitude of NAV markdowns in portfolios built on 2021 valuations. Private equity portfolio companies are typically valued quarterly using a combination of comparable public company multiples and recent transaction precedents, adjusted for the specific characteristics of each holding. As public market multiples contracted through 2022-2023, private equity managers faced pressure to markdown portfolio valuations — but the appropriate timing and magnitude of markdowns generated significant debate among investors and regulators. Partners Group communicated to investors that its valuation approach was conservative and market-responsive, but the firm — like its peers — maintained that private company fundamentals (revenue growth, EBITDA performance) remained supportive of valuations that lagged the full extent of public market multiple contraction. This position was broadly consistent with peers including Blackstone and KKR, though critics argued the private markets industry systematically smoothed valuations in a manner that obscured the true mark-to-market impact on portfolios. Performance fee realisation was suppressed across the industry in 2022-2024 as the valuation environment reduced the frequency of profitable exits at prices above cost.
The Evergreen and Perpetual Capital Strategy
One of the most significant strategic shifts in Partners Group’s business over the 2018-2025 period has been the deliberate expansion into evergreen and perpetual capital vehicles — funds with no fixed end date that allow investors to enter and exit on a rolling basis, rather than committing to traditional 10-year closed-end funds that are illiquid throughout their life.
Why perpetual capital changes the business model. Traditional private equity and private credit funds have a fixed lifecycle: capital is raised in a fundraising period (typically 12-18 months), deployed over three to five years, managed and harvested over the subsequent five to seven years, and then wound up. This creates an AuM “treadmill” where the manager must continuously raise new funds to maintain AuM levels as older vintages return capital. Evergreen funds, by contrast, maintain capital perpetually — investors exit by redeeming their units rather than waiting for asset sales, and the fund manager maintains a stable AuM base that grows as new subscribers join. This fundamentally changes the management fee economics: instead of managing declining AuM as assets are realised and returned, the manager earns fees on a stable or growing base indefinitely.
Partners Group’s evergreen offering. Partners Group has developed a suite of evergreen vehicles specifically designed for family offices, high-net-worth individuals (HNWI), and the broader wealth management channel. The Partners Group Client Solutions (PGCS) platform provides access to private markets investments through structures that are accessible at lower minimum investment sizes than institutional closed-end funds (typically USD 100,000-250,000 vs USD 10-25 million for institutional mandates), with quarterly or semi-annual liquidity windows. This democratisation of private markets access — sometimes described as “retailisation” of alternative investments — is one of the fastest-growing strategic initiatives in the global alternatives industry, pursued simultaneously by Blackstone (BREIT, BCRED), KKR, Apollo, and others.
AuM breakdown. Partners Group’s AuM of approximately CHF 155 billion is distributed roughly as follows: institutional mandates (pension funds, sovereign wealth funds, insurance companies, endowments) account for approximately 70-75% of AuM; the wealth management and family office channel accounts for approximately 20-25%; and the balance is from other sources including co-investment vehicles and managed accounts. The wealth channel is the highest growth segment by percentage, as the addressable market of global HNWI wealth is multiples larger than the institutional private markets market, but institutional assets remain the dominant AuM base.
Fee Structure and Financial Economics
Partners Group operates on a fee model broadly consistent with the private markets industry norm, with certain specific characteristics that reflect its Swiss institutional heritage.
Management fees. Partners Group charges management fees typically in the range of 1.5–1.75% per annum on committed or invested capital for its institutional private equity and private infrastructure mandates. For private debt mandates, fees are somewhat lower, typically 0.75–1.25%, reflecting the lower risk profile of the asset class. Evergreen wealth channel products carry higher headline fees (often 1.5–1.75% on net asset value) but may also include distribution costs embedded in the fund structure. These fee levels are broadly comparable to those charged by Blackstone, KKR, and Carlyle for equivalent mandate types, though the largest institutional relationships at all managers benefit from fee discounts negotiated at the time of commitment.
Performance fees (carried interest). Partners Group earns carried interest of typically 20% of returns above a preferred return (hurdle rate) of 8% per annum, with a catch-up provision allowing the manager to receive a higher share of returns until the 80/20 split is achieved on returns above the hurdle. This structure — the “2 and 20” or in Partners Group’s case approximately “1.5 and 20” — is the industry standard, though the hurdle rate of 8% is now generous relative to what would have been achievable risk-free in 2021 (near zero) and has become more meaningful as risk-free rates have risen. Performance fee realisation requires portfolio companies to be sold at prices above cost plus the preferred return, which is why the 2022-2024 exit environment — where buyer appetite was constrained and valuation gaps between buyers and sellers were wide — suppressed performance fee income across the industry.
Partners Group AG: the listed entity’s own financials. Partners Group Holding AG is itself a highly profitable business. For the 2023 financial year, revenues were approximately CHF 1.8-2.0 billion, with EBITDA margins of approximately 55-60% — an exceptionally high profitability profile reflecting the asset-light, scalable nature of the asset management business model. Management fee revenues, which are predictable and recurring, typically account for 55-65% of total revenues in a normalised year; performance fees, which are volatile and dependent on the exit environment, account for the balance. In years with strong exit activity (as in 2021), performance fee revenues can dominate total revenues; in years with constrained exits (as in 2022-2024), management fees are the primary driver. This distinction matters for how the market prices the PGHN share: investors applying a high multiple to management fee earnings apply a lower — or discounted — multiple to performance fees given their inherent volatility. Partners Group’s strategy of growing perpetual capital AuM (which generates stable management fee income) is partly a deliberate effort to reduce the earnings volatility associated with performance fee cyclicality.
Comparison with US mega-managers. At CHF 155 billion AuM, Partners Group is roughly one-quarter of the scale of Blackstone (~USD 1 trillion) and one-third of KKR (~USD 550 billion). However, Partners Group’s EBITDA margin profile (55-60%) is competitive with or superior to Blackstone and KKR on management fee economics, partly because Partners Group maintains a more focused product suite — it has not diversified into hedge funds or other lower-margin products — and partly because the Swiss operational structure is genuinely cost-efficient relative to New York and London equivalents.
Baar-Zug Headquarters: Significance and Architecture
Partners Group’s headquarters is not in the financial districts of Zurich or Geneva but in Baar — a municipality of approximately 25,000 inhabitants in the western portion of Canton Zug. This location reflects the founding decision by Wietlisbach, Erni, and Gantner to base the firm where they lived rather than where financial convention would have suggested, and that decision has had profound consequences for Baar and for the Zug business ecosystem.
Employer significance. Partners Group employs approximately 1,000 people in Switzerland, the majority of them at the Baar campus. This makes Partners Group the largest private sector employer in Baar municipality by a significant margin — the firm’s payroll is a material component of the local economy. The employment profile skews heavily toward highly educated professionals (investment analysts, portfolio management specialists, legal and compliance staff, investor relations professionals) whose compensation levels are substantially above the Swiss median, generating significant cantonal and communal tax revenues.
The Baar campus: architectural ambition. The Partners Group campus in Baar is a deliberate architectural statement. The headquarters building — designed by the Swiss architectural practice Burckhardt+Partner, completed in phases — represents a considered investment in workspace quality that reflects the firm’s belief that talent attraction in global private markets requires a working environment competitive with London, New York, and Hong Kong alternatives. The campus features open-plan trading floor-style investment team spaces alongside enclosed meeting and collaboration areas, a substantial staff dining facility, and amenities that support the intensive working patterns of a global investment firm operating across multiple time zones. The architectural quality of the campus is frequently cited by Partners Group senior management as a recruitment and retention tool — a physical embodiment of the firm’s “one firm” culture that keeps senior talent anchored to Baar rather than migrating to financial centres.
The Zug tax advantage. Canton Zug’s cantonal tax rates — among the lowest in Switzerland for both corporate entities and individuals — are a meaningful component of Partners Group’s total value proposition as a Zug-domiciled firm. Partners Group Holding AG benefits from Zug’s corporate tax rate, which is broadly in the range of 11-12% effective rate for Zug-domiciled holding companies. More significantly for talent retention, senior Partners Group partners — whose compensation includes carried interest participation as well as base salary and bonus — benefit from Zug’s personal income tax rates, which are materially lower than Zurich City or Zurich Canton equivalents. The carried interest of a senior partner at a top private markets firm, accumulated over a decade, may reach eight to nine figures in CHF terms; the tax efficiency of receiving that income as a Zug resident rather than a Zurich City or London resident translates into very large absolute sums. This structural advantage is a genuine differentiator for Partners Group in competing with London-based or New York-based peers for senior talent.
Baar and Zug as a private markets hub. Partners Group’s establishment and success in Baar has had genuine hub effects: several mid-market private equity managers, infrastructure investment boutiques, and alternative credit platforms have established Zug-area offices in part to be proximate to the Partners Group ecosystem — to recruit from its talent pipeline, to access its investor relations network, and to benefit from the same regulatory and tax environment. The firm’s alumni network in the Zurich-Zug area represents a significant reservoir of private markets expertise that is available to the broader ecosystem.
SIX Listing and Shareholder Return Profile
Partners Group’s 2006 IPO on the SIX Swiss Exchange — at an initial offering price of CHF 100 per share and a market capitalisation of approximately CHF 2 billion — was the first listing of a major Swiss-based private markets manager. The decision to list was not motivated by capital needs (the firm was generating strong fee income and had low capital requirements as an asset management business) but by strategic objectives: currency for potential acquisitions, employee incentivisation through liquid equity, and the institutional credibility that comes with SIX listing status.
The subsequent share price performance has been exceptional. The stock reached approximately CHF 4,500 per share at its 2021-2022 peak, representing a 45x return on the IPO price excluding dividends. The market capitalisation at peak exceeded CHF 40 billion, placing Partners Group among the top ten largest SIX-listed companies and second only to UBS among Swiss-listed financial services entities by market capitalisation.
Partners Group’s earnings model generates its exceptional valuation characteristics through two income streams: management fees (a predictable, recurring percentage of AuM — typically 1.0–1.75% of invested capital depending on strategy) and performance fees or carried interest (typically 20% of returns above a hurdle rate of 8%). As AuM has grown from CHF 20 billion at IPO to approximately CHF 155 billion by 2025, management fee income has grown proportionally, providing a stable earnings base. Performance fee realisation — which lags investment performance by the typical 5–7 year exit timeline — creates cyclicality but has been consistently substantial in years with a healthy exit environment.
The Partners Group share (SIX: PGHN) trades at a premium price-to-earnings multiple relative to traditional fund managers, reflecting market recognition of the firm’s earnings quality, AuM growth trajectory, and the competitive moat created by three decades of relationship building with global institutional investors.
Governance and Culture
Partners Group’s governance model is distinctive among global asset management firms in maintaining founding-family-adjacent ownership concentration and a strongly collegial partnership culture despite public listing. The three co-founders held significant share stakes through the early listed period; as they have aged and taken less operational roles (Alfred Gantner stepped back from day-to-day operations in 2019; Urs Wietlisbach remains a board member), the firm has successfully transitioned executive leadership to a second generation of internal Partners Group partners.
The firm’s current CEO as of 2024 is David Larocca, who joined Partners Group from Goldman Sachs in 2006 and has been a managing director partner since 2011 — representing the firm’s internal promotion philosophy. Partners Group operates a deliberate “one firm” culture that prioritises internal career development over external senior hires, creating a partnership model in which institutional knowledge and client relationships are retained within the firm rather than walking out the door with departing individuals.
The Baar campus houses the majority of the firm’s global employees based in Switzerland. The firm operates additional offices in New York, Houston, São Paulo, London, Paris, Munich, Tokyo, Singapore, and Sydney, but maintains a deliberate concentration of investment decision-making in Switzerland — reflecting both the cultural identity of the firm and the regulatory and tax efficiency of making investment decisions from Swiss domicile.
ESG Integration and Sustainable Investing
Partners Group’s approach to environmental, social, and governance integration has evolved substantially since 2018 and is now embedded in its investment process at both the selection and ownership stages.
Net Zero Asset Managers Initiative. Partners Group is a signatory to the Net Zero Asset Managers Initiative (NZAM), committing to align portfolio company emissions with a net-zero trajectory by 2050 or sooner. For a private markets manager, this commitment is operationally more demanding than for a public equity manager, because private companies are not subject to the mandatory emissions disclosure requirements applicable to listed entities and their supply chain emissions data is typically less reliable. Partners Group’s NZAM commitment therefore requires the firm to actively engage portfolio companies on emissions measurement and reduction — a more labour-intensive process than simply screening public market portfolios.
ESG integration across portfolio companies. Partners Group’s responsible investment policy requires mandatory ESG assessment at the due diligence stage for all new investments above a minimum threshold, covering environmental risks (climate exposure, regulatory risk, energy transition impact), social risks (labour practices, supply chain standards, community relations), and governance risks (board structure, anti-corruption controls, management incentives). Post-acquisition, portfolio companies are required to implement Partners Group’s ESG reporting framework — including annual disclosure of key performance indicators on carbon emissions, energy consumption, water usage, workforce diversity, and governance standards. Partners Group requires portfolio company boards to include at least one independent director, and actively supports gender diversity on portfolio company boards and in senior management as part of its operational improvement agenda.
Responsible investment in practice. Partners Group has excluded investments in certain sectors — thermal coal extraction, weapons systems, and tobacco production — from new investments since approximately 2019. The firm applies the UN Global Compact principles as a screening baseline. For portfolio companies with material carbon exposure (energy infrastructure, logistics, manufacturing), Partners Group engages management on medium-term decarbonisation pathways, capital allocation toward lower-carbon operations, and where applicable, the commercial opportunity represented by the energy transition.
Competitive Position and Industry Context
The global private markets management industry has consolidated significantly since 2015, with the rise of mega-firms — Blackstone, KKR, Apollo, Ares, Carlyle — that manage USD 400 billion to USD 1 trillion in AuM across multiple alternative asset classes. Partners Group, at CHF 155 billion, operates in the upper-middle tier of this industry — large enough to access the most sophisticated global limited partners, but not so large that deal sourcing requires only mega-cap transactions.
Partners Group’s differentiation from the US-headquartered mega-managers lies in its European institutional investor relationships, its Swiss regulatory and governance credibility, and its “one firm” multi-asset-class platform that allows it to offer institutional investors a single-manager solution across private equity, debt, real estate, and infrastructure without the conflicted silos that characterise some US mega-managers with separate business units managed independently.
The firm competes primarily with Ardian (France), CVC Capital Partners (Luxembourg/UK), Permira (London), and Bridgepoint (London) for European private equity mandates; with GLP Capital Partners, Prologis, and Blackstone Real Estate for logistics and real estate; and with Macquarie, Brookfield, and Global Infrastructure Partners for infrastructure mandates.
Zug Ecosystem Contribution
Partners Group’s presence in Baar-Zug contributes to the ecosystem in ways beyond its direct employment of approximately 1,000 Swiss-based staff. The firm’s success has created a cohort of senior alumni with deep private markets expertise who have gone on to establish or advise mid-market private equity firms, infrastructure investment platforms, and alternative credit businesses in the Zurich-Zug area. Partners Group’s investor relations events bring global institutional investors from North America, Asia, and Europe to Baar on a regular basis, providing introductions to the Swiss business environment that occasionally result in location decisions by those investors’ management companies.
The firm’s SIX-listed status has also contributed to the maturation of the Swiss financial analyst and investor relations community’s understanding of private markets business models — a form of ecosystem education that benefits other Swiss-listed or pre-IPO financial services companies seeking comparables and valuation frameworks.
Donovan Vanderbilt is a contributing editor at ZUG BUSINESS, a publication of The Vanderbilt Portfolio AG, Zurich. The information presented is for educational purposes only.