Global private markets advisory firm StepStone has agreed to purchase Swiss Capital Alternative Investments, a Zurich-based private debt and hedge fund solutions provider, for an undisclosed sum.
Swiss Capital offers customised solutions across a range of platforms to institutional investors in Europe, mainly in Switzerland, Germany and Austria. The company operates with 50 employees in two offices in Zurich and Dublin.
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Swiss Capital’s management team will continue to sprearhead the private debt and hedge fund teams and will manage the new business lines, StepStone said.
The acquisition will add more than $5bn of assets to StepStone’s portfolio.
As part of the acquisition, StepStone will club its institutional client network with Swiss Capital’s private debt and hedge fund strategies expertise to launch StepStone Private Debt and StepStone Hedge Funds.
The deal is expected to close before the end of 2016, subject to regulatory approvals.
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By GlobalDataStepStone CEO Monte Brem said: "Private debt has become a crucial strategy as institutions facing overexposure to maturing bonds and low yields seek to diversify and replace current investments with debt instruments that can meet their return criteria. Swiss Capital’s deep expertise in constructing customized private debt solutions perfectly complements StepStone’s approach to serving clients in other private markets."
