[03] Sector

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Private Equity & Co-investment

Direct minority equity alongside aligned operators.

Thesis

Concentrated, conviction-led minority equity in privately-held European and Indo-Swiss businesses, with a preference for owner-operators we have known across multiple cycles.

Rationale
  • Direct alignment with founders and operators.
  • No external LPs — no time pressure to exit.
  • Sector preference: industrial technology, climate, advanced services.
  • Selective Indo-Swiss corridor via long-standing partners.
Principal Holdings
Industrial technology — DACH
Switzerland / Germany
Specialty manufacturing minority stakes.
Climate & circular economy — EU
EU
Direct minorities, generally pre-IPO.
Indo-Swiss corridor (via DJ Partners)
Mumbai / Zürich
Selective co-investments sourced and co-stewarded with DJ Partners, India.
Timeline

Across the cycles.

2010
First direct private equity co-investments.
2017
Formalised Indo-Swiss corridor with DJ Partners.
2022
Climate-aligned mandate added.
Geography

Switzerland · European Union · India (corridor)

Horizon

10–15 years