Icona Capital and Stoneweg form €10bn SWI Group
Icona Capital has merged with Stoneweg under the newly-formed SWI Group brand, to create a new alternative investment platform with aggregate assets under management (AUM) of €10bn (£8.3bn).
SWI Group has more than 350 professionals located in 25 offices across the world. The new firm will provide both scale and product diversification to attract higher levels of institutional investment as a leading alternative investment platform, the company said.
“The creation of the SWI Group is a key development and elevates the combined standing of both Icona and Stoneweg,” said Max-Hervé George, former chairman and chief executive of Icona Capital, and now chairman and co-chief executive of SWI Group.
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“We have created a highly attractive institutional investment platform based around our global reach with local talent. It brings together the benefits of a larger integrated business, increased AUM, enhanced efficiency and our global presence.
“At its heart, this combination will deliver more attractive opportunities for our clients. SWI Group will be more robust, more diverse and increase our capacity to deliver continued growth and, with the support of third-party institutional capital, allow us to execute on more investment opportunities.”
Icona Capital and Stoneweg recently completed the acquisition of Cromwell Property Group’s European fund management platform and associated co-investments. The firm’s €3.9bn of real estate assets, which included 27.8 per cent of the Cromwell European REIT, were acquired for €280m. SWI said that this acquisition has provided the firm with immediate growth, scale and product diversification capabilities.
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SWI Group has split its business activities into two distinct business groupings: Stoneweg Real Assets, and Icona Alternatives. Stoneweg Real Assets will primarily focus its strategies across living, hospitality, logistics, offices, real estate, infrastructure, data centres, and experiential ventures.
Icona Alternatives will concentrate on private equity, venture capital, special situations, liquid strategy, private credit, sports and entertainment.
“This integration is a milestone in Stoneweg’s growth trajectory and strengthens our position in the market as a leading real asset investment group,” said Jaume Sabater, former chief executive of Stoneweg and now co-chief executive of SWI Group.
“We have worked with Max-Hervé George and his teams from Icona Capital on numerous acquisitions and we are eager to work together as one team.
“Following on from the recent acquisition of the Cromwell Property Group’s European Platform, we are now taking another transformative step as we combine our two dynamic businesses into their two respective fields of expertise: real assets and alternative investments, all under the single, powerful brand of the SWI Group”.
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