Unigestion & Sagard Combine to Build a $23B Private Equity Powerhouse

Context & Strategic Drivers

Unigestion, a Swiss specialist in alternative assets since 1971, has long operated with a broad focus (private equity funds of funds, hedge funds, high yield, multi-manager portfolios), with established institutional clients. A recent transformation has centered on scaling up its direct and co-investment private equity capabilities, a shift made explicit by its September 2025 combination with Sagard. With this deal, Unigestion contributes ~$12.5B of private equity assets to a newly composed platform with ~$23B PE AUM, enhancing its ability to compete globally.

Operational Strengths & Recent Prowess

The firm has delivered recent high-performance outcomes. USEC VI, its sixth secondaries fund, was oversubscribed and closed at its €1.7B hard cap (≈ US$2B), deploying early and demonstrating liquidity strength. Equally, the direct investment exit in Tecvia yielded a multiple of ~4.5× and IRR of ~80%, indicating strong deal selection and value creation in direct investments.

Talent & Client Expansion Imperatives

The hiring of Rolf Winzeler as Marketing Director for private equity (ex-debt/equity capital markets banker with Atlantic-Pacific Capital, Schroders, Lehman Brothers, Swiss Bank Corporation) reinforces priority on institutional investor outreach and fund placement. Internally, promotions across multiple offices in Asia and Europe underscore focus on leadership depth amid expansion.

Strategic Implications

• By joining with Sagard, Unigestion accelerates access to scale economies, particularly in product structuring, cross-border LP networks, and secondaries. The increased scale may permit tighter fee and terms negotiation.
• Emphasis on secondaries, directs, emerging managers, and climate impact diversifies risk and returns, potentially reducing dependence on traditional funds of funds models, which faced fundraising headwinds post-2020.
• Talent investments in marketing and sales reflect recognition that LP acquisition and retention are increasingly competitive, especially in mid-market and international mandates.

Open Questions & Risks

• Will the combined Sagard-Unigestion platform achieve post-transaction synergy without diluting strategic focus or cultural alignment, specifically in direct investment vs. fund-of-funds divisions?
• How will regulatory approvals (needed in multiple jurisdictions) and operational integration of governance, reporting, and investment teams proceed, particularly with respect to compliance under differing regimes?
• Given macroeconomic and liquidity headwinds in private equity, can Unigestion maintain exit pacing and return multiples comparable to recent successes (such as Tecvia) across its larger platform?
• What will be the impact on fee structures and LP alignment, especially in products emphasizing liquidity (secondaries, directs)?