eNewsletter no. 543

20 July 2023
   

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Dear Reader

With the launch of the SECA Impact Investing Initiative we now have a new section in the SECA Newsletter with national and international news and reports on the topic of “impact investing”. The impact investing scene in Switzerland and abroad is very diverse, ranging institutional investors and government initiatives, to launches of new impact funds to support programs and prizes for impact startups and of course the hundreds of new startups seeking to make a social or environmental impact.
Definition of impact investing: “Impact investments are investments made with the intention to generate positive, measurable social and environmental impact alongside a financial return.” (source).

Private market investments (venture capital, private equity, infrastructure investments etc.) play the key role in generating significant impacts towards the 17 Sustainable Development Goals (SDGs) in Switzerland and abroad. Goals of SECA’s Impact Investing Initiative:

  • Promote private market investments as a key driver for impact investing (VC, PE, infrastructure, real estate)
  • Educate private and institutional investors and media/general public on the potential of impact investing and encourage investors to invest in impact funds
  • Promote community building: Foster exchange of ideas/experiences and collaboration among investors, impact funds, impact entrepreneurs and other stakeholders.
  • Establish standards and methods of best practice impact investing
  • Encourage all investors, fund managers and companies, entrepreneurs to generate an impact (“Everybody can make an impact”)


Contact SECA’s Impact Working Group at impact@seca.ch. We also welcome if you make us aware of any relevant news or reports in the area of impact investing.

Have a nice week
Maurice Pedergnana

 

PS: Legen Sie sich in einen Liegestuhl und nehmen Sie sich etwas Zeit für diesen Newsletter. Wir haben viele tolle Reports verlinkt. Die SECA Geschäftsstelle macht eine Sommerpause und ist per E-Mail ab dem 14. August 2023 wieder im Einsatz. Per Telefon und Büropräsenz wieder ab dem 28. August 2023. Wir wünschen allen einen fantastischen Sommer.

PS: Lie down in a deck chair and take some time to read this newsletter. We have linked to many great reports. The SECA office is taking a summer break and will be back in action by email from 14 August 2023. By telephone and office presence again from 28 August 2023. We wish you all a fantastic summer.
 

 
 
 

SECA

 
   

SECA Webinar: Private Equity - Investing in the Net-Zero economy

Thursday, 7 September 2023, Zoom Webinar

Private equity has an important role to play in closing today’s funding gap of the transition to a Net-Zero economy. Investors can effectively invest in positive change and encourage companies to create and build products that will ultimately offer innovative climate solutions to the global marketplace. Some examples could include growth stage companies with proven business models in the energy transition and agri-food technology sectors.

This webinar will provide you first-hand information about private equity’s strengths to address these challenges, a practical view on integrating and measuring impact investing alongside the investment process and specific case studies in sectors related to climate mitigation and adaptation.

 
 

SECA Event: Impact Venture Capital in the DACH region

Thursday, 28 September 2023, Hotel St. Gotthard, Zurich

Impact venture capital (VC) and impact investing fit precisely into our time. They allow a new look at investments and a different way of investing. Meanwhile, the return expectations for impact funds can keep up with conventional funds' expectations. In this event, we want to show how LPs and GPs of impact VCs work, act, and exchange ideas about the topic. What factors do impact-focused limited partners look for? Which challenges, processes, and investment requirements are crucial for impact VCs?

 
 

SECA Seminar: Private Markets

Dienstag, 31. Oktober 2023

Wie funktionieren Investitionen in Privatmarktanlagen? Das SECA Seminar gibt einen Einblick in diese breite, vielfältige Anlageklasse.

 
 

SECA Seminar: Private Infrastructure

Donnerstag, 26. Oktober 2023, 13:30 - 17:00 Uhr, Zürich

Private Infrastructure bietet institutionellen Anlegern Zugang zu Renditequellen, die über andere Anlageklassen nicht erschlossen sind. Durch die zusätzliche Diversifikation kann zudem das Risiko optimiert werden. Doch wie funktionieren Investitionen in Private Infrastructure? Das SECA Seminar gibt einen Einblick in diese spannende Anlageklasse.

 
 

11. SECA Private Equity Workshop

17. & 18. November 2023, Lenz & Staehelin, Zürich

Wir zeigen auf, was Private Equity und Private Markets im Unterschied zu anderen Assetklassen ist, welche Märkte es gibt, wie Private Equity und Private Markets funktionieren, welches die wichtigsten Marktplayer und deren Geschäftsmodelle sind, wie Private Equity und Private Markets reguliert sind, welche Gründe für Private Equity und Private Markets sprechen, wie ein Investor investieren kann und was die Erfolgsfaktoren für Investments sind. Neben diesen Themen dürfen Erfolgsgeschichten aus der jüngsten Vergangenheit nicht fehlen. Zur Verknüpfung von Theorie und Praxis gestalten namhafte Referenten von führenden Unternehmen und Investoren der Private Markets-Branche den Workshop mit.

 
 

SECA Yearbook 2023

Out now! - The SECA Yearbook 2023 is the annual report of SECA. It includes the report from the president as well as a short report about the developments within and the events held by SECA in 2022/2023. All members have received a copy. If you would like to have a further one, please contact us. We are happy to send you one.

 
 

SECA on LinkedIn - NEW "SECA - Impact Investing Initiative" Group

In addition to our Newsletter, we publish latest industry news in our LinkedIn Group. If you haven't already done so, you are very welcome to join us. And NEW follow us on the SECA - Impact Investing Group too.

 
 

David Studer wird SECA Business Angel of the Year 2023

Die SECA hat anlässlich der SECA Sommer-Party am 19. Juni 2023 David Studer zum 21. Business Angel des Jahres gekürt. Der Schweizer Startup-Investor aus der Region Biel mit Fokus überwiegend im ICT- und Hardwarebereich in der Deutsch- und Westschweiz überzeugte die Jury mit seinem Engagement als Sparring Partner & Impulsgeber sowie erfolgreicher Angel Investor in zahlreiche Schweizer Startups sowie Venture Capital Funds und Mitglied im Vorstand mehrerer Startups.

 
 

40th Anniversary of Invest Europe

In celebration of the 40th Anniversary of Invest Europe, they asked a number of speakers and participants to share their insights on the past, present and future of the private equity and venture capital industry in Europe. Have a look:

 
 
 
 

Venture Capital

 
   

TOP 100 Swiss Startup Award 2023 - Public Voting

Do not miss to vote until 25 July 2023 - Every year, the TOP 100 Swiss Startup Award showcases the 100 most innovative and promising Swiss startups, chosen by a 100-strong jury of leading investors and experts. The TOP 100 Public Voting runs parallel to the expert jury ranking and highlights outstanding Swiss startups that will be celebrated on stage at the Award Night on September 6, 2023.

 
 

VentureCapital Magazin

Haben Sie die neu erschienene Sonderausgabe "Standorte, Regionen & Technologien 2023" schon gesehen? Hier geht es zur Online-Ausgabe. Es lohnt sich, darin zu blättern.

 
 

CHF 1.2 billion for Swiss start-ups: clear decline in start-up investment

Swiss venture capital financing was no longer able to escape the global downward trend in the first half of 2023. Just under CHF 1.2 billion was invested – a drop of 54% compared with the same period in 2022. However, the current half-year update of Swiss Venture Capital Report, published by the online news portal Startupticker.ch and the investor association SECA in cooperation with startup.ch, also shows that Swiss investors believe that rock bottom has been reached.

 
 

Risikokapitalsumme für Startups nahezu halbiert

Deutlicher Dämpfer für die deutsche Startup-Szene: Im Vergleich zum ersten Halbjahr 2022 ging das Gesamtvolumen der Investitionen in den ersten sechs Monaten dieses Jahres um 49 Prozent auf 3,1 Milliarden Euro zurück. Dies liegt vor allem daran, dass weniger große Deals abgeschlossen wurden: Waren es im ersten Halbjahr 2022 noch 15 Abschlüsse im Wert von mehr als 100 Millionen Euro, gab es in den ersten sechs Monaten dieses Jahres lediglich fünf Investitionen in dieser Kategorie. Halbiert haben sich auch die Abschlüsse in einem Volumen von jeweils mehr als 50 bis 100 Millionen Euro, von zwölf im ersten Halbjahr 2022 auf sechs in den ersten sechs Monaten dieses Jahres.

 
 

PitchBook-NVCA Venture Monitor

The PitchBook-NVCA Venture Monitor, sponsored by Insperity, J.P. Morgan, and Dentons, captures how investors and founders are reshuffling their priorities to buy time and identify high-impact innovations as the market tightens further.

 
 

European Venture Report

Venture deal count in Europe fell considerably in the first half of the year, but recovery in the public markets could signal a light at the end of the tunnel.

 
 

The 50 Best One-Year Returns on the S&P 500 (1980-2022)

The average annual return of the S&P 500 was 10% from 1980-2022, excluding dividends. Of course, there are some companies that deliver much higher returns in any given year. In this graphic using data from S&P Dow Jones Indices, they explore the top S&P 500 stocks with the best single year returns over the last four decades.

 
 

UK government unveils plan to direct £75bn from pension funds to startups

The UK government announced Monday that it had secured an agreement from nine UK pension funds to invest at least 5% of their default funds into the nation’s startups and fast-growing companies by 2030 — a move hailed by VCs as an important step towards mobilising more capital for homegrown innovation.

 
 

Venture Leaders Medtech 2023: 10 innovative startups will advance their global growth in Boston

An expert jury selected the 10 Venture Leaders Medtech 2023, who will be travelling to Boston and Cambridge from September 25 to 29 as part of the Swiss National Startup Team. The Venture Leaders Medtech program is organized by Venturelab in collaboration with Swissnex Boston and is supported by EPFL Lausanne, ETH Zurich, Hansjörg Wyss, Kellerhals Carrard, Swissnex Boston, and the Canton of Vaud.

 
 

Venture Leaders Fintech 2023 - Program Launch

Venturelab is organizing the next Venture Leaders Programs and, we are happy to announce the launching call for applications for the Venture Leaders Fintech 2023 program in London - a unique opportunity for Swiss Fintech startups to explore international markets and establish contacts with investors (free of charge). The startups can apply for one of the 10 covered spots until September 11th, 2023.

 
 

Irishwoman Mary McKenna is "Europe's Female Angel Investor of the year 2023"

The "Golden Aurora", the prize for Europe's female angel investor of the year, goes to Ireland in 2023 to Irishwoman Mary McKenna. McKenna was able to prevail over six European finalists in the final selection. The award was presented on Wednesday, 5 July 2023, as part of the DemoDay: "Women Angels Mission '25" in Berlin - presented by Dr. Anna Christmann MdB, Commissioner of the Federal Ministry of Economics and Climate Protection (BMWK) for German Aerospace and Commissioner for Digital Economy & Start-ups.

 
 

Neugründungen in der Schweiz 1. Halbjahr 2023

Die Gründungszahlen des ersten Halbjahres bestätigen: Immer mehr Menschen wagen den Schritt in die Selbständigkeit. Das zeigt die IFJ Studie «Nationale Analyse Schweizer Firmengründungen 1. Halbjahr 2023». Im ersten Halbjahr 2023 wurden total 26'546 Neugründungen verzeichnet. Das ist ein Wachstum von 4.3% im Vergleich zur Vorjahresperiode 2022 und ein Anstieg von 0.6% im Vergleich zum Rekordhalbjahr 2021.

 
 

Studie «Unicorn Nation Switzerland»: Bessere Rahmenbedingungen und weniger Bürokratie für Startups in der Schweiz

Eine Studie der Universität St.Gallen hat die Rahmenbedingungen für Startups in der Schweiz aus juristischer und wirtschaftlicher Sicht umfassend untersucht. Während die Hochschullandschaft und die Finanzierungsbedingungen für Jungunternehmen als befriedigend angesehen werden, zeigen sich deutliche Defizite hinsichtlich der administrativen Anforderungen. Insbesondere der Gründungsprozess in der Schweiz ist im internationalen Vergleich zu komplex, langwierig und kostspielig.

 
 

Avea Secures New Seed Funding of $5 Million, Accelerating Growth in Europe and Expanding Presence in APAC Region

Avea, a pioneer in science-backed longevity solutions, is thrilled to announce the successful completion of an extended seed funding round. The round, led by Maximon, their lead investor, has raised an additional $2.5 million, bringing Avea's total seed funding to an impressive $5 million.

 
 

Maximon erhöht das Investitionsvolumen für Longevity Start-ups auf CHF 30 Mio. und vergrössert seinen Verwaltungsrat

Der Company Builder Maximon stellt weiteres Kapital für den Aufbau von Longevity Unternehmen bereit, welche die «Healthspan», sprich die Zeit, in der wir in guter Gesundheit und ohne altersbedingte Krankheiten leben können, verlängern. Darüber hinaus erhält der Verwaltungsrat mit Christoph Schwarzenbach weitere Verstärkung.

 
 

Swiss Startup Days 2023

On 25 May 2023, a grand gathering of 1,500 participants took place in Bern, aimed at unlocking the true potential of Switzerland. startup days, the national networking and business platform brought together startups, investors, corporates, and SMEs, providing a unique opportunity to learn, network, and collectively tackle the pressing challenges of our time.

 
 

Cathay Biotech raises capital and enters into major strategic collaboration with China Merchants Group

Cathay Biotech, the largest holding in HBM Healthcare Investments' portfolio (15% of net assets), announced a significant strategic collaboration with China Merchants Group (CMG). The transaction, which is subject to approval by Cathay Biotech's shareholders, includes...

 
 

W.A. de Vigier Awards 2023

An der diesjährigen Preisverleihung vom 20. Juni hatten die Gäste sowie die zehn nominierten Startups die grosse Ehre, von Bundesrätin Viola Amherd begrüsst zu werden. Fünf Gewinner erhielten einen W.A. de Vigier Preis, der mit je CHF 100'000 dotiert ist. Die Siegerprojekte reichen von intelligenten Gurtzeugen für Menschen mit Sehverlust über Produktionsgeräte für personalisierte Medikamente bis hin zu nachhaltigen Bodenplatten.

 
 

ZKB Pionierpreis Technopark

Die Stiftung Technopark Zürich und die Zürcher Kantonalbank prämieren jährlich ein technisches Projekt an der Schwelle zum Markteintritt. Der mit CHF 100'000.– dotierte Preis zählt zu den wichtigsten Innovationspreisen für Start-ups in der Schweiz.

 
 
 
 

Impact Investing - Swiss News

 
   

Swiss Government Sponsored Technology Fund backs more startups – H1 23 Update Report

The Technology Fund portfolio today comprises 130 Swiss startups that received loan guarantees to get attractive bank loans in order to support their efforts in reducing greenhouse gas emissions. StartupTicker reports that the fund added several companies supported in the first half of 2023.

 
 

Swiss Sustainable Investment Market Study 2023 (report from SSF)

The new report “Swiss Sustainable Investment Market Study 2023” published in June 2023 by Swiss Sustainable Finance Association SSF estimates the Swiss sustainable finance market (assets managed by funds, mandates or directly by asset owners ) at CHF 1.6 trillion in 2022 (down from CHF 2 trillion in 2021). The Swiss impact investing market is estimated at CHF 182 billion (up 80% from 2021) which seems to be a very high number as compared to other market sizing reports by GIIN or EVPA. The report provides interesting insights in ESG and related investments by Swiss asset managers and asset owners.

 
 

Swiss BlueOrchard holds second closing of pioneering private equity fund for climate adaptation

The InsuResilience Investment Fund Private Equity (IIF PE II) mobilises private sector capital to support climate change adaptation and build resilience in emerging markets. The fund that raised over $50 million is a joint initiative between BlueOrchard, a global impact investment manager and member of the Schroders Group, and KfW, the German development bank.

 
 

The Swiss Agency for Development and Cooperation (SDC) invests CHF15M ($16M) into the BUILD Fund

The BUILD Fund is a partnership between UNCDF and Swiss Bamboo Capital Partners, which provides “missing middle” finance to small-and-medium sized enterprises (SMEs) that have the potential for strong development impact and financial viability in the world’s least developed countries (LDCs) with focus on Africa.

 
 

SEIF Tech for Impact Awards 2023

Since 2011, the SEIF Tech for Impact Awards target European impact entrepreneurs who develop or make innovative use of technologies to contribute to the UN Sustainable Development Goals. There are 3 categories: SEIF Award for Social Innovation (winner 2023 Yeastup Switzerland, www.yeastup.com, Yeast upcycling), SEIF Award for Future Impact Trend (winner 2023, Vivent Switzerland, www.vivent.ch, agriculture crop “diagnostics”) and SEIF Award for Women in Tech for Impact (winner 2023 deedster Sweden, www.deedster.com, gamification of individual sustainability actions). Each Award grants the winner CHF 10’000, in addition to non-financial support offered by each of our partners.

 
 

digitalswitzerland supports startups in biodiversity

The recently launched Biodiversity Digital Academy by digitalswitzerland has identified ten companies that will receive support, resources and mentorship during the six months to advance their solutions. Seven of the ten participants are Swiss early-stage startups, while the remaining three are non-profit organisations.

 
 

HackCapital - Innovative platform for impact startup investments off to a good start

From the “world’s largest” popular Hack events that take place across more than 40 cities, the funding arm Lausanne-based HackCapital is positioning itself as a investment platform dedicated to revolutionizing financing for private companies focused on impact planetary solutions. “HackCapital was created to address the biggest need of our community; mobilizing capital towards private companies and funds active in the impact sector,” Arman Anatürk, CEO and co-founder of HackCapital, said in a statement. “We see ourselves as the enabler of the ecosystem, being the financial platform behind the best founders and fund managers to help them do more of what they do best.”

 
 

Swiss Kuori wins “Renewable Materials Innovation Award 2023”

465 participants from 32 countries attended the Renewable Materials Conference in Siegburg (near Cologne, Germany). The winners of the innovation award are bio-based and biodegradable elastic materials from KUORI (CH), carbon-light yeast oil COLIPI (DE) and the plastic-free natural polymer traceless® (DE).

 
 

Plastics recycling startup DePoly closes CHF12.3m oversubscribed seed round

To address the recycling challenge, DePoly is developing a universal chemical recycling process that converts plastics into raw materials without affecting their quality. The oversubscribed funding round was co-led by BASF Venture Capital and Wingman Ventures, with the participation of Beiersdorf, Infinity Recycling, CIECH Ventures, Zürcher Kantonalbank, Angel Invest, ACE & Company, and others.

 
 

Further Swiss impact finance news from StartupTicker

Check out StartupTicker’s section “Impact” and “Energy & Climatech

 
 

Blue Earth Capital: 2022 Annual Impact Report

Blue Earth Capital published its 2022 Annual Impact Report, detailing the outcomes of its investing and initiatives globally.

 
 
 
 

Impact Investing - Int. News

 
   

WEF White Paper “Private Market Impact Investing: A Turning Point”

In April 2023, WEF published a report analyzing impact strategies of larger GPs . “Over the last five years, starting in the United States, some of the largest private market GPs have begun to launch impact fund series that are now on their second or even third funds. They also found an eager client base of select large US pension funds that were seeking to join the ranks of more progressive impact-focused endowments, foundations and family offices.” The report highlights (and “advertises”) the importance of scale (i.e. larger funds and larger managers) in achieving global impact targets. Among the private markets fund managers having raised over $1 billion 2017-2022 are BlueOrchard (Zurich, member of Schroders Group), responAbilty (Zurich) and Lightrock (London, partnership with LGT).

 
 

2023 Impact Fund Universe Report (from Phenix Capital Group)

The new report from impact investing advisory firm Phenix spotlights the impact investing fund universe. Phenix has now 2’232 impact funds in its database having raised cumulative EUR 539bn with 883 funds at end of 2022 in fund raising. 83% of the (2’232) funds follow a private market strategy (venture capital, private equity, real assets, private debt) underscoring the importance of private market investments in the impact field. In terms of cumulative capital raised, Europe (EUR 63 bn raised) is not far behind the US (EUR 67bn raised). Quotes: “The top slot in 2022, with [cumulative] capital raised of €255 billion, was taken by funds investing in renewable, clean and transition related energy”. and “Perhaps the most striking jump from 13th to 5th place [from 2021 to 2022] is SDG 2: access to food, foodtech, smallholder farming.”

 
 

IA 50 Impact Managers by ImpactAssets

The IA 50 Impact Manager searchable list spotlights 70 established and newer impact fund managers all over the world.

 
 

Recent Reports of the Global Impact Investing Network GIIN

The Global Impacting Investing Network (GIIN) publishes regular reports on the topic. Check it out.

The recent report Impact Investing Allocations, Activity & Performance estimates the total assets under management (impact AUM) to have grown from $96bn in 2017 to $213bn in 2022. Energy , financial services and healthcare and microfinance were the most important sectors by capital allocated. Furthermore most investors reported outperforming or performing in line with expectations from both a financial (79%) and impact perspective 88%, while 16% reported underperforming relative to financial expectations and only3% indicated the same for impact performance.

 
 

Impact Investing for Pensions 2023

A report (or rather magazine) with interviews/statements of pension funds et. al. from various European countries. It gives a good insight into what pension funds are doing and planning with regards to impact finance.

 
 

Benchmarking Impact Management Practice (report by BlueMark)

In this fourth annual report by consulting firm BlueMark takes a deeper dive into impact management practices that are most (or least) common among different segments for 75 impact investors surveyed managing a combined $209.4 billion. Interesting update on best impact investing practices.

 
 

Climate VC Investments Drop in H1 23

As venture capital funding falls across the startup landscape, the dollars flowing into climate tech companies dropped ~40% in the first half of 2023 after strong investment volumes in 2022 and 2021. However, up-and-coming verticals Built Environment and Industry, which have historically been underinvested in relative to their climate impact, actually saw dollars increase (both 7% respectively), likely owing to enthusiasm from IRA and EU subsidies.

 
 

The 15 fastest-growing climate tech startups in Europe

Some of the largest rounds in Europe this year have gone to climate tech startups. News portal Sifted analyzed the data to find the 15 fastest-growing European climate tech startups over the last 12 months. Startups had to have raised at least $50m to be considered. 

 
 

Further Reading (free sources):

  • The Global Impacting Investing Network (GIIN) provides relevant news and insights into all aspects of global impact investing: Link
  • The European Venture Philanthropy Association EVPA covers stories and news from European impact investors and their ventures: Link
  • News portal ImpactInvestor brings you the latest European news from new funds raised, companies financed etc.: Link
 
 
 
 

Private Equity – Swiss News

 
   

Hilti kauft niederländische 4PS zur Stärkung des Software-Geschäfts

Die Hilti Gruppe unternimmt den nächsten strategischen Schritt im Ausbau des Softwaregeschäfts und strebt die Übernahme der 4PS Gruppe an, die auf Software für Geschäftsprozesse in der Baubranche spezialisiert ist. Hilti und 4PS wollen zusammen die digitale Transformation der Bauindustrie stärker vorantreiben.

 
 

Invision raises new EUR 550 million fund

Invision, a leading European private equity firm, is pleased to announce the successful fund raising of the new Invision VII fund, with a capital commitment totalling EUR 550m. With Invision VII, the 25-year success story continues. The focus remains on succession investments in mid-sized companies headquartered in the DACH region.

 
 

Equistone’s portfolio company TIMETOACT GROUP acquires web-application specialist and Atlassian Platinum Solution Partner brainbits 

TIMETOACT GROUP, a leading provider of IT services for medium-sized businesses, large corporations and public institutions, is acquiring Cologne-based brainbits, a proven specialist for web applications and Atlassian Platinum Solution Partner. The acquisition represents a further expansion of TIMETOACT GROUP’s consulting portfolio, managed under the catworkx brand, into a leading Atlassian partner in German-speaking countries. brainbits will continue to be led by Sascha Emondts and Patrick Schuh, who will also become shareholders in TIMETOACT GROUP. The parties agreed not to disclose the details of the transaction.

 
 

Rosedge Capital advised Axiom Partners in the acquisition financing of Königstein

Rosedge Capital advised Axiom Partners in raising senior debt from a German Sparkasse in order to finance the acquisition of Königstein.

 
 

Swiss Biotech Report 2023

Swiss Biotech Report 2023 shows sector weathers global disruption well and continues to play a leading role driving global healthcare innovation.

 
 
 
 

Private Equity – Int. News

 
   

Private Equity Midyear Report 2023

After a year of sharply rising interest rates, a banking crisis, and widespread geopolitical turbulence, it’s no surprise that private equity (PE) activity continued to slump in 2023’s first half. Uncertainty is the enemy of dealmaking, and uncertainty has been swirling through global markets in abundance.

 
 

2022 Central and Eastern Europe Private Equity Statistics

Coming off a record setting 2021, the research highlights the resilience and innovation at work across the region amid a challenging global and regional environment. It reports that CEE venture capital investment hit a new all-time record and the number of buyouts reached a new peak.

 
 

Muzinich & Co. announces the final close of the Muzinich Asia Pacific Private Debt I Fund at US$500mn and the first close of the Muzinich Pan European

The Asia Pacific Private Debt Fund focuses on providing flexible financing solutions to underserved core and lower middle-market companies across the Asia Pacific region. The Pan European Private Debt Fund is the Firm’s third vintage investing across Europe and the United Kingdom in lower middle-market businesses. In Europe, the Firm has raised over €1.5bn across the two previous vintages.

 
 

European PE Breakdown

Europe's private equity market didn't have the greatest of starts to the year and, while there are some signs of recovery, deal activity remained muted in Q2.

 
 

Private equity lawyers dominate list of legal rising stars

peN's sister title Financial News has published its Rising Stars of Legal Services, with more than half doing some work for buyout firms.

 
 

How PE is paving the way for private wealth

Private equity has traditionally been a preserve for institutional investors, yet fund managers are increasingly targeting high-net-worth individuals. At the same time, the wealth managers and private banks serving this group have been increasing their allocation to the private markets.

 
 

Coller Capital’s 38th Global Private Equity Barometer, Summer 2023

Coller Capital’s Barometer is a unique snapshot of global trends in private equity – a twice-yearly overview of the plans and opinions of Limited Partners worldwide.

 
 

The Fastest Rising Asset Classes in 2023

Many corners of the market have shown resilience despite persistent inflation and slowing economic growth in 2023. U.S. equities, international equities, and a variety of bonds have seen positive returns so far this year.

 
 

Rivean Capital acquires Green Mobility Holding, one of Europe’s leading technology-based (e-)bike leasing groups

Rivean Capital, a leading European private equity investor, is acquiring a majority stake in Green Mobility Holding (GMH), one of Europe’s leading technology-based (e-)bike leasing groups, providing bike leasing services to companies and their employees. DPE Deutsche Private Equity, the previous majority shareholder, is to retain a minority stake in the company. Further shares are held by the founders and management of the two subsidiaries, Company Bike and mein-dienstrad.de.

 
 

ESG Under Pressure

The published white paper, ESG Under Pressure, presented in partnership with Reuters Events, explores how leading corporates, private equity firms and investment banks are navigating ESG diligence – from the letter of intent to post-merger integration.

 
 
 
 

Corporate Finance

 
   

IPO-Newsletter Q2 2023

Der Schweizer Aktienmarkt entwickelte sich in den ersten beiden Quartalen des Jahres 2023 positiv und beendete das erste Halbjahr 8.2% über dem Schlussstand des Vorjahres. Gegen Ende des zweiten Quartals wirkten unter anderem unerwartet robuste Konjunkturdaten aus den USA insbesondere bei zyklischen Titeln unterstützend. Die Kurse an anderen europäischen oder internationalen Aktienmärkten stiegen im H1 2023 ebenfalls an.

Das globale IPO-Aufkommen verharrte auch im zweiten Quartal unverändert auf einem tiefen Stand. In Europa und Nordamerika wurden gemäss Andreas Neumann, Leiter Equity Capital Markets der Zürcher Kantonalbank, rund 70 Börsengänge mit einem Volumen von EUR 11.5 Mrd. durchgeführt. Im ersten Halbjahr war die IPO-Aktivität damit sowohl in Europa wie auch in Nordamerika unter den Vorjahreswerten. Nach einem weiteren Quartal ohne "echtes" IPO, liegt der letzte Börsengang in der Schweiz bereits über ein Jahr zurück. Drei weitere Unternehmen sind jedoch durch die Ausgabe von Global Depository Receipts (GDRs) an die SIX Swiss Exchange gekommen.

 
 

Q2 2023 Global IPO Market: Emerging markets are thriving amid a slow global IPO market 

The EY Global IPO Trends Q2 2023 is available, showing that the global IPO market slowed year-over-year (YOY) but showed some positive signs, including a mega spin-off IPO and a surge in cross-border activity. The first half of 2023 recorded 615 IPOs with US$60.9b capital raised, a 5% and 36% decrease YOY. Larger deals came to the market in Q2 compared to Q1, even though it has been a slow recovery. These modest results reflect slower global economic growth, tight monetary policies and heightened geopolitical tensions.

 
 

Reise in die Zukunft

Lesen Sie die neue Ausgabe von Think:Act und erfahren Sie, wie Wirtschaftsführer, Futuristen, Prognostiker und Science-Fiction-Autoren die Zukunft analysieren – und wie wir sie gestalten können.

 
 

Basel-Land moves up the location rankings

Calm has returned to the location rankings after years of upheaval caused by the corporate tax reform: The Canton of Zug is the clear leader, ahead of Basel-Stadt, Zurich, and Geneva. At the same time, tax cuts have enabled Basel-Land to overtake the Canton of Thurgau and reach tenth place. The Credit Suisse Locational Quality Indicator (LQI) measures the appeal of Switzerland's regions and cantons to businesses versus the Swiss average.

 
 
 
 

Mergers & Acquisitions

 
   

Swiss M&A Report: market and valuation update for the TMT sector

The Swiss macro-economic environment remains quite stable and demonstrates its strengths compared to many other economies. This situation is also reflected in the Swiss TMT M&A market. Momentum remains high and is expected to be driven further by growth opportunities and sub-market consolidation. At the same time, valuation levels have shown a declining trend from recent peaks as a result of global uncertainties and higher interest rates.

 
 

M&A mid-market trends report 2023

The M&A landscape is rapidly evolving, with both listed and large companies getting involved in midmarket M&A and professionalizing their capabilities. The middle market is becoming more attractive due to the potential for successful transactions, as these companies are not financially and operationally optimized.

 
 

Wineus supported Treureva AG with the merger with Avanta AG

Treureva AG (Treureva), a leading service provider specialized in accounting, audit, HR, tax, legal and insurance, joins forces with Avanta AG (Avanta).

 
 

Oaklins M&A Outlook Schweiz

Der erste Schock infolge des Krieges in der Ukraine, der Energiekrise und der Inflation ist überstanden und die Zuversicht in die wirtschaftliche Entwicklung nimmt wieder zu. Neben den Auswirkungen dieses Umfeldes auf den Schweizer M&A-Markt finden Sie in unserem aktuellen Oaklins M&A Outlook auch vertiefende Interviews zum Thema mit Boris Gussen, CFO SMG Swiss Marketplace Group, und Patrick Ryser, CFO ROTH GRUPPE.

 
 

Q3 2023 M&A Trends

One way to describe the current global M&A deal flow landscape is this: a flat start reversed by strong end-of-quarter tailwinds. That’s according to the newly published Q3 2023 issue of our SS&C Intralinks Deal Flow Predictor featuring proprietary data-driven insights into early-stage deal volume, by sector and region.

 
 
 
 

Management Buyout

 
   

Buyout funds remain buoyant as uncertainties persist

Buyout funds continued to display resilient performance during a turbulent Q1 of 2023, according to research by Neuberger Berman, with small and mid-cap buyout funds, the largest asset class in the sample, up approximately 3% on average over the quarer.

 
 
 
 

Survey of the Week

 
   

Bachelor/Master Arbeit - helfen Sie mit

Es ist uns wichtig, die Bildung zu fördern und zu unterstützen. Daher publizieren wir an dieser Stelle gerne Umfragelinks für Bachelor- bzw. Masterarbeiten. Es wäre toll, wenn Sie sich Zeit nehmen könnten, die Bachelor- bzw. Masterstudierenden zu unterstützen.

 
 

Erfolgsfaktoren in der Start-up-Welt: Standortfaktoren und ihre Auswirkungen auf das Unternehmenswachstum.

Helfen Sie uns, die Zukunft zu verstehen! Sebastiaan Op de Beeck, ein Masterstudent an der der HSLU in Luzern und der Edinburgh Napier University, führt derzeit im Rahmen seiner Masterarbeit eine Umfrage durch und untersucht Strukturen und Erfolgsfaktoren in innovativen Ökosystemen, die das Wachstum von Start-ups beeinflussen. Als Start-Up Stakeholder ist Ihre Teilnahme enorm wertvoll und würde einen tiefen Einblick in das Start-up Universum ermöglichen. Die Umfrage ist bis zum 25. Juli 2023 geöffnet.

 
 
 
 

Jobs

 
   

How to publish a job ad

On this place your Job ad could be published.

If you are interested please send an e-mail with your job ad, the company logo and a short description about the Job and/or the Company to info@seca.ch.

  • for SECA Full Members
    free of charge
  • for SECA Associate and Individual Members
    CHF 100.- / 2 editions
  • for Non-Members CHF 200.- / 2 Weeks
 
 
 
 

Agenda

 
   

Upcoming SECA Events

More information in due time or on www.seca.ch.

 
 

IPEM Paris 2023

18 – 20 September 2023, Jardin des Tuileries, Paris

Under the theme “Destined to Outperform”, IPEM Paris is reconvening in the French capital to discuss whether the claim of the private capital industry over the past few decades, that private markets are destined to outperform other asset classes, is still holding true. The claim has been a core selling point of the industry. As the tide of cheap debt and frothy valuations recedes, the next few years will test the conviction of even the most experienced investors. With higher rates, how will GPs update their investment and value creation playbook? Will LPs rethink their allocations – and which segments and asset classes will benefit from it?

 
 

Finance Forum Zürich

19. September 2023, Kongresshaus Zürich

Am 19. September 2023 trifft sich die Schweizer Finanzbranche am 1. Finance Forum Zürich. Hochkarätige Gäste wie Lukas Gähwiler, Axel Weber, Mirjam Staub-Bisang, Florence Schnydrig Moser und Wolfgang Ischinger diskutieren über die Zukunft des Finanzplatzes Schweiz.

 
 

10th Annual HealthTech Investment Forum

19 September 2023, Hotel Mövenpick, Basel

The Sachs Autumn Life Sciences Week incorporates the 10th Annual HealthTech Investment Forum and the 23rd Annual Biotech in Europe Forum.

 
 

Arbeiten in der Alternativen-Investment-Industrie

Am 17. Oktober 2023 veranstaltet der BAI von 10:00 - ca. 13:45 Uhr erneut zusammen mit einigen seiner Mitglieder sowie Herrn Professor Dr. Reiner Braun von der TU München ein Webinar zum Thema: "Arbeiten in der Alternative-Investment-Industrie".

 
 

invest.austria conference

Tuesday, 7 November 2023,Apothekertrakt Schönbrunn, Vienna

Austria’s leading event for Angelinvesting, Venture Capital & Private Equity returns for its 3rd edition on November 7, 2023. Over 400 investors, ecosystem representatives and industry experts will meet at Apothekertrakt Schönbrunn Vienna to gain new insights, exchange their knowledge and make new connections. Parts of the agenda will also be streamed online.

 
 

SuperInvestor

14 - 17 November 2023, Zurich

The latest on fundraising, secondaries, LP allocations, co-invests and more. Network with 1,800+ decision-makers including 550+ LPs and 900+ GPs.

SuperInvestor has a new, bigger and better home for 2023 – the Hyatt Regency Zurich Airport The Circle. Enjoy more networking space, more private rooms for one-to-one meetings and the chance to network with a record number of attendees at SuperInvestor. Mix with even more LPs and GPs from the Swiss ecosystem, as well as from the rest of Europe, USA and beyond. SECA Members benefit from 10% Discount.

 
 

Seminar Financial Consequences of Longevity

21. November 2023, Rotkreuz

Die Lebenserwartung nimmt kontinuierlich weiter zu – auch in der Schweiz.  Metatrends lassen erwarten, dass Personen, die im aktuellen Jahrhundert in Ländern mit hohem Einkommen geboren sind, einen längeren und gesünderen Lebensabend verbringen. Diese Veränderung führt zu einer Neuausgestaltung der «Karte des Lebens». In diesem Tagesseminar wird eine Analyse des demographischen Wandels und seiner Auswirkungen auf das Wealth Management sowie die Vorsorge vorgenommen und Projektionen für die nächsten 20 bis 30 Jahre vorgenommen.

 
 

Investor Summit Liechtenstein

21. November 2023, SAL, Saal am Lindenplatz in Schaan

Der Investor Summit Liechtenstein vernetzt Start-ups und KMU auf Kapitalsuche mit hochkarätigen Investoren und Entscheidungsträgern. Im Zentrum der Veranstaltung stehen die Unternehmenspräsentationen.

 
 

Deutsches Eigenkapitalforum

27. - 29. November 2023, Frankfurt

Beim Deutschen Eigenkapitalforum heisst es auch dieses Jahr wieder: „Unternehmer treffen Investoren“. Seit mehr als 25 Jahren treffen hier Entscheidungsträger von börsennotierten und vorbörslichen Unternehmen auf Analysten, institutionelle Investoren und Vertreter der Private Equity- und Venture Capital-Szene. Knapp 230 Emittenten (davon 33 aus DAX und MDAX) sind in diesem Jahr bereits dabei.

 
 

Schulthess Forum Venture Capital 2023

Tuesday, 28 November 2023, Zürich

This conference is designed for lawyers but also investors, startups and representatives of authorities with exposure to the Swiss startup ecosystem. While the primary focus will be on legal topics, it also tackles the latest developments and trends in the startup and venture capital landscape.

 
 
 
 

Editor

 
   

Editor

The SECA eNewsletter is a free online newsletter published by Maurice Pedergnana, Managing Director of the SECA Swiss Private Equity & Corporate Finance Association, received by more than 4'000 email addresses. More information: www.seca.ch or +41 41 757 67 77 (Andrea Villiger). The eNewsletter archive service is available for SECA members.

 
 
 
 

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