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. [6][7][8] 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. [6][7]

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. [4] 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. [5]

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. [1] Internally, promotions across multiple offices in Asia and Europe underscore focus on leadership depth amid expansion. [5]

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)?