Swiss Private Capital in 2026: Scale Gives Way to Access and Growth

Swiss private capital fundraising reached approximately CHF 18,4 bn in 2024, according to Preqin and the Swiss Venture Capital Report, down from the 2021 peak but still equivalent to roughly 2,4 % of GDP. Few European markets deploy private capital at comparable intensity. The contraction has not been evenly distributed. Large late-stage vehicles absorbed most of the decline, while growth equity, private debt and platform-mediated investment channels proved materially more resilient, setting the parameters for the Swiss private capital landscape heading into 2026.

Domestic capital anchors a more stable market

The most important stabilising factor remains Switzerland’s domestic investor base. Swiss occupational pension assets stood at around CHF 1’210 bn in 2024, according to the Federal Statistical Office. Alternative investments accounted for approximately 16,1 % of portfolios, up from 12,8 % in 2018. Within alternatives, private equity and private debt together represent an estimated 6–7 %, a share that has continued to rise despite global market volatility.

This steady allocation contrasts with the retreat of international institutional capital from European private markets after 2022. Data from the Swiss Private Equity and Corporate Finance Association show that Swiss pension funds, insurers and family offices now account for a larger proportion of commitments to domestic vehicles and direct investments. For 2026, this shift implies a market less exposed to global capital flows and more aligned with long-term Swiss liabilities and return expectations.

Regulated platforms broaden access to private capital

As traditional fund structures have become more selective, regulated investment platforms have assumed a more central role. Switzerland’s implementation of FinSA and FinIA has provided a clear framework for platform-based access to private assets, combining investor protection with operational flexibility.

The scale of this channel is no longer marginal. According to the Crowdfunding Monitor Switzerland published by the Lucerne University of Applied Sciences, total Swiss crowdinvesting and crowdlending volumes reached CHF 1,1 bn in 2023. Of this, CHF 183 m was equity crowdinvesting, CHF 607 m SME and consumer lending, and CHF 307 m real estate. While these figures remain small relative to institutional markets, their growth rate and diversification are significant. Data from the State Secretariat for International Finance indicate that Switzerland hosts more than 40 regulated investment platforms, one of the highest concentrations per capita in Europe. By 2026, platform-based access is expected to be a structural component of the Swiss private capital ecosystem rather than a cyclical substitute.

Growth-stage capital regains strategic importance

Swiss start-up investment declined from CHF 5,6 bn in 2022 to CHF 3,3 bn in 2024, according to Startupticker.ch and the Swiss Venture Capital Report. The fall was concentrated in large late-stage rounds, where global growth funds largely withdrew. Seed and Series A financing held up comparatively well at around CHF 1,1 bn, while Series B and later rounds accounted for approximately CHF 2,2 bn.

This shift has redefined the role of growth-stage capital. Switzerland continues to generate a strong pipeline of technology-driven companies. Federal Statistical Office data show annual R&D expenditure of around CHF 25 bn, equivalent to 3,4 % of GDP. Life sciences alone represented 46 % of Swiss venture investment in 2024. However, European Investment Fund data indicate a median time to exit of 9,3 years for Swiss venture-backed companies, underscoring the need for patient capital structures and realistic valuation frameworks.

Growth equity rounds below CHF 10 m, minority investments and structured secondaries have therefore gained relevance. These formats allow companies to finance expansion while postponing full institutional exits. Platforms offering curated access to such transactions align closely with investor demand for transparency, governance and measurable progress rather than growth narratives.

Private debt fills structural gaps in SME financing

Private debt has emerged as one of the most robust segments of Swiss private capital. Swiss-focused private debt strategies raised an estimated CHF 4,8 bn in 2024, according to Preqin. Higher base rates and tighter bank credit standards have improved the relative attractiveness of non-bank lending.

The macroeconomic context supports this trend. SMEs represent 99,7 % of Swiss enterprises and around 67 % of employment, according to the Federal Statistical Office. At the same time, the Swiss National Bank’s Financial Stability Report shows that bank lending growth to SMEs has lagged nominal GDP growth since 2022. This gap has created demand for alternative financing solutions, particularly for expansion, succession and working capital.

Default rates remain low by international standards, reflecting conservative underwriting and the resilience of the Swiss economy. Moody’s data nevertheless point to a gradual rise in restructurings across Europe, reinforcing the importance of active risk management. Platform-based private debt offerings provide investors with granular exposure and diversification, supporting their role in portfolios through 2026.

Buyouts adapt to lower leverage and valuations

Swiss buyout activity declined by roughly 30 % between 2022 and 2024, according to Bain & Company. Average mid-market transaction multiples fell from around 11,5x EBITDA in 2021 to below 9,5x in 2024. Higher financing costs have reduced the scope for leverage-driven returns, shifting emphasis towards operational improvement and strategic repositioning.

For 2026, buyouts remain relevant but no longer dominate private capital deployment. Succession solutions for family-owned SMEs, minority investments and carve-outs are more prominent than highly leveraged acquisitions. This evolution aligns with the preferences of Swiss long-term investors and complements the broader move towards diversified access models rather than concentrated fund exposure.

Exit markets remain selective but more flexible

Exit conditions continue to shape capital allocation decisions. IPO activity on SIX Swiss Exchange has been subdued, with 14 listings in 2021, five in 2022, three in 2023 and four in 2024, according to SIX statistics. Trade sales, particularly to international strategic buyers in life sciences and industrial technology, have partially offset the weak primary market.

Secondary transactions have become increasingly important. Evercore estimates European secondary market volume at around EUR 130 bn in 2024, with Swiss assets gaining visibility. While precise Swiss figures are not disclosed, market participants report rising use of secondaries to provide partial liquidity and valuation benchmarks. Platform-enabled secondary offerings are expected to expand further by 2026, reducing reliance on binary exit outcomes.

Regulatory continuity underpins confidence

Switzerland’s regulatory environment remains a competitive advantage. Unlike several EU jurisdictions, Switzerland has avoided abrupt changes affecting private investment structures. Sustainability reporting and transparency requirements largely formalise existing practice among professional managers rather than introducing new burdens.

Public support for innovation also remains substantial. Innosuisse and cantonal programmes continue to co-finance early and growth-stage companies, strengthening the pipeline for private capital deployment. This institutional continuity lowers friction for investors and companies alike and supports long-term planning.

A structurally mature outlook for 2026

The Swiss private capital market approaching 2026 is defined less by recovery than by consolidation. Capital remains available, but it is more selective, more transparent and more closely tied to measurable economic value. Growth-stage companies, SMEs and investors increasingly connect through regulated platforms that emphasise governance, ESG alignment and curated deal flow.

For Switzerland, this represents a return to structural norms rather than a retreat. The market is smaller than at the 2021 peak, but it is also more resilient and better aligned with domestic economic fundamentals. For platforms and participants able to operate within this disciplined framework, the outlook is not exuberant, but it is durable.