Zürcher Kantonalbank Asset Management Completes First Close of the Private Equity Fund "Swiss Growth Fund II" with Capital Commitments of Approx. CHF 172 Million
Media information 10. November 2025
- The first closing of the "Swisscanto (CH) Private Equity Switzerland Growth II L-QIF KmGK", managed by Zürcher Kantonalbank and hereinafter referred to as the "Swiss Growth Fund II", took place on 4 November 2025 following a successful fundraising.
- This investment solution enables qualified investors with a long-term investment horizon and a tolerance for illiquid positions to participate in unlisted growth companies during their expansion phase.
- The fund focuses on direct investments in Swiss companies with innovative technologies and scalable business models in the areas of healthcare, industrials, and information and data services.
- Zürcher Kantonalbank is a strong anchor investor in the fund, committing CHF 25 million.
- The fund is expected to remain open for additional subscriptions until the end of October 2026.
Zurich, 10 November 2025 – Zürcher Kantonalbank is pleased to announce the successful first close of its second Swiss Growth Fund. Over the eight months since the fundraising process began in March 2025, capital commitments totalling CHF 171.65 million have been secured. With this milestone, the Private Equity Fund is almost matching the total capital commitments of the first Swiss Growth Fund, which closed in March 2020 with a final total of CHF 180.6 million. Furthermore, the number of investors has already increased from 36 in the predecessor fund to 45 in this second fund.
Iwan Deplazes, Head of Asset Management at Zürcher Kantonalbank, commented: "We are proud of this tremendous success and would like to thank both our existing and numerous new investors for the trust they have placed in us, particularly in a challenging fundraising environment.
Private Equity Investments Backed by Expertise and Network
The final close is expected to take place in the fourth quarter of 2026. Until then, the fund will remain open to qualified investors with a long-term investment horizon and a tolerance for illiquid positions. Pension funds may alternatively access the fund through the Swisscanto Investment Foundation. These investments qualify as alternative investments in private equity under Article 53, paragraph 1, letters dter and/or e of the Ordinance on Occupational Retirement, Survivors’ and Disability Pension Plans (BVV 2) and can therefore also be classified under the investment category of "unlisted Swiss investments."
Following the first close, the fund will commence investment activities in promising unlisted Swiss and European growth companies. Zürcher Kantonalbank’s Asset Management division has privileged access to attractive investment opportunities in innovative companies both in Switzerland and abroad, with a focus on the healthcare, industrials, and information and data services sectors. The majority of investments will be made in companies headquartered and operating in Switzerland.
Third Private Equity Programme
The Swiss Growth Fund II is the third programme under the Private Markets initiative of Zürcher Kantonalbank’s Asset Management division. In addition to the already closed Swiss Growth Fund I, the globally focused Decarbonisation Fund, which specialises in decarbonisation solutions, was successfully closed at the end of October 2024.
"With total assets under management of nearly CHF 500 million across three Private Equity programmes and a continuously growing team, we are further strengthening our position in the areas of Swiss growth companies and decarbonisation solutions," said Deplazes.
Media contact
Media Relations Zürcher Kantonalbank, Telephone +41 44 292 29 79, medien@zkb.ch
About Zürcher Kantonalbank Asset Management
Zürcher Kantonalbank’s Asset Management division manages over CHF 300 billion (as of mid-2025), making it the second-largest asset manager in Switzerland. Under the Swisscanto product brand, experienced specialists develop high-quality investment and pension solutions for private investors, companies, and institutions. All asset management teams are exclusively based at the Zurich financial hub. Zürcher Kantonalbank’s Asset Management division is a signatory to the Net Zero Asset Managers initiative and has implemented a standard CO2 reduction target for its traditional, actively managed Swisscanto investment funds in alignment with the Paris Climate Agreement. Swisscanto investment funds are regularly recognised with national and international awards.
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