Second close above CHF 190 million: "Swiss Growth Fund II" receives further capital commitments
Media information 04. May 2026
- The private equity fund “Swisscanto (CH) Private Equity Switzerland Growth II L-QIF KmGK”, managed by Zürcher Kantonalbank’s Asset Management and hereinafter referred to as “Swiss Growth Fund II”, has completed a second close of over CHF 190.9 million following its first close.
- The fund invests in growth companies with a focus on Switzerland that offer promising technologies and scalable business models in the fields of healthcare, industry, and information and data services.
- A first investment in a Swiss semiconductor specialist has already been made.
- This investment solution provides qualified investors with a long-term investment horizon and suitability for illiquid positions with access to unlisted growth companies in the expansion phase.
- Subscriptions are expected to be possible until the end of October 2026.
Swiss Growth Fund II, launched by Zürcher Kantonalbank for qualified investors, completed its second subscription closing (second close) on 23 April 2026. Since the start of fundraising in March 2025, capital commitments totalling CHF 190.9 million have been secured. Zürcher Kantonalbank has committed CHF 25 million to the fund. As a result, the private equity fund clearly exceeds the total capital commitments of the first Swiss Growth Fund I, which was closed in March 2020 with a final closing of CHF 180.6 million. At the same time, the number of investors has increased by more than one third to over 50 since the subscription closing of the predecessor fund.
René Nicolodi, Head of Equities and Chair of the Private Equity Investment Committee in Zürcher Kantonalbank’s Asset Management, comments: “In view of the challenging market environment, we regard this development as particularly positive and would like to thank both our long-standing and our new investors for their confidence.”
Our First Investment: Kandou AI
The fund has already made its first investment. It concerns Kandou AI, a semiconductor specialist based in Western Switzerland that develops high-speed and energy-efficient data connectivity solutions for AI data centres. “We are currently conducting in-depth due diligence on further promising participations in Swiss and European growth companies and expect to be able to announce additional investments in the coming months,” says René Nicolodi. The portfolio will focus on companies with their registered office and operational activities in Switzerland.
Swiss Growth Fund II is already the third private equity programme of Zürcher Kantonalbank’s Asset Management, which has defined private equity as one of its strategic priorities. In addition to the already closed Swiss Growth Fund I, the Global Decarbonisation Fund, specialised in decarbonisation solutions, also successfully reached its final subscription closing at the end of October 2024.
“With now more than CHF 500 million in assets under management across three private equity programmes and a team that has been strengthened over the past years, we are sustainably reinforcing our position in the areas of Swiss growth companies and decarbonisation solutions,” says René Nicolodi.
Open subscription window and BVV-2-compliant investment
The final closing is planned for the fourth quarter of 2026. Until then, the fund will remain open to qualified investors with a long-term investment horizon and suitability 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."
Further information on our private equity activities, our team and our investments.
Media contact
Media Relations Zürcher Kantonalbank, Telephone +41 44 292 29 79, medien@zkb.ch
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Zürcher Kantonalbank is a leading universal bank in the Zurich economic region, with a strong national presence and international reach. It is an independent public-law institution of the Canton of Zurich and is rated with the highest credit rating (AAA or Aaa) by the rating agencies Standard & Poor’s, Moody’s, and Fitch. With over 6,500 employees across the group, Zürcher Kantonalbank offers its customers a comprehensive range of products and services. The bank’s core business areas include financing, wealth management, trading and capital markets, as well as deposit, payment, and card services. Zürcher Kantonalbank provides its customers and distribution partners with a wide range of investment and pension solutions.
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