Swiss Growth Fund II surpasses CHF 200 million milestone

• The private-equity fund "Swisscanto (CH) Private Equity Switzerland Growth II L-QIF KmGK", managed by the Asset Management of Zürcher Kantonalbank and hereinafter referred to as "Swiss Growth Fund II", completed its third subscription closing (3rd close) on 5 November. Current capital commitments amount to over CHF 205.4 million.
• On the back of sustained strong investment demand, the final closing is planned for early February 2027. Subscriptions are expected to remain possible until the end of January 2027.
• Swiss Growth Fund II invests in growth companies with a focus on Switzerland that offer promising technologies and scalable business models in the areas of health, industry and information and data services.
• Investments have already been made in Swiss semiconductor and Medtech companies as well as in a company that is advancing the production of proprietary satellites.
• The investment solution provides qualified investors with a long-term investment horizon and an ability to hold illiquid positions with access to unlisted growth companies in the expansion phase.

Swiss Growth Fund II, launched by Zürcher Kantonalbank for qualified investors, completed a third subscription closing as of 5 November 2026. Since the first subscription closing in November 2025, capital commitments of over CHF 205.4 million have been secured. Zürcher Kantonalbank has committed CHF 25 million of its own capital.

René Nicolodi, Head of Equities and Chair of the Private Equity Investment Committee in the Asset Management of Zürcher Kantonalbank, comments: "Interest from qualified investors in Swiss Growth Fund II remains high. Further potential investors are still in their internal review and decision-making processes. To enable them to participate, we are extending the subscription period until the end of January 2027."

Overall, the private-equity fund clearly exceeds the total capital commitments of the first Swiss Growth Fund, which was closed in March 2020 with a final subscription closing of CHF 180.6 million. At the same time, the investor base has expanded significantly: around 40 investors are invested in the first programme (Swiss Growth Fund I), while since the launch of the second programme (Swiss Growth Fund II) the number has risen to currently over 80.

Initial investments and strong interest in Swiss Growth Fund II

In connection with Swiss Growth Fund II, initial investments have already been made, for example last September with the investment in Medtech company Piomic. The spin-off from ETH Zurich specialises in the regeneration of deep tissue through physical stimulation therapies. A further investment concerns Kandou AI. The semiconductor specialist based in Western Switzerland develops high-speed and energy-efficient data connectivity solutions for AI data centres.

"We are observing strong demand from Swiss growth companies that need equity capital for their next development phase. The fact that many of them are turning specifically to Zürcher Kantonalbank confirms the confidence in us as a long-term and reliable provider of capital with in-depth expertise and a broad network in the area of growth financing," says René Nicolodi.

Three private-equity programmes under one roof

Swiss Growth Fund II is the third private-equity programme of the Asset Management of Zürcher Kantonalbank, 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 specialising in decarbonisation solutions also successfully reached its final subscription closing at the end of October 2024.

The Asset Management of Zürcher Kantonalbank now manages over CHF 500 million in three private-equity programmes, thereby strengthening its role as a key provider of capital for Swiss growth companies and global decarbonisation solutions.

Open subscription window and BVV 2-compliant investment

The final subscription closing of Swiss Growth Fund II is planned for February 2027. Until then, the fund will remain open to qualified investors with a long-term investment horizon and an ability to hold 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

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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 6,600 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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