SWI Group forms with €10bn in assets following Icona Capital and Stoneweg merger

In a transformative development in the global investment sector, Icona Capital and Stoneweg have merged under the new SWI Group brand, forming a powerful alternative investment platform managing more than €10 billion in assets. The consolidation aims to enhance institutional investment opportunities, scale operations, and diversify investment products across Europe and the United States. The merger follows a significant acquisition—Cromwell Property Group‘s European fund management platform, a deal valued at €280 million, adding €3.9 billion in real estate assets to SWI Group’s portfolio.

With a workforce of over 350 professionals across 25 offices in 17 countries, SWI Group brings together local expertise with global reach, reinforcing its status as a major player in alternative investments, real estate, and private equity. The newly integrated firm is positioned to capitalize on institutional capital flows by leveraging its extensive asset base and operational scale.

What does the merger mean for SWI Group’s investment strategy?

The formation of SWI Group aligns with the broader trend of alternative investment firms expanding through acquisitions to increase scale and diversify revenue streams. The newly structured firm is divided into two primary investment divisions:

• Stoneweg Real Assets, which will oversee investments in Living, Hospitality, Logistics, Offices, Real Estate, Infrastructure, Data Centres, and Experiential Ventures.
• Icona Alternatives, which focuses on Private Equity, Venture Capital, Special Situations, Liquid Strategy, Private Credit, and Sports & Entertainment.

By consolidating these distinct investment strategies under one umbrella, SWI Group strengthens its ability to attract institutional investors seeking broad diversification across asset classes. The acquisition of Cromwell Property Group‘s European platform enhances SWI’s positioning in the real estate sector, a core pillar of its investment model.

How does SWI Group’s global footprint enhance its investment capabilities?

A critical advantage of SWI Group is its strong international presence, with operations spanning Europe, North America, and Asia. The firm’s local teams play an essential role in identifying, managing, and executing investment opportunities tailored to regional market dynamics.

The firm’s leadership highlights that this geographic reach allows SWI Group to:

• Leverage regional expertise in navigating local regulatory landscapes.
• Establish strong institutional relationships with investors and stakeholders.
• Execute cross-border investment strategies that optimize risk-adjusted returns.

By integrating operations across multiple financial hubs—including London, Geneva, Luxembourg, and Singapore—SWI Group is positioned to tap into global investment trends, particularly in high-growth alternative asset classes.

What does the Cromwell Property Group acquisition bring to SWI Group?

A pivotal move in SWI Group’s formation was the €280 million acquisition of Cromwell Property Group’s European fund management platform. This transaction included a 27.8% stake in the Cromwell European REIT and €3.9 billion in real estate assets, significantly expanding SWI Group’s exposure to the commercial property sector.

The acquisition offers several strategic advantages:

• Immediate scale: Expanding SWI Group’s assets under management and operational capabilities.
• Diversified investment portfolio: Strengthening SWI’s holdings in logistics, offices, and light industrial real estate.
• Stronger institutional appeal: Making SWI a more attractive partner for pension funds, sovereign wealth funds, and other major investors.

With real estate investment continuing to evolve—particularly in the data centre and logistics sectors—the deal positions SWI Group for long-term growth in high-demand asset classes.

What are industry leaders saying about the SWI Group integration?

Max-Hervé George, former Chairman and CEO of Icona Capital, now serving as Chairman and Co-CEO of SWI Group, emphasized that the merger elevates the combined presence of both firms, offering greater scale, efficiency, and investment reach. He noted that institutional investors would benefit from a stronger, more diversified platform that enhances growth potential and investment execution capabilities.

Jaume Sabater, previously CEO of Stoneweg and now Co-CEO of SWI Group, called the integration a “transformative step” for the firm. He highlighted that, following the Cromwell Property Group acquisition, the formation of SWI Group solidifies its position as a leader in alternative investments. He also pointed to the complementary strengths of the two firms, with Stoneweg’s expertise in real assets and Icona’s proficiency in alternative investments forming a well-balanced investment platform.

How will SWI Group’s future growth be shaped by institutional capital?

With alternative investments gaining traction among institutional investors, SWI Group’s expansion strategy is likely to focus on scaling its existing investment divisions and capitalizing on new asset classes. Given the firm’s strong foothold in real estate, private equity, and infrastructure, it is well-positioned to attract additional institutional capital in the coming years.

Industry trends indicate a growing shift toward alternative investment platforms that combine real estate, credit, and private equity. SWI Group’s ability to leverage its global network and diversified asset portfolio will be a critical factor in determining its long-term competitive position in the market.

As the firm integrates its operations and expands its investment footprint, it is expected to pursue additional acquisitions, particularly in high-growth real estate segments, technology-driven assets, and private credit markets.

With the backing of major institutional investors and a robust operational structure, SWI Group is set to become a leading force in alternative investments, poised to drive new investment opportunities across multiple asset classes worldwide.