2026 Patrimonium News Update
MESSAGE FROM THE CEO
Sustainable value creation in an uncertain environment
Dear Investors,
Dear Partners,
The world remains in crisis mode. Geopolitical tensions and structural shifts are shaping the investment landscape more than ever before.
In this increasingly fragmented and volatile environment, investment approaches that combine a long-term horizon, proximity to the real economy and active influence are gaining in importance. Private markets are playing an ever more central role in this regard.
Sustainable performance is the result of clear convictions, disciplined execution and a deep understanding of different market cycles – always with a focus on capital preservation.
Patrimonium demonstrated this once again last year. Our positioning in the lower and mid-market and in the low/mid-rent segment, combined with our local anchoring and active management approach enable us to act strategically even in challenging economic conditions, and create sustainable value.
This shows across all asset classes:
- in residential and healthcare properties with stable demand,
- in conservatively structured private credit strategies,
- in infrastructure investments supporting the energy and digital transformation, and
- in a well-diversified private equity portfolio with a clear focus on growth and operational development.
We are also selectively expanding our offering – including through the further development of our real estate debt activities in Europe and Switzerland.
Our goal remains unchanged: to generate stable and attractive risk-adjusted returns for our investors over the long term – based on investments in the real economy.
The coming years will be characterised by change. This is precisely what our approach is geared towards.
Our traditional, annual ‘News Update’ highlights the key developments of the past year and provides an outlook on the future of our investment activities.
We thank you for your trust and wish an insightful read.
Kind regards,
Christoph Syz
CEO
The following paragraphs regarding the strategies and products managed by Patrimonium contain general information about the business performance intended for existing professional clients or qualified investors. This information is in no way intended as advertising, offer, or solicitation to purchase the mentioned product. Distribution of Patrimonium products only takes place in countries where the investment vehicle is authorized for distribution and only through authorized distribution agents.
Real Estate: A resilient anchor
- Growth in assets under management of CHF 200 million and in assets under advisory of CHF 250 million
- Development pipeline of over CHF 1 billion
- Qualitative portfolio expansion in the structurally growing residential and healthcare segments
The Swiss property market once again proved its resilience in 2025. Against a backdrop of persistently low interest rates, falling inflation and a resurgence in investor demand, it remained a reliable anchor in institutional investors’ portfolios. Even though economic growth slowed significantly, the fundamentals remain solid.
Housing shortage drives rental dynamics
The residential property market in Switzerland’s major urban centres continues to be characterised by structural shortages: high net immigration meets limited supply, as regulatory hurdles and labour shortages are holding back construction activity. Vacancy rates in urban centres are at historically low levels and rental momentum remains intact.
At the same time, there is increasing differentiation within property types: The office market is facing adjustment pressures due to evolving working models, while the retail sector continues to undergo structural change. By contrast, logistics real estate is benefiting from the continued growth of e-commerce and remains in high demand.
Ageing population boosts demand for healthcare properties
Healthcare real estate is also expected to continue benefiting from structural growth. Demographic trends are steadily increasing demand for healthcare and care infrastructure, as well as for senior living solutions. We continue to see significant potential in this segment and are investing selectively in corresponding development and construction projects.
Against this backdrop, Patrimonium is positioned in resilient segments, with a focus on residential and healthcare real estate in economically strong regions of Switzerland. Our active asset management approach remains a key driver of performance: we achieve rental increases through indexation and reletting, actively reduce vacancy losses, and optimise both operating costs and financing structures.
Targeted investments, portfolio optimisation and capital inflows
Over the past year, we have consistently focused our investment activities and portfolio development on attractive opportunities in our core segment:
- Acquisition of seven residential properties with up to 200 units (investment volume > CHF 85 million)
- Expansion of the healthcare property investment group through six acquisitions, particularly in the senior living sector (+ ~CHF 100 million AuM)
- Selective disposal of three non-strategic properties with attractive gains
Our real estate strategies continued the positive trend of previous years seamlessly in 2025. The Patrimonium Swiss Real Estate Fund and the Residential and Healthcare Properties investment groups of the Patrimonium Investment Foundation together raised over CHF 200 million in new capital.
In addition, we further strengthened our position as a real estate partner: new mandates from family offices and public institutions resulted in an increase of assets under advisory by a further CHF 250 million.
Development pipeline of over CHF 1 billion
Our project pipeline continues to develop according to plan, with:
- The completion of the Creative Factory in Renens (already >75% let)
- The extension of the Bussigny Gymnasium (completion planned for 2027)
- The further development of the Spinnerei Baar (over 70,000 m² potential) with planning permission granted for the construction of 25 penthouse apartments
- The planned start of construction for the Au Parc Hôtel in Fribourg (124 flats)
In addition, renovation works will be carried out in 2026 across approximately 300 residential units and 15 commercial units.
Outlook
In 2026, alongside the continuation of our development projects, our focus will remain on the qualitative expansion of our residential and healthcare real estate portfolios, as well as on further enhancing operational efficiency and cash flows.
Save the date
11.05: Patrimonium Urban Opportunity AG, Publication of annual results
21.05: Patrimonium Investment Foundation, Investors’ meeting
08.06: Patrimonium Swiss Real Estate Fund, Publication of annual results
12.06: Patrimonium Swiss Real Estate Fund, Presentation of annual results
The Patrimonium Swiss Real Estate Fund may only be distributed in Switzerland. The investment groups of the Patrimonium Investment Foundation are only accessible to tax-exempt occupational pension institutions in Switzerland. For further information, please refer to the notes at the end of this mailing.
Private Credit: Growing potential in a changing financing market
- Strong momentum in the European lower-mid-market
- Senior and asset-based lending offering high returns with strong collateral
- Opportunities in property financing, new EUR 500 million platform
The European private credit market showed strong momentum in 2025 due to lower interest rates. Larger credit transactions were particularly affected: banks increasingly returned to the capital markets, with the result that upper-mid-market transactions were once again increasingly executed in the traditional bank syndicated loan market. As a result, committed funds in this segment (investors had invested large sums in pan-European upper-mid-market strategies in 2024/25) were not fully drawn down.
By contrast, the lower-mid-market – where Patrimonium is positioned with its private credit asset class and where banks are scarcely involved – remained stable throughout 2025. Credit supply and demand remained balanced, whilst margins held at an attractive level. The lower intensity of competition and the stronger regional roots of this segment had a stabilising effect.
Lower-mid-market attracts investors
Since the second half of 2025, increasing investor demand has been observed in the lower mid-market. And with good reason: the focus on – often industrially oriented – medium-sized companies with a substantial asset base offers a solid foundation for conservatively structured and comprehensively secured financing. Such investments also meet the growing need for geographical diversification.
Patrimonium’s private credit business developed positively last year. Deal flow in the German-speaking lower mid-market remained consistently high, margins stayed stable and default rates were low. We can therefore look back on an extremely successful year in all three areas:
Senior Lending: growing deal flow drives performance
In the senior lending segment, we even recorded a performance that exceeded expectations. Whilst transactions in the private equity-driven ‘sponsored’ segment remained stable, we saw a disproportionately large increase in deal flow in the ‘unsponsored’ segment – involving privately owned companies.
The funds raised were invested according to plan. At the same time, successful exits led to returns for investors and a positive trend in the DPI (Distributed to Paid-In Capital) ratio.
Asset-Based Lending: high returns with strong collateral
We can also look back on a positive year in the area of asset-based lending. We offer flexible liquidity to companies in special situations, for example during turnarounds, restructurings, M&A transactions or to bridge seasonal fluctuations. Deal flow reached the high level of the previous year, whilst the internal rate of return (IRR) exceeded 20 per cent for all exits.
These high returns are directly linked to a consistent focus on fully secured financing against current or fixed assets, such as machinery or inventory.
Real Estate Debt: EUR 500 million financing platform
Our Real Estate Debt division is expanding.
In January we launched a European real estate lending platform with Bayview Asset Management (US) with an initial commitment of EUR 500 million. The aim is to capitalise on the reluctance of traditional banks and generate attractive, risk-adjusted returns. The platform focuses on financing in Germany and neighbouring markets with maturities of two to five years and targets transactions ranging from EUR 20 million to over EUR 100 million. It supports established borrowers with both refinancing and acquisitions. The spectrum ranges from Core+ and Value-Add to development projects. The first transaction was successfully completed as early as 2025: a senior loan of EUR 38.5 million, secured by a fully let outlet centre in Rostock, Germany.
In parallel, Patrimonium Investment Foundation is currently exploring the possibility of launching a new investment group designed to provide access to mortgages on Swiss income-generating properties with high-credit-quality borrowers.
In an environment of low real interest rates and stricter regulatory requirements (Basel III), this strategy offers Swiss pension funds the opportunity to generate stable cash flow returns with moderate value fluctuations.
Conservative loan-to-value ratios (below 80%) and short maturities of three to four years help to meet the requirements for low-risk investments under BVV2 Art. 53a.
Catch-up effects promise an upturn for 2026
For 2026, we expect demand to remain robust and capital flows between the US and Europe to normalise gradually: having focused on the US last year, we are likely to see capital flowing back into Europe in the coming months, with European private credit strategies likely to benefit from a structural catch-up effect.
Against this backdrop and given the continuing volatile market environment, private credit – particularly in the lower mid-market – remains an attractive investment area.
The launch of the fifth generation of our senior lending strategy is scheduled for the second quarter of 2026.
In addition, we will launch the third generation of our Asset-Based Lending strategy, , in the course of the year. Here too, we expect positive momentum, as the economic environment for SMEs remains challenging, particularly in Germany, and banks’ reluctance to provide capital-intensive financing is likely to persist.
With our unleveraged investment solutions, we are ideally positioned to play a key role in shaping the financing of SMEs in the DACH region, and make a sustainable contribution to stabilising the economy.
Our private credit strategies
Senior Lending
Asset-based Lending
Real Estate Debt
Private Credit Mandates
Patrimonium’s Private Credit funds are only accessible to investors who qualify as professional clients. Distribution takes place only in countries where it is permitted and only through authorized distribution agents.
Infrastructure: Mid-market infrastructure, the backbone of the energy and digital transformation
- Standardised global approaches are reaching their limits
- Focused multi-manager approaches enable adequate diversification and cost efficiency
- Successful expansion of the Patrimonium infrastructure platform
Infrastructure is one of the fastest-growing asset classes for institutional investors. According to the Global Infrastructure Investor Association (GIIA), global infrastructure assets amounted to USD 2.2 trillion in 2025, having grown by around 20 per cent annually over the last ten years.
Swiss pension funds also steadily increase their infrastructure allocations, as the asset class offers long-term cash flows, inflation protection and diversification. The introduction of the Infrastructure category in BVV2 has further accelerated the growth of the asset class over the past five years.
Focused multi-manager approaches to capitalise on structural trends
The global infrastructure market is increasingly shaped by electrification and rising energy demand. Regional differences have become more pronounced in 2025: Europe is driving decarbonisation, but faces challenges such as higher energy prices, limited grid capacity and a growing need for storage solutions. In the US, by contrast, gas is regaining importance – not least due to the rising electricity demand from AI data centres.
For investors, this development means that standardised, global approaches are reaching their limits. What is needed are regionally tailored strategies to capitalise on structural differences in a targeted manner.
This opportunity is offered by the mid-market segment, on which Patrimonium focuses. Local market knowledge, technical understanding and operational expertise enable us to identify promising projects, establish local partnerships and develop them successfully. Smaller projects offer greater potential for operational value creation than the highly competitive mega-projects of large infrastructure funds.
There are also advantages in terms of diversification and cost efficiency: whilst broadly diversified fund-of-funds structures may reduce the risk of individual managers, they are significantly less transparent and often very expensive. Our focused multi-manager approach allows for the combination of primary funds with selective secondary transactions and co-investments, thereby making it possible to combine targeted, adequate risk management with greater transparency and cost efficiency.
Expansion of the Patrimonium infrastructure platform
In 2025, Patrimonium tapped into further potential in the mid-market segment and further expanded its infrastructure platform.
The Patrimonium Climate Infrastructure Opportunity Fund I has successfully completed its portfolio build-up:
- The portfolio now comprises 12 investments with over 90 underlying assets and portfolio companies. The fund is thus broadly diversified across various segments.
- Recent transactions include, among others, a secondary investment in a European operator of green data centres and an investment in a platform for the development and construction of energy storage systems.
- The fund’s capital is fully allocated, with around 87 per cent already drawn down, and the portfolio continues to perform solidly. Initial distributions confirm the stability of the underlying infrastructure investments.
Following the successful establishment of the first fund, the successor fund, the Patrimonium Climate Infrastructure Opportunity Fund II, was launched. This builds on the proven climate infrastructure strategy and further broadens the investment focus to include digital infrastructure – particularly in the areas of data centres and connectivity and communications networks. The first two investments were made shortly after the launch, demonstrating the rapid build-up of the portfolio.
Positive performance of the Sustainable Infrastructure investment group with measurable sustainability impact
The Sustainable Infrastructure (evergreen) investment group of Patrimonium Foundation also performed well in 2025. The positive valuations at portfolio level, as well as ongoing distributions (9% at portfolio level) from existing investments, contributed significantly to this performance. The portfolio is invested in the Core segment and diversified across communications and digital infrastructure, electrification, energy storage and clean mobility.
The portfolio currently comprises five investments, with a focus on Europe and selective exposure to North America, and provides measurable sustainability effects:
- over 700 megawatts of installed renewable energy generation capacity
- more than 9,000 digital infrastructure sites
- over 20 million smart meter systems installed in Europe and North America
Developments in the sustainable logistics sector also remain positive: Patrimonium Railcar Investment Opportunities was able to further expand its market position in 2025. The portfolio is managed by VTG – Europe’s largest private railcar leasing company – and comprises around 2,000 freight wagons with a total investment of around CHF 200 million.
Structural trends are driving growing capital requirements
With these investment solutions, Patrimonium continues to position itself clearly in the high-growth mid-market segment of infrastructure investments – a sector that offers attractive long-term investment opportunities driven by structural trends, technological transformation and rising capital requirements. Against the backdrop of the energy transition, electrification and the high demand for data centres, capital allocations are likely to continue rising in 2026.
Our private infrastructure products
Climate Infrastructure Funds
“Sustainable Infrastructure (evergreen)” Investment Group
Private Infrastructure Mandates
The Patrimonium Climate Infrastructure Opportunity Fund II is only accessible to investors who qualify as professional clients. Its distribution only takes place in countries where such distribution is permitted and exclusively through authorized distribution agents. The Patrimonium Climate Infrastructure Fund I is closed and can no longer be subscribed.
Private equity: Encouraging performance in a challenging environment
- Resilient portfolio thanks to broad diversification
- Seven strategic add-on acquisitions in 2025 strengthen the market position of the portfolio companies
- Success with digital platforms in AI-driven context
The past few years have presented the private equity market with major challenges. Fundraising for our Private Equity Fund, which had its first closing in March 2020, took place under difficult circumstances: With Covid-19, the war in Ukraine, the subsequent price rises in the supply chain and the global energy crisis, one challenge followed another. The associated uncertainties led to cautious investment behaviour and slowed down momentum in the M&A market.
In 2025, too, the market environment remained challenging for the majority of our private equity investments. Continued weak growth in the relevant industries, rising core inflation rates in Europe and the impact of higher US tariffs hampered corporate investment and weighed on consumer confidence.
Resilient portfolio thanks to broad diversification
In light of these difficult circumstances, our Private Equity Fund’s buy-and-build strategy proved successful. Through targeted investments in the lower-mid-market we were able to respond agilely to the repeated crises, and build a diversified portfolio. Werner Schnorf, who stepped down from his operational role as Managing Director at the start of the year, made a significant contribution to the fund’s development. We would like to thank him warmly for his commitment.
With seven innovative companies from a wide range of sectors, our private equity fund is broadly diversified and therefore resilient to crises:
- :em engineering methods: Digital transformation
- TestSolutions: Software quality assurance
- Group Link: IT solutions
- Octo Actuators: Electric drive systems
- Teclac: Surface technology
- Roth Group: Fire Protection and Insulation
- B+G Group: Gardening and landscaping
Seven strategic add-on acquisitions in 2025 alone to date have further strengthened the market position of B+G Switzerland, Grouplink, TestSolutions and :em engineering methods. These transactions enhance the relevance of our platform investments and create substantial added value in view of a future exit.
Success with digital platforms
All seven companies have shown resilience in recent months, and the portfolio has performed well despite the persistently difficult economic climate. Most portfolio companies were able to increase their revenues in 2025 as well as in the first few months of 2026.
Our platform companies were particularly successful in the digital sector: they secured new major clients, increased their recurring revenue and further strengthened their market position. In addition, our engineering platform Octo Actuators generated its first licence revenue in the US market.
Focus on growth and efficiency gains
Growth prospects for this year depend primarily on developments in the Gulf region: a prolonged conflict and persistently high oil and gas prices would have a negative impact on economic development in our investment regions. At the same time, however, there is also hope that a return to domestic markets will stimulate growth in Europe.
In 2026, we will consistently drive forward the further development of the companies in our portfolio and increasingly focus on performance and the capacity for organic growth. We achieve this by supporting the companies in the further development of their processes and organisational structures.
The rapid progress of artificial intelligence plays a central role for our digital platforms. Based on initial assessments, we (alongside potential substitutions) see significant potential for efficiency gains. We are therefore making targeted investments in people and technology to benefit from the ongoing transformation.
Our private equity product
The Patrimonium Private Equity Fund is closed and can no longer be subscribed.
Sustainability: Focus on measurable progress
- Significant reduction in the CO2 emissions intensity of our property portfolios
- Next to environmental ones, social aspects are also gaining in importance
- Data quality improvement across asset classes also a next priority
Our focus is set on concrete measures across all asset classes. In private equity, private credit and infrastructure, we systematically integrate sustainability aspects into our investment processes and strategies (screening, exclusion criteria and monitoring).
In our real estate portfolios, we are pursuing a reduction pathway with the aim of achieving net-zero CO₂ by 2050 – in line with the Paris Agreement and the 2050 Swiss Energy Strategy.
The independently collected Signa Terre data for 2024 demonstrates progress: CO₂ emission intensity fell between 2022 and 2024 significantly:
- by 21% in the Patrimonium Swiss Real Estate Fund
- by 20% in the Swiss Residential Property investment group
- by 30% in the Swiss Healthcare Property investment group of the Patrimonium Investment Foundation
This progress is attributable to targeted measures within the portfolio – in particular the replacement of fossil fuel heating systems with renewable alternatives such as heat pumps and district heating, energy-efficient building renovations and operational optimisations.
In addition to environmental considerations, social aspects are equally important in the property sector, such as the health and comfort of tenants. Satisfaction surveys were conducted in 2025, and their evaluation is now underway.
The Patrimonium Sustainability Report 2025 provides comprehensive information on strategy, measures and the achievement of targets.
Outlook
The focus is on the gradual further implementation of the decarbonisation pathway in the real estate sector and the improvement of data quality across all asset classes.
> Our responsibility
Our next events
27.04 to 29.04.2026:
BAI Alternative Investor Conference (AIC), Frankfurt am Main (D)
11.05.2026:
Patrimonium Urban Opportunity AG, Publication of annual results
21.05.2026:
Patrimonium Investment Foundation, Annual meeting, Zürich
08.06.2026:
Patrimonium Swiss Real Estate Fund, Publication of annual results
08.06 to 12.06.2026:
SuperReturn International, Berlin (D)
10.06 to 11.06.2026:
Pension Market Trade Fair, Zürich/Oerlikon
10.06 & 12.06.2026:
Patrimonium Swiss Real Estate Fund, Presentation of annual results, Zürich & Online
05.10 to 07.10.2026:
Expo Real 2026, Munich (D)
Contact
Corporate Services
Investor Relations:
investor@patrimonium.ch
Marketing:
media@patrimonium.ch
Asset Management Teams
Real Estate:
realestate@patrimonium.ch
Private Credit:
privatecredit@patrimonium.ch
Private Equity:
privateequity@patrimonium.ch
Infrastructure:
infrastructure@patrimonium.ch
Patrimonium Asset Management AG
Patrimonium Asset Management Ltd. (“Patrimonium”) is a fund management company authorised by the Swiss Financial Market Supervisory Authority (FINMA), specialised in private markets. Patrimonium offers investment opportunities in real estate, private credit, private equity and infrastructure to qualified and professional investors. Patrimonium manages CHF 5 bn in assets (12.2025) with 70 professionals with offices in Lausanne, Zurich and Zug. www.patrimonium.ch
Patrimonium Swiss Real Estate Fund
The Patrimonium Swiss Real Estate Fund (SIX: PSREF, ISIN: CH0034995214) is a contractual real estate fund under Swiss law in accordance with the Federal Act on Collective Investment Schemes of 23 June 2006. The fund has been authorized by the Swiss Financial Market Supervisory Authority FINMA. The fund management company is Patrimonium Asset Management Ltd., Baar; The custodian bank and paying agency is Banque Cantonale Vaudoise, Lausanne. The prospectus with integrated fund contract, the key information document, and the latest annual and semi-annual reports can be obtained free of charge and upon request from the fund management company and from the distributors.
Patrimonium Investment Foundation
Patrimonium Investment Foundation (“Investment Foundation”), established in 2009, is aimed at tax-exempt occupational pension institutions domiciled in Switzerland. It manages the investment groups Swiss Residential Properties, Swiss Healthcare Properties and Sustainable Infrastructure (evergreen) with total investment assets of over CHF 1.5 billion and more than 200 Swiss pension funds as investors.
Patrimonium Asset Management AG, a fund management company supervised by the Swiss Financial Market Supervisory Authority (FINMA), is responsible for the management of the Investment Foundation, for the management of the investment groups, and for investment controlling.
The Investment Foundation is a member of KGAST (Conference of Managing Directors of Investment Foundations), ASIP (Swiss Pension Fund Association) and VIS (Swiss Real Estate Association).
Patrimonium Urban Opportunity Ltd.
Patrimonium Urban Opportunity Ltd. is a Swiss real estate company listed on the BX Swiss AG (BX: PATRI, ISIN: CH1141117965). The company pursues an active and selective acquisition and development strategy that focuses on targeted real estate opportunities in attractive macro and micro locations in urban areas. The portfolio comprises investment properties in the most important economic centers in Switzerland (Geneva, Lausanne and Zurich) and aims to buy, sell, let and manage properties in Switzerland.
Patrimonium Middle Market Debt Fund
Patrimonium Middle Market Debt Fund (“PMMDF”) is an alternative investment fund (AIF) under Luxembourg law that is established as an investment company with variable capital – specialized investment fund (SICAV-SIF) in the form of a Luxembourg société en commandite par actions (SCA) and consists of several sub-funds (“compartments”) that are managed independently of each other. The PMMDF and its compartments are only accessible to investors who qualify as professional clients.
The Managing General Partner is Patrimonium Middle Market S.à r.l., 8 rue Lou Hemmer, L-1748 Senningerberg. The management company/AIFM is Waystone Management Company (Lux) S.A., 19 rue de Bitbourg, L-1273 Luxembourg. The portfolio manager of the compartments is Patrimonium Asset Management AG, Baar (Switzerland).
The prospectus, the latest annual report and other documents relating to the PMMDF can be obtained free of charge on request from the management company/AIFM in Luxembourg and from the representative in Switzerland.
Representative in Switzerland is Acolin Fund Services AG, Cours de Rive 6, 1204 Geneva. Paying Agent in Switzerland is Banque Cantonale de Genève, 17 Quai de l’Ile, 1208 Geneva.
Patrimonium Climate Infrastructure Opportunity Fund
The Patrimonium Climate Infrastructure Opportunity Fund (“PCIOF”; “Fund”) is an alternative investment fund (AIF) under Luxembourg law that is set up as an investment company with variable capital – reserved alternative investment fund (SICAV-RAIF) in the form of a Luxembourg special limited partnership (société en commandite speciale; SCSp) and consists of several sub-funds (‘compartments’) that are managed independently of each other. The PCIOF and its compartments are only accessible to investors who qualify as professional clients.
The Managing General Partner is Patrimonium Infrastructure S.à r.l., 8 rue Lou Hemmer, L-1748 Senningerberg. The management company/AIFM is Waystone Management Company (Lux) S.A., 19 rue de Bitbourg, L-1273 Luxembourg. The portfolio manager of the compartments is Patrimonium Asset Management AG. The information memorandum, the latest annual report and other documents relating to the PCIOF can be obtained free of charge on request from the management company in Luxembourg and from the representative in Switzerland.
The compartment PCIOF I is closed and can no longer be subscribed.
Representative in Switzerland is Acolin Fund Services AG, Cours de Rive 6, 1204 Geneva. Paying Agent in Switzerland is Banque Cantonale de Genève, 17 Quai de l’Ile, 1208 Geneva.
Patrimonium Private Equity Fund
The Patrimonium Private Equity Fund S.C.Sp. (“PPEF”) is a special limited partnership under Luxembourg law, which is only accessible to investors who qualify as professional clients. The PPEF is closed and can no longer be subscribed. The latest annual report and other documents relating to PPEF can be obtained free of charge on request from the representative in Switzerland.
Representative in Switzerland is Acolin Fund Services AG, Cours de Rive 6, 1204 Geneva. Paying Agent in Switzerland is Banque Cantonale de Genève, 17 Quai de l’Ile, 1208 Geneva.
Disclaimer
Target audience
This document is for information purposes only and is intended solely for the use of the recipient, who must be a professional client or qualified investor. This document may not be passed on or made available to third parties or reproduced in any other way without the prior consent of Patrimonium.
In particular, the information contained in this document about Patrimonium’s services and products is not intended for persons resident in a country or jurisdiction where access to such information or the publication of such information is prohibited by law.
Information for persons in Germany
In Germany, the units / shares / participations in the products mentioned herein may not be offered or distributed to retail investors within the meaning of Section 1 (19) no. 31 of the German Investment Code.
Exclusion USA
This document may not be sent to, taken into or distributed in the United States of America, in whole or in part, or distributed to ‘US persons’ (within the meaning of Regulation S of the US Securities Act of 1933).
No offer
The information contained in this document is in particular (i) not an invitation, offer, solicitation, recommendation or decision aid to buy or sell financial instruments or to carry out an investment or any other transaction; (ii) not investment, legal, tax or other advice (and does not take into account the personal circumstances of the recipient); (iii) not the result of objective or independent financial analysis.
This document does not contain any subscription forms, offering documents, prospectuses or constitutional documents of financial instruments, whether final or draft. Nor does it contain any information that enables or suggests the recipient to make investment decisions for himself or third parties. Any investment decision should be based solely on an analysis of the associated economic, legal, tax and other risks and, if necessary, should only be made after obtaining advice from an independent financial and tax specialist.
Exclusion of Liability
The information contained in this document is not legally binding. All information and opinions reflect the subjective view of Patrimonium as of the date hereof and are subject to change at any time without notice. The information and analyses contained in this document have been prepared by Patrimonium with the utmost care and to the best of its knowledge and belief and have been compiled from sources believed to be reliable.
However, Patrimonium makes no representation as to its accuracy, reliability, completeness or up-to-dateness and disclaims all liability for any direct or indirect loss or other damage (including consequential loss or damage to third parties) arising from the use of this information. Unless otherwise stated, all figures are unaudited.
Information on performance and target returns
The value or price of the investments mentioned and the corresponding return may fluctuate and may rise as well as fall. If investments are denominated in a currency other than the investor’s base currency, exchange rate fluctuations may adversely affect the value or price and the return.
Past performance is not an indicator of future performance and offers no guarantee of future success. No guarantee whatsoever is given that the stated returns will be achieved. Information such as ‘target return’, ‘planned distribution’ etc. may be exceeded or not achieved. The performance data do not take into account the commissions and costs charged on the issue and redemption of units.