SECA Yearbook 2026 (SECA (Swiss Private Equity and Corporate Finance Association))

Summary

• Total venture capital invested in Swiss start-ups increased by 23.9% in 2025 to CHF 2.95 billion.p.5
• Global private equity exit value reached more than USD 1.2 trillion in 2025, marking a 40% YoY increase.p.5
• The Swiss biotech sector reached a record investment total of CHF 946.4 million in 2025, about 25% above its previous peak in 2020.p.11
• Early stage start-up financing in Switzerland grew 73% in 2025 to CHF 1.116 billion, while seed rounds grew 23.8% to CHF 298 million.p.11
• Swiss M&A transaction count rose from 464 in 2024 to 502 in 2025, pushing aggregate deal value to almost CHF 160 billion.p.15
• Accelerated bookbuildings in Switzerland hit a ten-year record in 2025 with 19 equity offerings totaling CHF 13 billion.p.30

Key insights

1. Closed-end global private equity assets under management expanded to approximately USD 16.0–16.5 trillion, while over 40% of available dry powder remained undeployed for more than two years.p.5
2. A benchmark simulation of Swiss VC funds across 2014–2020 vintages showed an annual return IRR of 14% and a TVPI of 1.5x.p.11
3. Capital allocated to Swiss ICT start-ups rebounded by almost 150% in 2025, rising from CHF 315.9 million to CHF 773.6 million.p.11
4. Start-up funding in Canton Zurich grew by 89.5% year-on-year in 2025 to reach CHF 1,192.5 million.p.12
5. Foreign acquisitions of Swiss SMEs hit a record high of 104 transactions in 2025, representing a 65% increase compared to 2024.p.15
6. Secondary offerings accounted for 87% of Swiss accelerated bookbuilding transaction volume between 2016 and 2025.p.31
7. Despite challenging fundraising conditions noted by 68% of surveyed investors, 66% plan to launch a new fund in 2026.p.12