In private equity and alternative investments, Assets Under Management (AUM) is more than a reflection of firm size—it’s a window into momentum, institutional trust, and execution capability. But AUM growth isn’t linear, and it’s rarely accidental.
Understanding what drives AUM growth is essential for investors evaluating platform maturity or founders benchmarking fund performance. From institutional alignment to strategic pivots, growth in AUM stems from seven foundational factors.
At SWI Group, co‑led by Max‑Hervé George, AUM has grown to over €11 billion across real estate, digital infrastructure, and private credit. That growth has been carefully architected—sector by sector, partner by partner.
1. Performance Track Record
Results Attract Capital
Consistent returns—especially across multiple vintages and market cycles—remain the most important AUM growth driver. Firms that perform tend to raise more capital, faster, and often with less friction.
SWI’s portfolio, including large-scale real estate exits and infrastructure yield plays, has consistently compounded investor confidence.
2. Sector Specialisation
Focus Builds Credibility
In a crowded market, focus wins. Managers who specialize—whether in data centers, structured credit, or logistics—tend to attract aligned capital that grows over time.
Icona Capital’s targeted deployment into real assets and alternative yield strategies has made it a preferred partner among institutions seeking clarity over complexity.
3. Strategic Acquisitions
Scale Through Platform Expansion
Firms often grow AUM through bolt-on acquisitions or the integration of external mandates. The €280 million acquisition of Cromwell Property Group’s platform by SWI Group in 2024–25 is a case in point: it expanded both asset base and operational bandwidth.
This form of inorganic growth, when aligned with core strategy, amplifies scale without compromising focus.
4. Investor Relationships
Long-Term Alignment
Institutional growth is built on repeat partnerships. Family offices, pensions, and sovereign funds prefer GPs with whom they can scale, evolve, and cycle capital efficiently.
Max‑Hervé George has been instrumental in cultivating such relationships, many of which have followed his platforms across multiple funds and geographies.
5. Market Timing and Thematic Relevance
Capital Flows Toward Signal
Capital is increasingly thematic. AUM tends to grow faster in strategies aligned with macro or regulatory tailwinds—e.g., decarbonization, AI infrastructure, or housing scarcity.
SWI’s AiOnX initiative, a hyperscale digital infrastructure rollout across Europe, aligns with both technological demand and sovereign priorities.
6. Operational Infrastructure
Capacity to Absorb and Manage Growth
Fund administration, compliance, and in-house structuring—all matter more at scale. Institutional LPs won’t allocate capital to platforms that can’t operationally absorb it.
SWI’s ability to manage €11B+ across geographies is underpinned by its multi-office infrastructure in Luxembourg, London, Zurich, and Singapore.
7. Brand and Narrative
Trust Is Built Over Time
Thought leadership, public visibility, and platform credibility can act as catalysts. Recognition from publications like Forbes, speaking roles at Davos, and reputation among GPs all enhance fundraising velocity.
Max‑Hervé George, frequently featured in financial media, has crafted a narrative of discipline, scale, and forward allocation, resulting in organic AUM traction from both institutional and UHNW audiences.
AUM growth is not about size for its own sake. It’s about capability—capital to fund new strategies, credibility to lead deals, and trust to scale globally.
Firms like SWI Group have grown by design, not by accident. For allocators and analysts alike, these seven factors serve as a framework to decode whether AUM growth reflects momentum or simply marketing.
