Icona Capital and Stoneweg have merged to form SWI Group, creating a combined entity that manages over €10 billion ($10.8 billion) in assets.
The London and Luxembourg-based Icona Capital, specializing in alternative investments, and Geneva-headquartered real estate investment firm Stoneweg recently finalized their joint acquisition of Cromwell Property Group’s European fund management platform. The €280 million ($302 million) purchase included €3.9 billion ($4.2 billion) in real estate assets and a 27.8% stake in Cromwell European REIT, providing immediate expansion and diversification for the newly formed group.
“The creation of the SWI Group elevates the combined standing of both Icona and Stoneweg,” said Max-Hervé George, former Icona Capital chairman and CEO who now serves as chairman and co-CEO of SWI Group. “We have created a highly attractive institutional investment platform based around our global reach with local talent.”
The organization has restructured its operations into two distinct divisions: Stoneweg Real Assets will focus on sectors including living spaces, hospitality, logistics, offices, infrastructure, data centers, and experiential ventures. Icona Alternatives will handle private equity, venture capital, special situations, liquid strategy, private credit, and sports and entertainment investments.
With over 350 employees across 25 offices in 17 countries throughout Europe, North America, and Singapore, SWI Group maintains that its global presence supported by local expertise represents a key competitive advantage.
“This integration is a milestone in Stoneweg’s growth trajectory,” noted Jaume Sabater, former Stoneweg CEO and now co-CEO of SWI Group. “Following the recent acquisition of Cromwell Property Group’s European Platform, we are now taking another transformative step as we combine our two dynamic businesses.”
The newly merged entity has also added management talent who have contributed to refining the group’s strategy as an alternative investment platform focused on scalability, growth and optimized investment opportunities.
