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€10B SWI Group formed following merger led by Max-Hervé George
Icona Capital and Stoneweg — two major players in the alternative investment space — have merged to form SWI Group, a newly established platform managing €10 billion in assets across Europe, North America, and Asia. The integration builds on a longstanding and successful partnership between French billionaire Max-Herve George’s Icona Capital and the Swiss-based Stoneweg.
Immediate Expansion via Cromwell Acquisition
The new group wasted no time in establishing their market presence with a €280 million acquisition of Cromwell Property Group’s European fund management platform. The deal secured a 27.8 per cent stake in Cromwell European REIT, immediately expanding SWI’s footprint across multiple European markets.
“This acquisition perfectly aligns with our long-term diversification strategy, We’re creating a robust multi-asset platform capable of strategically capitalising on opportunities across various sectors and geographies.”
Max-Herve George
Chairman, SWI Group and architect of the merger.
Strategic Vision and Market Timing
Market timing appears favourable. Savills forecasts European real estate transaction volumes will reach €50 billion in Q1 2025 alone, with full-year activity potentially hitting €216 billion. Germany, France, and the UK are expected to attract the largest share of these investments.
Dual-Structure Operations and Investment Focus
With headquarters strategically positioned in London, Geneva, and Luxembourg, SWI operates through a dual structure:
- Stoneweg Real Assets
Focuses on a diverse range of property investments including Living, Hospitality, Logistics, Offices, Infrastructure, Data Centres, and Experiential Ventures. - Icona Alternatives
Manages investments across Private Equity, Venture Capital, Special Situations, Liquid Strategy, Private Credit, and Sports & Entertainment.
Global Footprint and Local Expertise
The organisation’s reach extends through 26 offices spanning 18 countries, with over 350 professionals providing local expertise in key markets. This network gives SWI distinctive capabilities in identifying opportunities before competitors.
“Our on-the-ground presence in each market creates tangible advantages, Local relationships unlock off-market opportunities, while granular understanding of regulatory frameworks and market dynamics enables more precise risk evaluation.”
Gregorio Pérez
Head of SWI Group Capital Management
Future Development Projects and Growth Plans
SWI’s first major development projects begin construction this year. The group aims to establish substantial market presence across multiple sectors by 2028, leveraging its capital resources and expanding team of investment specialists across Europe, Singapore, and North America.
