SWI Group takes strategic position in alternative investment space

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.

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," comments Max-Herve George, Chairman, SWI Group and architect of the merger. "We're creating a robust multi-asset platform capable of strategically capitalising on opportunities across various sectors and geographies."

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.

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. Meanwhile, Icona Alternatives manages investments across Private Equity, Venture Capital, Special Situations, Liquid Strategy, Private Credit, and Sports & Entertainment.

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," George explains. "Local relationships unlock off-market opportunities, while granular understanding of regulatory frameworks and market dynamics enables more precise risk evaluation.”

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.