Message from the Chairman and the Co-CEOs
We have had a successful start to the year: clients entrusted us with EUR 6.2 billion in new commitments in H1 2018, with demand well-diversified across regions. Despite a challenging investment environment, we were able to invest a total of USD 7.7 billion on behalf of our clients in geographies and industry sectors that exhibit favorable relative value haracteristics and in private markets assets that offered us attractive value creation opportunities.Message from the Chairman and the Co-CEOs
H1 2018 at a glance
Record levels of dry powder combined with increasing competition persisted in H1 2018, keeping valuations at elevated levels across all private markets asset classes. In this challenging market environment, we continued to take a highly disciplined and prudent approach to investment and were able to lead a significant number of transactions.Investments
We see a broad cross-section of client types seeking to further build out their exposure to private markets. In H1 2018, our client demand was spread across more than two dozen individual programs and mandates, with many of our more sizable clients requesting the creation of bespoke private markets portfolios, either through single or multi-asset class mandates.Clients
Structural industry dynamics, combined with our stable margins and balance sheet-light approach to business, translated into attractive financial returns for our shareholders.
In H1 2018, revenues rose to CHF 659 million, attributable to an increase in revenues from management fees and solid performance fee development. EBITDA increased in line with revenues by 17% year-on-year to CHF 437 million. Profit increased by 10% year-on-year to CHF 394 million.