What Matador does

Matador Secondary Private Equity AG is a Swiss public investment company that invests in secondary market private equity fund interests. Founded in 2005 and headquartered in Sarnen, Canton of Obwalden, Matador was formed through the 2018 merger of Matador Partners Group and Matador Private Equity (CHF 30.7M equity capital at formation) and was renamed to its current legal name in April 2022. The company's sole product is a publicly traded vehicle that holds secondary fund stakes in approximately 25 underlying private equity funds encompassing roughly 1,350 portfolio companies, with reported historical portfolio returns of 10-16% annually and FY2025 portfolio profits of CHF 4.3M alongside CHF 6.6M of cash distributions. It is supervised by FINMA, listed on the SIX Swiss Exchange (ticker: SQL, security number 4'279'720) since 15 June 2026, and governed by a lean leadership team — Dr. Florian Dillinger (Chairman, ~24.46% voting rights), Dr. Robert Ettlin (Board), and CFO Alexander Lachmann (appointed August 2025).

The business model is structured as a listed investment company rather than a fee-bearing asset manager. Matador earns returns through portfolio appreciation, realized gains from exits (e.g., the 2025 Figma IPO sale), and cash distributions from underlying PE funds, with FY2026 expected to be boosted by approximately CHF 2M of SpaceX-related revaluations tied to anticipated IPO activity (~28% of PE NAV is SpaceX-exposed). The company targets investors blocked by traditional PE minimums (CHF 5M+) and 10-year capital lock-ups — wealthy private investors, family offices seeking Yale-model endowment-style allocations, and foundations/endowments facing low interest rate environments. Go-to-market is investor-relations-led: financial media coverage, investment conferences (Equity Forum Frankfurt, Investora Zurich, German Spring Conference, MKK Munich, Hamburg Investor Days), and investor roadshows across Zurich, London, Dublin, Amsterdam, Paris, and Luxembourg. Distribution runs through SIX Swiss Exchange trading with no minimum ticket beyond standard share lot sizes.

Following the June 2026 listing and a planned IFRS transition from FY2026, Matador has stated a medium-term target of CHF 125-150M portfolio value and CHF 85-110M NAV by FY2030, approximately doubling FY2025 scale. Its operating geographies cover CHE, DEU, FIN, and the USA (via underlying fund exposure), with prior capital increases executed in 2020, 2021, and December 2022 (CHF 1.94M raised at CHF 4.25/share). Key partnerships include the 2019 Ardian infrastructure co-investment and the 2019 EQ Finnish secondary PE fund investment, both curated by external adviser Detlef Mackewicz. The company competes in a niche with no other listed pure-play secondary PE peer globally.

Name

Matador

Legal name

Matador Secondary Private Equity AG

Website

https://matador.ch

Company type

Public

Founded year

2005

Operating status

Ipo

Headcount range

1–10 employees

Short description

Matador Secondary Private Equity AG is a Swiss public investment company (SIX:SQL) that acquires secondary stakes in private equity funds to give retail, family-office, and endowment investors liquid access to PE returns normally gated by CHF 5M minimums and 10-year lock-ups.

Ownership category

akta.pro rank

Product category

Secondary Private Equity Investment

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Finance Services (6199)

akta.pro primary industry

Secondary Fund-of-Funds (FoF Secondaries) (FSANAGAB)

akta.pro secondary industries

Emerging Manager / Small Fund Secondaries (FSANAFAL), LP Secondaries — Growth Equity Funds (FSAHALAC), Secondary Venture Funds (VC Secondaries) (FSANAAAK)

Keywords

• Secondary private equity
• Listed investment vehicle
• Alternative investments
• Portfolio diversification
• PE secondaries market

Headquarters

HQ city

Sarnen

HQ country

Switzerland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Private Equity Portfolio Returns: Matador generates returns through appreciation of its secondary private equity fund portfolio, realized gains from exits (IPOs, M&A transactions), and ongoing distributions from underlying PE fund investments. The company reported profits of CHF 4.3 million from the portfolio in FY2025 and CHF 6.6 million in cash distributions. SpaceX IPO-related positions are expected to contribute approximately CHF 2 million to 2026 fund returns.
2. Capital Appreciation: The company seeks to grow its NAV and portfolio value through active portfolio management, unlocking hidden reserves on the balance sheet, and benefiting from the improving exit environment including potential IPO candidates in the portfolio.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels7 records

Core offering

Matador Secondary Private Equity AG is a Swiss publicly listed investment company that invests in secondary private equity fund interests on behalf of its shareholders. It acquires existing stakes in private equity funds, providing investors with liquid, tradable access to a broadly diversified PE portfolio of approximately 25 funds and roughly 1,350 underlying companies. The vehicle democratizes private equity exposure by eliminating the traditional CHF 5 million minimum investment and 10-year lock-up barriers that characterize direct PE fund commitments.

Product overview

Matador Secondary Private Equity AG operates as a single, unified investment product rather than a multi-module platform. The company is the sole listed pure-play secondary private equity investment vehicle, offering investors access to a broadly diversified portfolio of private equity fund interests through publicly tradable shares. The core offering centers on secondary market PE investments—purchasing existing private equity fund stakes at potentially discounted valuations—which provides profitable entry points into established portfolios with no blind pool risk. The company maintains approximately 25 PE fund positions across regions, sectors, strategies, and vintages, with current focus on small buyout segments and positions targeting US IPOs including SpaceX-related holdings.

Differentiator

Problem solved

Functional benefit

Products and services

• Matador Secondary Private Equity (Listed Investment Vehicle) A publicly listed Swiss investment company that provides shareholders with liquid, tradable access to a broadly diversified portfolio of secondary private equity fund interests, enabling participation in PE investments without the traditional CHF 5 million minimum investment or 10-year lock-up requirements.

Quantifiable outcome

• Historical annual returns of 10% to 16% on private equity portfolio
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• SIX Swiss ExchangecoreChannel Partner/ Reseller/ Distributor · 15 June 2026Matador is listed and traded on the SIX Swiss Exchange under ticker SQL (security number 4'279'720) since June 15, 2026. The exchange provides the primary distribution channel for Matador shares, enabling liquid market access for investors globally.

Scale indicators11 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Ardian (Secondary Private Markets): One of the two largest secondary PE investors globally and a strategic partner of Matador on an infrastructure co-investment. It is a far larger incumbent in the secondary PE market that Matador effectively competes with on deal flow, though via direct LP secondaries rather than listed vehicles.
• Bridgepoint Advisers: European mid-market private equity firm with growing secondaries activity. Comparable as a competing source of secondary deal flow and as an underlying fund manager that Matador's portfolio is exposed to.
• Adams Street Partners: Large global private markets manager with a dedicated secondary PE practice. Comparable as a competing secondary deal source and as a likely underlying manager exposure within Matador's 25-fund portfolio.
• Partners Group Holding AG: Swiss-listed global private markets investment manager with significant private equity secondaries capabilities. It is a much larger, diversified incumbent offering liquid exposure to private markets broadly — directly competing with Matador for the same liquid-PE investor demand, though from a vastly broader product set.
• EQT AB: Swedish-listed global private equity investor with a dedicated secondaries franchise. It operates in the same secondary PE market and is exposed to similar end-customer demand for liquid PE access through publicly traded shares.

Emerging players

• Hg (Hg Capital): UK-based private equity investor with significant software/specialist focus and a publicly listed entity (Hg Renewable Trust and related structures). Comparable as both a potential underlying manager in Matador's portfolio and as another liquid-PE access point for European investors.

Direct peers

• ICG Enterprise Trust: London-listed investment company that invests in private equity, primarily through secondary purchases of PE fund interests. It is one of the most direct peers to Matador — same business model (listed vehicle investing in PE secondaries and co-investments) serving a similar European institutional and wealth-client base.
• HarbourVest Global Private Equity Limited: London-listed fund of private equity funds, predominantly investing via secondaries alongside primaries and co-investments. Closely comparable to Matador as a listed, globally diversified PE secondaries vehicle, though materially larger.
• Princess Private Equity Holding Limited: Listed investment company that invests in a diversified portfolio of private equity funds and direct investments. It is the closest direct peer to Matador — also a closed-end listed PE fund-of-funds vehicle providing liquid access to PE, though with a more global mandate.

Regional players

• PEH Wertpapier AG (private investor vehicle): Frankfurt-listed financial holding historically tied to the German-speaking PE investor community. Comparable as a small German/European listed PE-access vehicle competing in a similar geography and investor demographic to Matador.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Matador