Matador Secondary Private Equity is a Swiss-listed investment company offering a differentiated route to access private equity (PE) through secondary market investments.
There are four key reasons why Matador Secondary Private Equity represents a compelling investment case.
1. The company offers a convenient route to an important asset class.
PE has established itself as an important asset class for institutional investors globally as it provides access to actively managed, attractive companies not accessible through public markets. The inclusion of this asset class in a diversified portfolio becomes even more important considering the trend of companies staying private for longer. PE investments are normally difficult to access for retail investors and sometimes even institutional investors. However, the listed company Matador Secondary Private Equity offers a convenient way to gain exposure to otherwise hard-to-access PE managers, accessible through a single share. Matador Secondary Private Equity targets a 12% NAV total return per year, which it was able to exceed in Swiss franc terms since its launch in 2005.
2. Secondary investments offer distinct advantages over investments in new PE funds.
PE secondary investments, which Matador Secondary Private Equity focuses on, mitigate the J-curve effect. The J-curve effect arises from the fact that PE funds need to gradually deploy capital and ramp up their value creation activities across portfolio companies, before they can show meaningful value accretion of the portfolio. Matador Secondary Private Equity targets investments after the second and before the seventh year of a fund’s life, when the fund’s cash flow profile improves as distributions pick up and capital calls moderate. The company expects limited capital calls coupled with a significant increase in distributions in the coming years and plans to deploy the surplus cash flow into new investments. Secondary investments are also subject to a lower blind-pool risk and better portfolio diversification from day one as the fund already acquired a substantial number of holdings at this stage that can be subject to Matador Secondary Private Equity’s due diligence ahead of making a secondary investment in the fund. The company’s current portfolio is broadly diversified across regions, sectors, vintages and styles, and offers exposure to around 1,000 underlying private companies. As a result, PE secondary investments are normally characterised by lower volatility in returns compared to primary investments. Secondary investments may at times be made at a substantial discount to the NAV of the underlying portfolio.
3. Small and mid-cap buyouts are an attractive PE market segment.
Matador Secondary Private Equity invests primarily in funds focused on small and mid-cap buyouts with enterprise values between €100m and €1bn, which offers several potential advantages. Many of the acquired companies have not been owned by PE investors before and, therefore, are a low-hanging fruit in terms of value creation. Portfolio exits are less dependent on the IPO market, with the ability to sell into the PE large cap space, as well as trade buyers. Moreover, deals are less reliant on funding via syndicated loans (which can be muted during market downturns). Finally, small and mid-cap buyouts often involve less leverage than large and mega buyouts. Matador Secondary Private Equity also invests in secondary funds active in the large-cap buyout markets, as well as the venture capital market. However, most exits stem from the small and mid-cap buyout space. For many years, these exits have consistently delivered cash proceeds in the double-digit percentage range, relative to opening NAV.
4. Matador Secondary Private Equity benefits from a wide deal origination network.
Dr Florian Dillinger, the company’s founder, CEO and major shareholder, and his long-term business partner Detlef Mackewicz, the founder and owner of Mackewicz & Partner, have been active in the PE industry for over two decades. This allowed them to build an extensive deal sourcing network. Detlef is member of Matador Secondary Private Equity’s advisory board together with Maria Andersson, who heads a large single-family office with extensive experience as an investment manager and reliable partner. Both support the company in defining its investment strategy and in evaluating, reviewing and selecting its PE investments and secondary transactions. Dr Robert Ettlin is a co-founding shareholder and member of the board of directors of Matador Secondary Private Equity. As an attorney-at-law and notary public, he supports the company and its team in all legal matters. Working alongside the board of directors and senior partners, newly appointed CFO Alexander Lachmann will support the future growth of the company. Matador Secondary Private Equity partners with a carefully selected list of high-conviction investment managers. Through this network, the company reviews 300–400 potential investments per year but aims to make only three to four investments annually.
Published 11 March 2026
