Sparks - Matador Secondary Private Equity

Matador Secondary Private Equity, a Swiss-listed investment company specialising in private equity secondary investments, today reported record distributions of CHF3.0m from its fund portfolio in Q326, based on preliminary unaudited figures. With capital calls declining to CHF0.44m, net portfolio cash inflow reached c CHF2.6m, compared with CHF0.6m in H126. Distributions were supported by small- and mid-market buyout exits, initial proceeds from SpaceX sales and other technology investments.

Distributions reached CHF7.0m in the first nine months of 2026, equivalent to 10.5% of the opening private equity fund portfolio value and already exceeding the CHF6.6m recorded in FY25. Meanwhile, net gains on financial investments reached CHF5.4m (FY25: CHF4.3m), equivalent to c 8% of the opening CHF69.0m portfolio of investments measured at fair value, including CHF1.4m in Q326. Management expects further portfolio appreciation and clearly positive portfolio cash flow in Q426.

The latest figures provide further evidence of improving cash generation from Matador’s mature private equity portfolio, which could increase its capacity to reinvest distributions in new secondary opportunities. The extent of this capacity will also depend on Matador’s holding-level financing costs and other cash requirements.