Record Financial Group Expands Private Markets Through Admicasa Partnership
London-based Record Financial Group (LSE: REC) has secured a 50% participation in Swiss-based Admicasa Fondsleitung AG as of July 1, 2026. This move marks an important step in the continued expansion of Record’s private markets platform, leveraging Admicasa’s CHF 600 million in assets and real estate projects to develop investment opportunities in the Swiss and Global real estate market.
Strategic Alignment in the Swiss Real Estate Market
The partnership, which remains subject to regulatory approval, grants RAM Swiss Holding AG a 50% participation in the Admicasa Fondsleitung AG. By acquiring this stake in Admicasa Fondsleitung AG, Record integrates its existing institutional client base—comprising pension funds, foundations, sovereign institutions and other asset managers—with specialized real estate investment vehicles. Record currently manages USD 115 billion globally, and has operated an office in Zurich since 2017.
The integration of Admicasa allows Record to offer investment solutions that complement its established infrastructure equity and private credit strategies.
Infrastructure and the Institutional Pivot
Record’s expansion into private markets has been methodical. The firm’s 2024 infrastructure equity launch, which secured EUR 1.1 billion of commitments at launch, set the precedent for this current real estate venture. By utilizing a dedicated co-investment vehicle, Record has successfully aligned its interests with major asset owners, such as those participating in the APG Asset Owner Partnership programme.
The transition from a foreign exchange and risk management specialist to a diversified private markets player has seen private market-related activities now representing around one third of the Group’s revenues.
Operational Synergies and Future Growth
Admicasa, regulated by FINMA, brings a localized, entrepreneurial approach to asset management that Record intends to scale. With CHF 600 million in existing assets and a pipeline of new investment strategies and fund launches, the partnership is positioned to capture additional market share among family offices and institutional investors. Dr. Jan Hendrik Witte, CEO of Record, noted that the collaboration represents a “natural extension” of the group’s commitment to differentiated investment opportunities. Michel Kade, CEO of Admicasa, emphasized that the partnership provides the necessary investment capabilities to accelerate the firm’s growth trajectory.
Market Trajectory and Capital Deployment
Private market-related activities currently account for approximately one-third of the Group’s total revenues. As regulatory approvals clear, the focus will shift to the speed of the new fund launches.
The successful execution of this partnership will likely serve as a blueprint for Record’s future expansion into other asset classes. As the firm continues to prioritize bespoke investment solutions, the reliance on high-quality partnerships in the Swiss market remains a central pillar of its long-term growth strategy.