Matador Secondary Private Equity Ag · BX:SQL
Matador Secondary Private Equity — Investor Presentation (January 2026)
21 slides from Matador Secondary Private Equity's investor presentation, January 2026
Slide 1: Liquidity as a competitive advantage
L IQUIDITY AS A COMPETITIVE ADVANTAGE YOUR ACCESS TO PRIVATE EQUITY AS AN INVESTOR – STEADY AND LOW CORRELATED RETURNS
Slide 2: Disclaimer
DISCLAIMER Important notice This document does not constitute a public offer to purchase shares in Matador Secondary Private Equity AG, CH-Sarnen, (the ‘Company’). It has been prepared by the Company for informational purposes only. This document is confidential and may not be copied, disclosed to a
Slide 3: Super Summary
SUPER SUMMARY OVERVIEW BUSINESS MODEL Illiquidity of private equity market to Matador’s Business purpose is direct investment in secondary advantage. private equity via a public limited company. Continuous returns from investments enable ongoing Established 2005 in Switzerland. portfolio expansion w
Slide 4: Management / Advisory Board
MANAGEMENT / ADVISORY BOARD Dr. Florian Dillinger Dr. Robert Ettlin Maria H. Andersson Detlef Mackewicz Alexander Lachmann Chairman Board of Directors Board of Directors Senior Partner, Advisory Board Senior Partner, Advisory Board CFO As founder and major shareholder As a lawyer, notary and partner
Slide 5: Historic Performance / Shareholder Structure
HISTORIC PERFORMANCE / SHAREHOLDER STRUCTURE ❖ Performance > 12% p.a. since establishment (CHF based). ❖ Continuous growth across all economic cycles through investment focus on secondary private equity. Share price / Net Asset Value since establishment in EUR Shareholder structure 6.00 7% 5.00 26%
Slide 6: Private Equity Market and the Outperformance vs Public Markets
PRIVATE EQUITY MARKET AND THE OUTPERFORMANCE VS PUBLIC MARKETS Around 87% of U.S. companies with over USD 100 million in revenue are privately held, with only about 13% being public, a significant shift showing more companies staying private longer. This trend means a vast majority of substantial bu
Slide 7: Private Equity Market: Secondary Private Equity Returns
PRIVATE EQUITY MARKET: SECONDARY PRIVATE EQUITY RETURNS Optimal risk/reward profile Secondary private equity, i.e. buying existing stakes in private equity funds, has been ✓ Especially in times of crisis ❖ highly profitable for over 20 years in every vintage year, is an optimal time to invest ❖ with
Slide 8: Private Equity Market / Secondary Private Equity in the Spotlight
PRIVATE EQUITY MARKET / SECONDARY PRIVATE EQUITY IN THE SPOTLIGHT Transaction volume in secondary The reasons for selling can be based on a wide variety of considerations, e.g.: private equity in billion USD: 250 Strategic reduction in investments / number of manager relationships (maintaining weigh
Slide 9: Advantages of Secondary Private Equity
ADVANTAGES OF SECONDARY PRIVATE EQUITY Risk/reward ratio is significantly more attractive in secondary private equity than in traditional private equity: ❖ No blind pool risk, as investments are already known, analysed and included in the purchase decision. ❖ Due to illiquidity of private equity inv
Slide 10: Portfolio – Allocation
PORTFOLIO – ALLOCATION Matador's broadly diversified private equity portfolio in relation to the NAV of CHF 68.8m (31 December 2024). Regions 7% Investment style 3% 2% USA 12% Europe Small- & Midcap Buyout 42% Large Buyout 33% Asia Technologie bzw. Venture Capital 16% Emerging Growth Markets Co-Inve
Slide 11: Portfolio – Allocation
PORTFOLIO – ALLOCATION Matador's portfolio is extensively diversified across regions, sectors and styles, comprising 22 private equity funds. Focus on Mid & Small Buyout in USA and Europe. Large Buyout ARDIAN AESF V ARDIAN ASF VI ARDIAN ASF VIII Capital Dynamics GS III Capital Dynamics GS IV Mid Buy
Slide 12: Portfolio – Allocation
PORTFOLIO – ALLOCATION General Partner extract: Large Buyout Mid Buyout Small Buyout VC/Growth 12 Germany Europe USA Asia
Slide 13: Portfolio – Largest Holdings in Detail
PORTFOLIO – LARGEST HOLDINGS IN DETAIL Manager Funds NAV 31.12.2024 YoY Net TVPI Net IRR Vintage 31.12.2024 31.12.2024 ARDIAN Secondary VIII 3‘878m + 27% 1.39x 14% 2018 Capital Dynamics Global Secondary V 7‘418m + 0% 1.63x 14.2% 2021 KVC Secondaries Fund II 6‘576m - 7% 1.2x 7% 2020 RCP SOF III 6‘698
Slide 14: Investment Process
INVESTMENT PROCESS Potential investments via the network Ca 300-400 per year Preselection Track record, investment focus, Ca 100-150 per year Continuity within the team,... Due diligence screening, rating, benchmarking Discussion in the Investment Committee Decision Ca 5-10 per year Project Pegasus
Slide 15: Investment Strategy – What's Important in Private Equity Investments
INVESTMENT STRATEGY – WHAT’S IMPORTANT IN PRIVATE EQUITY INVESTMENTS In addition to historically proven and outstanding track record, continuity within our private Track record equity managers' teams plays a decisive role. Matador pursues a ‘buy and hold’ investment strategy. Private equity investme
Slide 16: Company Profile – Historic Performance and Goals
COMPANY PROFILE – HISTORIC PERFORMANCE AND GOALS Performance on average invested capital (PE NAV) Distributions from average invested capital (PE NAV) 27.03% ❖ Target return: 12% p.a. performance of the private equity portfolio. Performance = unrealised value adjustments +/- profit/loss from fund 16
Slide 17: Company Profile – Portfolio Cash Flow and Development
COMPANY PROFILE – PORTFOLIO CASH FLOW AND DEVELOPMENT Portfolio cash flow 2018 - 2024 without disposals 15 Millions CHF 10 8.6 6.5 6.7 5 2.7 3.4 3.1 2.3 0 -5 -4.8 -10 -7.3 -9.0 -8.3 -10.4 -15 -15.5 -20 -25 -30 -27.1 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Distributions Capital calls
Slide 18: Company Profile – KPIs and Balance Sheet
COMPANY PROFILE – KPIS AND BALANCE SHEET KPIs in CHF Robust balance sheet NAV portfolio/shares outstanding NAV portfolio adj for disposals/shares out. 100 Millions CHF Book value/shares outstanding Closing price on BX 90 Current ST debt assets 80 4.75 4.70 Fixed 70 assets LT debt 5 4.38 4.35 4.35 4.
Slide 19: Summary – What Is Matador Offering Its Shareholders?
SUMMARY – WHAT IS MATADOR SECONDARY PRIVATE EQUITY AG OFFERING ITS SHAREHOLDERS? Listed private equity company in Switzerland with focus on secondaries. Secondary private equity very stable and more profitable compared to other asset classes. Diversification: broadly diversified portfolio across reg
Slide 20: Financial and Events Calendar / Share Information
FINANCIAL AND EVENTS CALENDAR / SHARE INFORMATION Half-yearly reporting according to Swiss GAAP FER / switch to IFRS from FY 2026 onwards Financial and events calendar: ❖ 30.09.26 Half-year report 2026 IR – contact: ❖ 16.04.26 Annual General Meeting ❖ 19.03.26 Annual report 2025 ❖ 04.02.26 Hamburger
Slide 21: Matador Secondary Private Equity AG
Matador Secondary Private Equity AG Grundacher 5 CH-6060 Sarnen www.matador.ch LIQUIDITY AS A COMPETITIVE ADVANTAGE
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