Private equity, private credit, real estate and hedge funds are now firmly established in European wealth management. Three-quarters of the advisers surveyed already use them. However, penetration remains low: only one in ten advisers has invested in alternatives for more than one-fifth of their clients.  

This is shown by the new “Europe Advisor Survey 2026” by iCapital. For the European analysis, 380 finance professionals from Switzerland, Germany, France, the United Kingdom and the Nordic countries were surveyed. Globally, the study includes 870 participants.

For Switzerland, responses from 56 advisers are available. Seventy-seven percent already use alternative investments.     

Swiss Advisers Decide Particularly Often on Their Own

What stands out in particular is where investment decisions are made. In Switzerland, 61 percent of wealth managers rely on the chief investment officer (CIO) or an internal investment committee. Across Europe, the figure is only 48 percent.

This makes Switzerland the market in the study most shaped by internal investment bodies. Only 23 percent use model portfolios from external asset managers or strategists, the second-lowest figure in Europe after the United Kingdom.

The difference to Germany is considerable. There, 38 percent use model portfolios from external providers, compared with 30 percent on the European average. In the United Kingdom, by contrast, the figure is only 16 percent.

For asset managers, this changes the sales approach: in Switzerland, a product has to convince less the individual adviser than the CIO or a professional investment committee.

AI: Switzerland With a Clear Lead

The differences are even more pronounced when it comes to the use of artificial intelligence. Fifty-four percent of advisers in Switzerland say AI-supported tools for portfolio construction and sizing alternative positions are a priority.

Across Europe, the figure is only 37 percent. No other European market surveyed shows higher demand. In Switzerland, AI tools are therefore on a par with digital tools for client information and communication. 

More Private Equity, Less Hedge Funds

Switzerland also differs in the choice of asset classes. Seventy-seven percent of Swiss advisers are particularly interested in private equity, compared with 66 percent on the European average. This gives Switzerland the second-highest demand for private equity among the markets surveyed. At the other end are hedge funds: at just 27 percent, interest in Switzerland is as low as in no other European market surveyed.

Across Europe, private equity remains the most sought-after alternative at 66 percent. Real estate, however, has caught up strongly: interest rose from 44 to 54 percent within a year. Private credit, by contrast, fell from 56 to 43 percent, and hedge funds from 54 to 42 percent. Venture capital rose from 26 to 37 percent.

This Is in Demand in Europe

Source: iCapital

Switzerland More Cautious About Further Expansion

There is, however, an interesting countertrend. Despite their wide adoption, Swiss advisers want to expand alternative investments less aggressively than their European peers.

Only 30 percent plan higher allocations over the next 12 months, compared with 36 percent in Europe. At the same time, 21 percent want to reduce their exposure, versus 16 percent across Europe.

Europe as a whole is also clearly polarizing. The share of advisers who want to invest more in alternatives has risen from 10 to 36 percent compared with the previous year. At the same time, however, the share of those wanting to reduce exposure also increased, from 3 to 16 percent.

Source: iCapital

The Right Tools Are Missing

The bottleneck now lies less in fundamental interest than in implementation. Sixty-one percent of Swiss advisers complain about a lack of suitable model portfolios for alternative investments – the highest figure in Europe and five percentage points above the European average.

Another 57 percent cite difficulties in assessing liquidity and risk positions. Precisely because Swiss firms so often make decisions internally, these shortcomings weigh heavily.

The problem is by no means limited to Switzerland. Across Europe, 56 percent cite missing model portfolios as a challenge, 54 percent the impact of alternatives on overall portfolio construction, and 52 percent the assessment of liquidity and risk.

Europe Is Not a Uniform Market

The international comparison shows substantial differences. France records the highest interest in private equity, at 79 percent. In the United Kingdom, by contrast, access to institutional products is the biggest problem: 72 percent complain about corresponding restrictions. 

The study was conducted in the first half of 2026 by an independent market research firm using telephone interviews and online follow-up. Registered finance professionals whose client base consists of at least 50 percent private individuals or families were surveyed.