# GAM Investments

GAM Investments is a Generic based in Zurich, Switzerland.

## Overview

- **Organization type:** Generic
- **Headquarters:** Zurich, Switzerland
- **Region:** Europe
- **Address:** Zurich, Switzerland
- **Founded:** 1983
- **Assets under management:** Undisclosed
- **Website:** gam.com
- **LinkedIn:** https://www.linkedin.com/company/gam-investments

## Regulatory record

- **Reports private funds:** No

## About

GAM Investments is an investment platform founded in 1983 in Zurich, Switzerland. It offers active management services across various asset classes to institutions, financial advisers, and private investors. The company provides active investing, alternative investing, and wealth management services.

## Sectors

- Fund of Funds
- Private Equity
- Real Estate
- Private Credit
- Secondaries & Special Situations

## Offices

- London
- New York
- Hong Kong
- Milan
- Luxembourg
- Dublin

## People

- Elmar Zumbühl — Group Chief Executive Officer

## Questions

### How does GAM's private-markets business actually deploy capital?

GAM operates primarily as a fund-of-funds, selecting external private equity, private credit, real estate and infrastructure managers and committing client capital to their funds. It also builds concentrated co-investment sleeves alongside those GPs, allowing direct exposure to specific assets. The firm does not run its own direct private equity deal teams — its edge is manager selection and co-investment underwriting.

### What happened to GAM after the bond fund issues in 2018–2019?

GAM suffered significant outflows after suspending a star fixed-income manager in 2018, triggering a multi-year restructuring that eroded its AUM base from over CHF 150 billion to roughly CHF 60 billion. The private-markets fund-of-funds business was relatively insulated operationally but faced second-order pressure as the parent company's crisis of confidence affected institutional relationships. The 2023 Liontrust acquisition effectively closed that chapter.

### Does GAM compete with firms like Partners Group or Hamilton Lane?

Partially. GAM's fund-of-funds model overlaps with Hamilton Lane's advisory and fund-of-funds mandates, but GAM lacks the direct investment and GP stakes businesses that define Partners Group. GAM's client base skews more toward European private banks and Swiss institutional mandates, whereas Partners Group and Hamilton Lane compete globally across sovereign wealth and pension channels.

### How does the Liontrust acquisition affect the private-markets business?

Liontrust, a UK-listed asset manager focused on equities and multi-asset funds, acquired GAM in 2023 in an all-share deal. The private-markets unit continued to operate under the GAM brand post-acquisition. The strategic logic was distribution cross-selling — Liontrust gaining access to GAM's European private-banking relationships, while GAM's fund-of-funds platform adds private-markets expertise to Liontrust's predominantly public-markets product shelf.

### What is GAM's known posture on co-investments alongside external GPs?

GAM actively builds co-investment portfolios as part of its fund-of-funds mandates, using the GP relationships it cultivates through primary fund commitments to source co-investment opportunities. Ticket sizes are generally modest — in the single-digit millions — reflecting the firm's focus on wholesale and private-bank clients rather than large sovereign or pension mandates that write $50 million-plus co-investment checks.

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Last updated: 2026-06-03T20:00:00.000Z

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