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PRISMA Anlagestiftung
Swiss multi-manager foundation channeling pension assets into private equity, credit, infrastructure and secondaries. Led by Georg Rösler from Morges.
PRISMA Anlagestiftung
PRISMA Anlagestiftung was founded in 2000 as a Swiss investment foundation dedicated to providing domestic pension funds with access to private markets they could not reach independently. The founder and CEO, Georg Rösler, built the firm on the legal form of an Anlagestiftung — a unique Swiss cooperative structure that allows multiple pension schemes to co-invest under a single governance umbrella, bypassing the high minimums and operational complexity of direct alternative investing. PRISMA operates as a pure manager-of-managers. It runs dedicated investment groups spanning private equity, private credit, infrastructure, and real estate secondaries. The foundation selects and blends commitments to external general partners globally, with a pronounced focus on European and North American funds. Known relationships include secondaries, infrastructure and real estate mandates allocated across a tightly curated set of institutional fund managers. The model turns the small individual allocations of Swiss Pensionskassen into aggregated pools, securing fee breaks, co-investment rights, and diversification impossible to achieve alone. The foundation reports no public AUM figure. Assets are estimated in the CHF 4-5 billion range based on Swiss pension fund disclosures and the foundation's known membership roster, which exceeds 1,000 affiliated pension vehicles. The Morges-based team is lean by design, relying on fund-manager selection rather than direct deal origination. PRISMA does not maintain satellite offices. In recent years, the foundation has expanded its secondaries and special-situations sleeves, reflecting Swiss pension trustees' growing appetite for discounted NAV acquisition strategies and liquidity solutions. PRISMA's structural differentiator is its Anlagestiftung legal wrapper. Unlike a commercial fund-of-funds, the foundation's nonprofit governance structure and defined-benefit pension client base impose a long-duration mandate with no redemption pressure. This alignment with Swiss pension liability profiles allows PRISMA to commit to closed-end funds and illiquid secondaries strategies that shorter-duration allocators must avoid. Succession planning centers on the board of trustees and investment committee, which consist of pension fund representatives who collectively govern the foundation's strategy, insulating it from key-person risk more than a traditional GP-led firm.
General information
Firm type
Generic
Year founded
2000
AUM
Undisclosed
Location
Region
Europe
Country
Switzerland
City
Morges
Corporate office
Morges, Vaud, Switzerland
Principals
Georg Rösler
CEO
Sector focus
Frequently asked questions
Who runs investment decisions at PRISMA Anlagestiftung?
CEO Georg Rösler oversees the investment program alongside an internal team and an investment committee composed of representatives from affiliated Swiss pension funds. The foundation does not make direct investments; it selects external fund managers for each asset class. Investment committee decisions are guided by the long-duration liability profiles of Swiss second-pillar pension schemes.
How does PRISMA source its underlying fund managers?
PRISMA sources through an open-manager-selection framework rather than a proprietary captive network. The foundation issues public calls for proposals and evaluates external managers across private equity, private credit, infrastructure and real estate secondaries. This transparent procurement process reflects the regulatory and governance expectations of its nonprofit Swiss Anlagestiftung structure.
Is PRISMA structured as a single family office or does it operate more like a venture firm?
PRISMA is neither. It is a Swiss investment foundation (Anlagestiftung) — a nonprofit, tax-exempt cooperative vehicle legally designed to pool pension fund assets. It operates as an institutional fund-of-funds, not a family office, venture firm, or traditional fund manager. Its sole purpose is to serve Swiss second-pillar pension institutions.
Does PRISMA participate in fund commitments or only direct deals?
PRISMA invests exclusively through fund commitments and does not pursue direct co-investments or single-asset deals. The manager-of-managers model is fundamental to its structure: it aggregates commitments from member pension funds and allocates to a curated set of institutional external general partners across private equity, private credit, infrastructure and real estate secondaries.
Which sectors does PRISMA explicitly avoid?
PRISMA has not publicly published exclusion policies per sector. As a Swiss pension-facing vehicle, its investment groups focus on private equity, private credit, infrastructure and real estate secondaries. Highly regulated or ESG-sensitive sectors are typically filtered through the foundation's investment committee and the individual mandates it awards to external fund managers, with Swiss fiduciary standards applied throughout.
How is PRISMA related to its member Swiss pension funds?
PRISMA is legally owned and governed by its member pension funds under the Swiss Anlagestiftung framework. Each member is a Swiss second-pillar Pensionskasse that contributes assets to PRISMA's investment groups. The foundation is not a subsidiary of any single pension fund; it is a cooperative, nonprofit pool that exists solely to serve its collective membership and is overseen by a board of trustees drawn from member institutions.
What is PRISMA's known posture on secondaries and special situations?
Secondaries and special situations form a core part of PRISMA's real estate and private equity allocation. The foundation runs dedicated secondaries sleeves designed to acquire LP interests and portfolios at discounts to NAV. This posture aligns with Swiss pension funds' need for earlier liquidity profiles and attractive risk-adjusted returns within an illiquid asset allocation that otherwise carries multi-year lockups.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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