Last week, two family-owned private banks in Switzerland together with another bank got together and decided to pool their resources and work with a private equity startup called Hermance Capital Partners.
The banks - Bank Pâris Bertrand Sturdza (PBS), Bordier, and Reyl - felt they’d make more of an impact in the private equity world if they pooled their expertise and assets together and work with a private capital specialist called Jacques Chillemi, who founded Luxembourg-based Hermance a few years ago.
Chillemi, who is also head of private equity at PBS, is a seasoned private equity specialist having spent more than 10 years as head of Pictet’s efforts in private markets. Pictet is arguably the most revered name in Swiss private banking and the Geneva bank has built a sizable private equity business since it launched its first fund back in 1989. Chillemi was prominent in those efforts.