UBS Capital

UBS Capital evolved through the 1998 merger of Union Bank of Switzerland and Swiss Bank Corporation, which combined the asset management operations of Phillips & Drew and Brinson Partners. Historically operating as a distinct private equity brand, it was eventually integrated into the broader UBS Asset Management division following a major rebranding and unification effort in 2003. The firm manages investments across several alternative asset classes, including private equity, infrastructure, and real estate.

In recent years, the firm has focused on integrating its private market capabilities into a unified Real Estate and Private Markets (REPM) business area. This division provides institutional and private clients with access to global investment opportunities. Notably, in 2023, the parent company acquired its longtime rival Credit Suisse in a government-brokered emergency deal, significantly expanding its global asset base and private market reach. In 2025, the firm adjusted its investment policies to allow for broader defense sector participation in response to shifting geopolitical rearmament trends in Europe.