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Max-Hervé George has established himself as a dynamic and influential figure in the world of private markets, recognized for his entrepreneurial spirit and strategic approach to investment. As the Founder and CEO of Icona Capital and Co-Chairman and Co-CEO of SWI Group, George has built a notable career centered on developing high-value assets and capitalizing on strategic opportunities across diverse sectors.
Born in 1989, George demonstrated an early interest in finance and economics. His path into business began with a focus on real estate and private equity, leading to the co-founding of Ultima Capital in 2012. Ultima Capital quickly became known for its specialization in ultra-luxury hospitality and real estate, including the development of the prestigious Ultima Gstaad hotel. George successfully led the company, overseeing its growth and an eventual IPO in 2019 before selling his stake in 2023.
Icona Capital: A Global Investment Powerhouse
George founded Icona Capital in 2019, building it into a significant global investment platform. Icona Capital focuses on asset-backed opportunities and structured alternatives, showcasing a forward-thinking approach to investment across sectors like private credit, real estate, and data centers. The firm’s commitment to strategic ventures and delivering exceptional results has positioned it as a key player in the alternative investment landscape.
A recent highlight of Icona Capital’s activity includes the acquisition of an island in the Maldives for an ultra-luxury development, demonstrating George’s continued passion for high-end hospitality and property development.
The Formation of SWI Group
A pivotal moment in George’s career was the strategic merger of Icona Capital and Stoneweg, resulting in the creation of SWI Group in March 2025. This merger established a robust alternative investment platform with over €10 billion in assets under management.
Under George’s leadership as Co-Chairman and Co-CEO, SWI Group focuses on European real estate and digital infrastructure. The new entity operates with a strategic dual structure: Stoneweg Real Assets and Icona Alternatives, combining expertise in real estate development, structured finance, and thematic investing. This integration provides the group with a formidable presence and the capability to undertake large-scale, complex investments globally.
SWI Group has wasted no time in making a significant impact, notably acquiring Cromwell Property Group’s European fund management platform shortly after the merger. The group is actively targeting growth in key areas, including AI-ready data centers and logistics facilities, leveraging a unique blend of global scale and local expertise across 26 offices in 18 countries.
Recognition and Philanthropy
George’s achievements have earned him notable recognition. In 2019, he was featured on the Forbes 30 Under 30 list and appeared on the cover of Forbes magazine, highlighting his success as a young entrepreneur. He has also been recognized by prominent Swiss business publications.
Beyond his business endeavors, George is a dedicated partner of the International Judo Federation (IJF). His support extends to promoting the sport and its values, showcasing his commitment to supporting cultural projects and organizations that aim to create positive change. His involvement in the IJF, including his presence at major events like the Tokyo Olympics, underscores his commitment to integrity, respect, and shared principles, both in business and in life.
