The non-core investments area is the smallest business within the CIR group. Over the past few years, CIR has set up several initiatives.
CIR Ventures is the venture capital fund of the group. At the end of 2011 it had investments in four companies, of which three are in the United States and one in Israel. These companies all operate in the sector of information and communications technology. The total fair value of these investments as of December 31, 2011 was 15.8 million dollars.
Private equity funds
The CIR group holds a diversified portfolio of funds and minority private equity holdings, the fair value of which determined on the basis of the NAV provided by the various funds was approximately 87.8 million euros at December 31 2011.
Swiss Education Group
During the third quarter 2011, the CIR group acquired an interest of approximately 20% in the company SEG (Swiss Education Group), one of the world leaders in hospitality management training (hotels, restaurants, etc.) for an amount of about 28 million euro. Founded in 1982, the SEG group has five hospitality management schools and a language school in Switzerland with a total of around 4,600 students from more than 70 countries worldwide. The annual turnover of the SEG group is around 100 million euro.