The article discusses lessons learned about managing risks from a private equity fund-of-funds in Switzerland. The fund-of-funds concept started there in the late 1990s, attracting a diverse group of professionals with backgrounds in private equity, industry, consulting, and investment management. The Swiss private equity industry has been successful in raising capital globally by understanding different investment cultures. The chapter focuses on Private Equity Holding AG (PEH), a Swiss fund-of-funds managed by the Vontobel Group. PEH, based in Zug, has subsidiaries forming the Private Equity Group. The article also looks at the publicly quoted private equity funds-of-funds market and delves into PEH's history during a specific period.