B-FLEXION

What B-FLEXION does

B-FLEXION is a private, entrepreneurial investment firm controlled by the Bertarelli family and headquartered in Geneva, Switzerland. Formerly known as Waypoint Capital, the firm rebranded in January 2022 and operates as the second-largest family office in Switzerland with approximately $12 billion in assets under management. B-FLEXION runs a multi-strategy investment platform comprising specialized asset managers — Kedge Capital (hedge funds and private equity, founded 2002), Capital Four (European credit), Longview Partners (global equities), Strategic Investment Group (OCIO), Twelve Securis (insurance-linked securities), Forestay Capital (technology venture capital), Crosstree Real Estate Partners (UK real estate), and Roxbury (Swiss real estate) — alongside direct operating holdings in life sciences through B-FLEXION Life Sciences.

The firm's life sciences franchise is anchored by specialty pharmaceutical company Paratek Pharmaceuticals (acquired 2023, now combined with Radius Health to add osteoporosis therapy TYMLOS), global allergy immunotherapy company Stallergenes Greer (headquartered in Baar, Switzerland), the largest US single-specialty allergy and asthma practice Allergy Partners, precision oncology diagnostics company Naveris, and life sciences venture firm Forge Life Sciences Partners. Forestay Capital maintains an active portfolio of AI/data and digital technology companies across Europe, the US, and Israel, including icometrix, Luminance, Buynomics, Wasabi, and WHOOP.

Revenue is generated through management fees and performance fees across the asset management subsidiaries, capital appreciation and dividends from operating businesses, and capital gains on principal investments. The firm serves institutional investors, family offices, and high-net-worth investors as clients, while operating subsidiaries serve patients (Allergy Partners, Stallergenes Greer), healthcare providers, and pharmaceutical end markets. The Bertarelli family controls B-FLEXION with Ernesto Bertarelli as Chairman, and the firm maintains offices across Europe and the United States.

Name

B-FLEXION

Legal name

B-FLEXION

Website

https://bflexion.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

101–250 employees

Short description

B-FLEXION is a Geneva-based private family investment firm (Bertarelli family, ~$12B AUM) operating a diversified platform of specialized asset managers across hedge funds, credit, equities, ILS, real estate, and tech VC, plus direct operating holdings in life sciences spanning specialty pharma, allergy care, and precision oncology diagnostics.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (52394), Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (525990)

SIC

Investment Advice (6282)

akta.pro primary industry

Business Services (B2B) Growth Equity (FSANACAD)

akta.pro secondary industries

Corporate Finance Advisory (Strategic Finance, Capital Structure & Recaps) (FSAEAGAE), Divestitures, Carve-Outs & Spin-Off Advisory (FSAEAGAL), Corporate Finance & Capital Advisory (BPAHADAB)

Keywords

• Asset management services
• Private equity investments
• Hedge fund management
• Life sciences investing
• Real estate investment

Headquarters

HQ city

Geneva

HQ country

Switzerland

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Supply Chain, Marketing or Sales, Others

Revenue model

1. Investment Management Fees: B-FLEXION operates as a private investment firm managing assets across multiple investment vehicles including hedge funds, private equity, real estate, credit, and insurance-linked securities. Revenue is generated through management fees and performance fees from its various asset management businesses including Kedge Capital, Forestay Capital, Capital Four, Longview Partners, Strategic Investment Group, Twelve Securis, and Forge Life Sciences Partners.
2. Principal Investments: Through B-FLEXION Life Sciences, the firm makes principal investments in operating businesses across biotech, therapeutics, diagnostics, physician practice management, and healthcare services. Acts as an active owner, working closely with portfolio company management.

Distribution channels2 records

Marketing channels3 records

Core offering

B-FLEXION is a private, entrepreneurial investment firm that partners with sophisticated capital to manage assets across multiple investment vehicles including hedge funds, private equity, real estate, credit, insurance-linked securities, and outsourced CIO services. The firm also makes principal investments in operating businesses, with a particular focus on healthcare and life sciences companies spanning biotech, therapeutics, diagnostics, allergy care, and physician practice management. Revenue is generated primarily through management fees, performance fees, and returns on direct operating business holdings.

Product overview

B-FLEXION is a private, entrepreneurial investment firm that operates a portfolio of distinct businesses rather than a unified product platform. The investment firm manages multiple specialized entities across asset management (Kedge Capital for hedge funds and private equity, Capital Four for European credit, Longview Partners for global equities, Twelve Securis for insurance-linked securities, Strategic Investment Group for OCIO services), real estate (Crosstree Real Estate Partners and Roxbury), and life sciences (B-FLEXION Life Sciences). Within life sciences, the portfolio includes pharmaceutical products NUZYRA, XHANCE, and TYMLOS (through Paratek Pharmaceuticals and Radius Health), allergy immunotherapy (Stallergenes Greer), allergy and asthma care (Allergy Partners), and precision oncology diagnostics (NavDx through Naveris). Forestay Capital manages technology investments in software and data companies. The diverse businesses are held as portfolio companies rather than integrated product lines.

Differentiator

Problem solved

Functional benefit

Brands

• B-FLEXION Life Sciences: Investment manager making principal investments in operating businesses across biotech, therapeutics, diagnostics, physician practice management, and more.
• Kedge Capital
• Crosstree Real Estate Partners
• Roxbury
• Forestay Capital
• Capital Four
• Longview Partners
• Strategic Investment Group
• Twelve Securis
• Forge Life Sciences Partners

Products and services

• Kedge Capital Investment firm specializing in risk-controlled investing in financial markets, including hedge funds and private equity. The founding business of the B-FLEXION group, established in 2002.
• Crosstree Real Estate Partners Real estate investment firm combining private equity mindset with local market operating expertise, focusing on the UK market and unlocking maximum value from property-related transactions.
• Roxbury Real estate development company active principally in Switzerland, specializing in development of real estate projects, optimization of existing buildings, and management of a real estate portfolio.
• Forestay Capital Digital tech sector venture capital firm investing in novel, revenue-generating technology companies in Europe, the US, and Israel, primarily through software and data.
• Capital Four European credit asset management business founded in 2007, the largest independent high yield manager in Europe, based in Copenhagen, Denmark.
• Longview Partners Specialist asset management firm founded in 2001, based in London and Guernsey, focused on global equities portfolio management on behalf of predominantly institutional clients and high net worth investors.
• Strategic Investment Group Outsourced Chief Investment Officer (OCIO) industry pioneer founded in 1987, based in Arlington, Virginia, providing sophisticated, customized investment solutions to institutional clients.
• Twelve Securis Insurance-focused investment manager formed from merger of Twelve Capital and Securis Investment Partners, specializing in Cat Bonds and Private ILS with research-driven investment solutions.
• Forge Life Sciences Partners Life science venture capital firm founded to capitalize and build exceptional life science companies, with a team of experienced biotech investors, operators, and entrepreneurs.
• Stallergenes Greer Allergy Immunotherapy Global biopharmaceutical company specializing in allergy immunotherapy products and services, headquartered in Baar, Switzerland, with operations in 21 countries and manufacturing facilities in Europe and the USA.
• Allergy Partners Network The US's largest single specialty allergy and asthma practice with multiple locations across the country, providing high-quality healthcare for patients with asthma and allergic disease, supporting over 300,000 patients.
• Paratek Pharmaceuticals Specialty Portfolio Specialty pharmaceutical platform including NUZYRA (omadacycline) once-daily antibiotic for CABP and ABSSSI, and XHANCE (fluticasone propionate) for chronic rhinosinusitis with or without nasal polyps. Combined with Radius Health, expected to generate nearly $1 billion in 2026 revenue.
• Radius Health Bone Health Franchise Biopharmaceutical company specializing in bone health with lead product TYMLOS (abaloparatide), a parathyroid hormone related peptide injection approved for treatment of postmenopausal women and men with osteoporosis at high risk for fracture.
• Naveris NavDx Cancer Diagnostics Commercial-stage precision oncology diagnostics company with the NavDx blood test that detects tumor tissue-modified viral (TTMV) HPV DNA to support post-treatment surveillance and molecular residual disease (MRD) assessment in HPV-driven cancers.

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core portfolio and portfolio investment.

• Allergy Partnerscore portfolioStrategic or Co-development Partner · 6 November 2025Allergy Partners is the US's largest single specialty allergy and asthma practice with multiple locations across the country, backed by B-FLEXION's strategic investments. Supports over 300,000 patients.
• Kandouportfolio investmentStrategic or Co-development Partner · 23 September 2019Forestay Capital invested in Kandou, a global leader in connectivity IP and chip solutions.
• icometrixportfolio investmentStrategic or Co-development Partner · 14 May 2019Forestay Capital invested $18 million in icometrix, the brain imaging AI leader. icobrain software is CE-marked and FDA-cleared, used in more than 100 hospitals. Four out of Top Five pharmaceutical companies use icobrain in their studies.
• BlueBoticsportfolio investmentStrategic or Co-development Partner · 26 September 2018Forestay Capital invested in BlueBotics, a Swiss navigation technology company developing and selling leading navigation technologies for industrial vehicle automation. ANT product line installed in over 1,000 vehicles globally.
• Wasabiportfolio investmentStrategic or Co-development Partner · 17 September 2018Forestay Capital invested in Wasabi, the hot cloud storage company. Wasabi raised $68 million in Series B funding with Forestay as their first foreign investor. Wasabi is 80% cheaper and 6x faster than Amazon S3.
• Affidea Groupcore portfolioStrategic or Co-development Partner · 6 April 2017Affidea is owned by trusts and funds associated with the Bertarelli family, managed by Waypoint Capital. Affidea is the leading Pan-European provider of diagnostic imaging and cancer treatment services, operating in 16 countries with 235 centers. Affidea partnered with icometrix for AI deployment.
• Crossover Healthportfolio investmentStrategic or Co-development Partner · 7 December 2016Gurnet Point Capital invested $92 million in Crossover Health, a next generation provider of employee health care developing on-site and near-site health centers. Crossover Health serves approximately 50,000 employees of market leading companies.

Scale indicators3 records

Recent moves12 records

Expansion highlights6 records

Direct peers

• Patient Square Capital: Dedicated healthcare investment firm with $15B+ AUM that partnered with B-FLEXION Life Sciences on the take-private of Radius Health. Most direct comparable in healthcare PE.
• Patient Square Capital: Healthcare-focused private equity firm with $15B+ AUM that co-invested with B-FLEXION Life Sciences in Radius Health and the Paratek combination. Directly comparable as a healthcare-dedicated investment platform.
• Gurnet Point Capital: B-FLEXION's healthcare-dedicated investment vehicle (formerly Waypoint's US healthcare arm) led by Chris Viehbacher with $2B initial allocation. Directly comparable in mandate, geography, and sector focus.
• Webster Equity Partners: Healthcare-focused PE firm that co-invested with B-FLEXION in Radius Health. Comparable as a private equity platform focused on high-growth healthcare organizations.
• Waypoint Capital (historical) / Bertarelli family office peers: Freemont Management is the largest Swiss family office ($30B AUM) and the most direct peer to B-FLEXION in scale, structure, and multi-strategy investment approach.

Emerging players

• Forestay Capital (internal) vs. Index Ventures: European-headquartered tech venture capital firm investing in software and data. Comparable to Forestay Capital in geography, sector focus, and stage, though Index is significantly larger.

Broad incumbents

• Pictet Group: Swiss-headquartered private bank and asset manager with multi-strategy investment capabilities. Comparable in Swiss heritage, private ownership, and broad investment platform spanning asset management and direct holdings.
• Blackstone (alternative asset manager): Global alternative asset manager with credit, real estate, private equity, and life sciences franchises. Comparable as a multi-strategy alternative platform; Crosstree's leadership came from Blackstone's UK real estate team.
• KKR (alternative asset manager): Global alternative asset manager with private equity, credit, real estate, and healthcare/life sciences investment capabilities. Comparable in multi-strategy breadth and direct operating company ownership.
• Strategic Investment Group peers (e.g., Russell Investments): Large outsourced CIO (OCIO) provider serving institutional clients. Comparable to Strategic Investment Group in OCIO services and institutional asset management focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/b-flexion

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about B-FLEXION