B-FLEXION

B-FLEXION is a private entrepreneurial investment firm based in Geneva and London that establishes, partners with, and grows specialized asset management businesses across alternative investment strategies. The firm manages billions of dollars in assets originating from the Bertarelli family wealth following the historic $13.3 billion sale of the biotechnology company Serono. Operating across private equity, venture capital, real estate, and life sciences, the organization also directly expands operating businesses in transformative healthcare sectors. Its portfolio includes full ownership of Affidea, which operates 319 medical centers across 15 countries, alongside affiliated asset managers like Forestay Capital and Gurnet Point Capital. In 2023, its healthcare affiliate partnered with Novo Holdings to acquire a pharmaceutical company in a public market transaction valued at approximately $462 million. The investment group was founded in 2012 by Ernesto Bertarelli.

# B-FLEXION: High-Level Overview

B-FLEXION is a London-based private investment firm founded in 1906 that builds and backs diversified businesses through long-term capital and active strategic support.[1][5] The firm operates with a dual mandate: seeding, acquiring, and building asset management partnerships across multiple disciplines (private equity, venture capital, infrastructure, hedge funds, and credit), while simultaneously making principal investments in operating businesses in transformative sectors.[1][2]

The firm's investment philosophy combines multi-generational family values, entrepreneurial mindset, and institutional private equity disciplines.[1] B-FLEXION's core operating focus centers on Life Sciences, Healthcare Services, and Digital Health, where it pursues targeted investments in biopharma, diagnostics, and innovative healthcare services.[1][2] This dual-track approach—partnering with asset managers while building operating companies—positions B-FLEXION as both a capital allocator and an active operator in high-growth sectors.

# Origin Story

B-FLEXION's lineage traces back over a century to 1906, when Cesare Serono founded the company with a pharmaceutical product called Bioplastina, which achieved significant commercial success by the 1920s.[4] The modern investment structure emerged from the proceeds of Serono's 2000 NYSE listing, which catalyzed the creation of Kedge Capital (investing in hedge funds and private equity) and subsequent asset management vehicles including Crosstree Real Estate Partners and Northill Capital.[4]

A pivotal evolution occurred when Waypoint Capital was launched to consolidate the emerging group and capitalize on global investment trends.[4] The firm underwent a strategic rebrand to B-FLEXION to reflect its evolved strategy and unique positioning in the market.[4] This transformation signaled a shift toward a more integrated model combining asset management seeding with direct operating company investments.

# Core Differentiators

• Integrated dual-mandate model: Unlike traditional PE firms focused solely on fund management or operating companies, B-FLEXION simultaneously seeds and builds asset managers while making principal investments in operating businesses, creating cross-pollination of capital and expertise.[1][2]

• Sector specialization with depth: The firm has developed significant expertise in Life Sciences, Healthcare Services, and Digital Health—sectors requiring deep domain knowledge and long-term patient capital.[1][2] This focus allows for strategic value creation beyond financial returns.

• Active ownership philosophy: B-FLEXION operates as an "active owner," providing strategic support alongside capital, rather than taking a passive investment stance.[1]

• Multi-generational institutional approach: The firm combines family office values with institutional private equity disciplines, enabling both patient, long-term capital deployment and professional operational rigor.[1]

• Proven track record in healthcare transformation: B-FLEXION's portfolio includes Affidea (Europe's leading diagnostic imaging and cancer care provider operating 319 centres across 15 countries) and Stallergenes Greer (a global biopharmaceutical company in allergy immunotherapy), demonstrating execution capability in scaling healthcare businesses.[4]

# Role in the Broader Tech and Healthcare Landscape

B-FLEXION operates at the intersection of several powerful macro trends: the digitalization of healthcare, the consolidation of fragmented healthcare services, and the rise of specialized asset managers focused on alternative investments. The firm's emphasis on Digital Health and Healthcare Services positions it to benefit from aging populations, increased healthcare spending, and the shift toward outpatient and diagnostic-led care models.

By building asset management partnerships across diverse strategies (from hedge funds to infrastructure), B-FLEXION also participates in the broader institutionalization of alternative assets, where family offices and institutional investors increasingly allocate capital to specialized managers rather than traditional public markets. The firm's ability to seed and acquire these managers gives it strategic leverage in capturing emerging investment trends.

# Quick Take & Future Outlook

B-FLEXION represents a hybrid institutional model that blurs traditional boundaries between family office, private equity, and asset management. As healthcare systems globally face pressure to modernize and consolidate, and as alternative asset classes continue to attract capital, B-FLEXION's dual focus on building healthcare operating companies and seeding specialized asset managers positions it well for sustained influence.

The firm's future trajectory will likely depend on its ability to scale Digital Health investments in Europe and beyond (through Forestay Capital), continue consolidating fragmented healthcare services (building on Affidea's model), and maintain strong performance across its asset management partnerships. In an era where patient capital and operational expertise are increasingly valued, B-FLEXION's integrated approach—combining long-term ownership with active strategic support—offers a compelling alternative to traditional financial engineering.