B-FLEXION
Also known as B-Flexion, Waypoint Capital, B-FLEXION Life Sciences
Geneva-based investment group of the Bertarelli family that builds asset managers, owns life sciences and healthcare businesses and, via Forestay Capital, backs technology companies.
USEFUL FOR Fund managers raising capital · Business owners seeking a long-term partner · Co-investors
Investment group of the Bertarelli family (Ernesto Bertarelli), headquartered in Geneva; called Waypoint Capital until 2022. Group businesses with their own names include Kedge Capital, Crosstree Real Estate Partners, Northill Capital (an investor in asset management businesses, formed 2010-11) and Forestay Capital, the group's digital technology investing arm.
Family & background
- FAMILY
- Bertarelli
- WEALTH ORIGIN
- Pharmaceuticals (Serono, acquired by Merck in 2007)
- HEADQUARTERS
- Geneva, Switzerland
Investment approach
- GEOGRAPHY
- EuropeUnited StatesIsrael
- STAGES
- Series BGrowthBuyout
- ROUTES
- Companies (own capital) · Funds (as LP)
- STRATEGIES
- Direct investmentsVenture capitalPrivate equityFunds (as LP)Hedge fundsReal estate
- LATEST DEAL
- Reco AI · Sep 2026
Overview
B-FLEXION was founded and is chaired by Ernesto Bertarelli, whose family built Serono over three generations before its 2007 sale to Merck. The group began with Kedge Capital in 2002, consolidated as Waypoint Capital in 2012 and took the B-FLEXION name in 2022. It seeds, acquires and builds asset managers and makes principal investments in operating businesses, mainly in life sciences, healthcare services and digital health; it fully owns Stallergenes Greer. Its Forestay Capital arm, founded in 2017, invests in revenue-generating software and data companies in Europe, the US and Israel.
Investment thesis
Makes principal investments in operating businesses in transformative industries, principally life sciences, healthcare services and digital health; through Forestay, backs revenue-generating technology companies, mainly in software and data, that challenge established models.
Holdings & investments (37)
INVESTMENT ARMS & VEHICLES
- Forestay CapitalDigital technology investing (founded 2017)
- Northill CapitalStakes in asset managers
- B-FLEXION Life SciencesLife sciences and healthcare holdings
- Kedge CapitalRisk-controlled investing in financial markets, including hedge funds and private equity (created 2002)
- Crosstree Real Estate PartnersProperty-related investments, focused on the UK
- RoxburyReal estate development and portfolio management, principally in Switzerland
HOLDINGS & INVESTMENTS · MOST RECENT FIRST
- Stallergenes GreerNOTABLEBiotech & Life Sciences · since 2010
- Radius HealthNOTABLEBiotech & Life Sciences · since 2022 · Combined with Paratek Pharmaceuticals (2026)
- AffideaNOTABLEAcquired
- Software & SaaS · since 2026
- Software & SaaS · since 2026
- Software & SaaS · since 2026
- BuynomicsArtificial Intelligence · since 2025
- Artificial Intelligence · since 2025
- Software & SaaS · since 2025
- Artificial Intelligence · since 2024
- Software & SaaS · since 2023
- Mobility & Logistics · since 2022
- Software & SaaS · since 2022
- Software & SaaS · since 2021
- Mobility & Logistics · since 2021
- Landfair CapitalFintech · since 2021
- Software & SaaS · since 2020
- Software & SaaS · since 2020
- Software & SaaS · since 2020
- Software & SaaS · since 2019
- HealthTech · since 2019
- Software & SaaS · since 2019
- Deep Tech · since 2019
- MobeewaveFintech · since 2018
- Deep Tech · since 2018
- Software & SaaS · since 2018
- Software & SaaS · since 2017
- Biotech & Life Sciences
- Biotech & Life Sciences
- Software & SaaS · Exited (Vista Equity Partners)
- Capital FourFintech
- Forge Life Science PartnersBiotech & Life Sciences
- Longview PartnersFintech
- Strategic Investment GroupFintech
- Twelve SecurisFintech
- Corium InnovationsBiotech & Life Sciences
People
- Ranjani KearsleyHead of Asset Management Investments · source
- Oliver HeatonManaging Director, Group Investments · source
- Alexander PapadimitriouFounder, Chief Executive Officer and Chief Investment Officer, Kedge Capital (Private Equity) · source
- François-Serge LhabitantChief Executive Officer and Chief Investment Officer, Kedge Capital (Hedge Funds) · source
- Ernesto BertarelliChairman · source
- Sarah CrawfordGroup CFO, Partner and Member of the Board · source
- Frederic WohlwendManaging Partner, Forestay Capital · source
- Peter AgnesOperating Partner, B-Flexion Life Sciences · source
- Steven RotmanOperating Partner, B-Flexion Life Sciences · source
- Sean ArnoldFounding Partner, Crosstree Real Estate Partners · source
- Nick LyleFounding Partner, Crosstree Real Estate Partners · source
Frequently asked questions
B-FLEXION is a single family office based in Geneva, Switzerland.
B-FLEXION invests on behalf of the Bertarelli family (Pharmaceuticals (Serono, acquired by Merck in 2007)).
B-FLEXION invests its own capital into companies and in third-party funds as an LP. Its stated asset mix includes direct investments, venture capital, private equity, funds (as lp), hedge funds and real estate.
B-FLEXION invests at Series B, Growth and Buyout stages in Biotech & Life Sciences, HealthTech, Software & SaaS and Artificial Intelligence.
Key people at B-FLEXION include Ernesto Bertarelli (Chairman), Sarah Crawford (Group CFO, Partner and Member of the Board), Ranjani Kearsley (Head of Asset Management Investments) and Oliver Heaton (Managing Director, Group Investments).
B-FLEXION's holdings and investments include Stallergenes Greer, Radius Health, Affidea, Paratek Pharmaceuticals, Allergy Partners, Corium, Scandit and Buynomics, among others.
The most recent publicly reported investment by B-FLEXION is Reco AI, announced in Sep 2026.