The 5 Most Active Swiss Family Offices in 2025

Swiss family offices maintained their reputation for discretion in 2025, with most transactions occurring behind closed doors. Yet several single-family offices broke from tradition with documented deal activity totaling multiple billions in disclosed transactions. The most active players concentrated investments in biotechnology, enterprise software, healthcare services, and strategic portfolio consolidation, with the Bertarelli family’s B-FLEXION leading the ranking with several transactions. In this article, we highlight relevant Swiss family offices with interesting deals in 2025, based on our high-quality familyofficehub.io database.

1. B-FLEXION (Bertarelli Family)

The Ernesto Bertarelli family office executed five distinct transactions in 2025, making it Switzerland’s most active single-family investor. B-FLEXION, built on the $13.3 billion Serono pharmaceutical sale to Merck in 2007, deployed capital across both direct healthcare investments and enterprise software through its Forestay Capital venture arm.
2025 deal highlights include two major exits: GSK acquired efimosfermin from B-FLEXION’s Boston Pharmaceuticals portfolio for $2 billion (comprising $1.2 billion upfront plus $800 million in milestones) on May 14, 2025. The Phase III-ready medicine targets steatotic liver disease. Sullivan & Cromwell advised on the transaction. On May 21, 2025, B-FLEXION’s Paratek Pharmaceuticals (owned through Gurnet Point Capital with Novo Holdings) acquired OptiNose for approximately $330 million including debt and contingent value rights, adding the XHANCE nasal spray franchise.
Through Forestay Capital, the family’s Geneva and London-based venture fund, B-FLEXION led two growth-stage rounds. On March 20, 2025, Forestay led Buynomics’ $30 million Series B for the Cologne-based AI pricing optimization platform serving Danone, Unilever, and L’Oréal across 25+ countries. On July 15, 2025, Forestay led Datavations’ $17 million Series A for the New York retail analytics platform targeting the $2.3 trillion building materials industry.
The family office manages multiple billion euros across multiple investment vehicles including healthcare, private equity, real estate, and venture capital, with over 60 team members operating from Swiss and U.S. locations. Forestay Capital’s Fund I achieved gross IRR exceeding 50%, with three portfolio companies reaching unicorn status (Wasabi, Scandit, Nexthink).

2. Novator (Thor Björgólfsson)

Thor Björgólfsson’s Novator Partners completed at least two confirmed transactions in 2025, maintaining active deployment across healthcare and digital platforms. Founded in 2004 with offices in Switzerland, Luxembourg, and Iceland, Novator operates as a $3+ billion alternative investment firm using Björgólfsson’s personal capital to pursue special situations and complex, cross-border transactions across emerging and developed markets.
On July 16, 2025, Novator invested in Numan’s Series B-III round, participating in what local sources reported as a $40 million funding round for the London-based men’s health and wellness digital health platform. The investment marks Novator’s continued involvement with the company, having led Numan’s £10 million Series A in 2020 and co-led its $40 million Series B in September 2021. Numan offers prescription treatments and telehealth consultations for conditions including erectile dysfunction, hair loss, and general wellness, with operations across the United Kingdom and Europe.
Earlier in 2025, Novator executed an exit from Gróska, an Icelandic digital company, as part of its active portfolio optimization. The transaction exemplifies Novator’s flexible approach to investment horizons and exit timing across portfolio companies.
Novator’s investments concentrate across telecommunications, pharmaceuticals, IT, and renewable energy sectors. Notable portfolio holdings include stakes in Play (Polish telecom, IPO 2017), Elisa (Finnish telecom), Tier Mobility (e-scooter, $450M Series C 2021), Deliveroo, Zwift, and AppLovin.

3. Infinitas Capital (Lauber Family)

Robin Lauber’s Basel and Malta-based family office demonstrated high-velocity deal activity with at least one confirmed public transaction and multiple alledged startup investments.
Infinitas co-led Saint Sass’ €4.2 million+ Pre-Series A with Daniel Bronk. The Berlin-based Gen Z lingerie brand—endorsed by Madonna, Kendall Jenner, and Paris Hilton—projects $10 million revenue in 2025. The funding supports U.S. and UK expansion, product range extension into sleepwear and swimwear, and department store distribution. The structured round combined primary and secondary components.

The family office also announced a partnership with Christian Angermayer’s Apeiron Investment Group in August 2025 to create an IPO platform for Swedish listings, with three portfolio companies planned for public offerings by year-end.

Infinitas manages several real estate assets focused on Swiss affordable housing modernization and over 40 venture portfolio companies across biotech (via Korify Capital), consumer tech and fintech (via Prediction Capital), enterprise AI, SaaS, and life sciences.

4. PCS Holding (Spuhler Family)

Peter Spuhler’s Frauenfeld-based investment company executed one transformative transaction in 2025: supporting Rieter Holding’s acquisition strategy through a substantial capital increase. Founded December 2006, PCS controls Stadler Rail and maintains strategic industrial investments in manufacturing and mobility technology.

PCS participated in Rieter’s CHF 477 million two-tranche capital increase required for the textile machinery manufacturer’s acquisition of Barmag division from OC Oerlikon for CHF 713 million. PCS maintained its approximately 33% ownership of Rieter post-transaction by participating pro-rata in the rights issue plus additional capital in the private placement. BigPoint Holding (Martin Haefner family office) also participated, retaining roughly 10% ownership.
The transaction, announced May 6 and executed September 18, 2025, enabled Rieter to create a leading supplier serving both natural and manmade fiber machinery markets.

PCS Holding concentrates on industrial companies and manufacturing, including rail transportation (Stadler Rail parent company), textile machinery (Rieter at ~33%), automotive acoustics (Autoneum), and mobility technology (Flux Mobility). The office historically invested in steel (Swiss Steel) and maintains a long-term holding approach focused on Swiss and European industrial champions.

5. Massellaz (Hoffmann/Roche Family)

André Hoffmann’s Morges-based family office completed one impact investment in 2025, maintaining its focus on natural capital and sustainability. Hoffmann, vice chairman of Roche Holding and great-grandson of founder Fritz Hoffmann-La Roche, operates Massellaz alongside related vehicles including 4FO Ventures for venture investments.
On February 12, 2025, Hoffmann participated in The Landbanking Group’s €4.75 million extension round as an existing investor. The Munich-based NatureFinTech platform creates ecosystem services marketplaces for natural capital preservation. BonVenture led from the original October 2023 seed round, joined by ClimaNow and Kara Impact Ventures. Hoffmann initially invested in the €10.5 million seed round co-led with BonVenture.

Picture Source: Getty Images (18.11.2025)