Forestay is more than just a VC fund,
it’s a family.

An entrepreneurial approach to VC investing

Forestay was founded as the digital tech arm of a family-oriented investment group that traces its successes in business and its enduring values back across generations. The Bertarelli family founded B-FLEXION (formerly Waypoint Capital), of which Forestay is a part, in 2012 to evolve the management of the capital realised by the sale of Serono, the global leader in biotech and healthcare that they had grown over three generations of leadership. In the decade since, B-FLEXION and its businesses have generated exceptional and lasting value.












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Serono, which a hundred years later would become the world’s third largest biotechnology company, is founded in Rome.

Pietro Bertarelli is appointed Serono’s Managing Director.

Fabio Bertarelli, son of Pietro, takes the helm at Serono as its Chief Executive Officer.

Serono moves into biotechnology and over the course of the next decade brings two products to market utilising this ground-breaking rDNA technology.

Ernesto Bertarelli succeeds his father as Chief Executive Officer.

Ernesto Bertarelli takes Serono public with a listing on the New York Stock Exchange.

Rebif, Serono’s breakthrough biotech drug, is approved by the FDA for the treatment of multiple sclerosis (MS). It quickly assumes market dominance.

Kedge Capital, still today part of B-FLEXION, is founded to invest proceeds from the 2000 NYSE listing.

Having become the world’s third largest biotech company, Serono is sold to Merck KGaA for $13.3bn.

Waypoint Capital is created to evolve the management of the capital realised by the sale of Serono and to bring together in a group the investment funds already founded: Crosstree Real Estate Partners, Roxbury, Kedge and Northill Capitals. In 2013, Gurnet Point Capital joins the Waypoint family.

Forestay Capital is created to lead Waypoint’s digital technology investing.

B-FLEXION is an entrepreneurial private investment firm that partners with sophisticated capital to deliver exceptional value over the generations.


As well as its investment funds seeding and building businesses in technology, private equity, real estate and hedge funds, B-FLEXION also focuses on growing operating businesses in transformative industries. Building on its heritage and of that of its founder and Chairman, these have been principally in life sciences, healthcare and digital health.

Other members of B-FLEXION