Swiss group Bellevue taps growing demand for PE with boutique buy

The Switzerland-listed firm wants to broaden its biotech and life sciences-focused remit to include mid-market investments in Germany, Switzerland and Austria.

Switzerland-listed investment firm Bellevue Group is set to provide its investors with more access to private equity via its acquisition of boutique private equity firm adbodmer.

Bellevue, whose investors are mainly high-net-worth individuals and family offices, picked up an undisclosed stake in the Wollerau, Switzerland-based firm, which makes direct investments in small and medium-sized in the DACH region, according to a statement. Financial details of the transaction were not disclosed.

Bellevue is already an active investor in private equity, focusing on early stage, expansion and start-up capital, according to its website. The firm has raised about $400 million across three biotech funds: $205 million for the 1997-vintage BB Bioventures; $123 million for the 2005-vintage BB Biotech Ventures II; and €67.5 million for the 2008-vintage BB Biotech Ventures III, according to a spokesman from the firm.

The firm is also in market with its latest fund, the 2019-vintage BB Pureos Bioventures Fund, which has a $200 million target.

With the acquisition of adbodmer, the firm expects to broaden its investment focus to include mid-market investments in Germany, Switzerland and Austria and make more direct investments, the spokesman added.

The boutique firm will operate as an independent subsidiary following the transaction, and Jan Kollros, its managing partner, will join Bellevue’s executive board.

Adbodmer was set up in 2001 and invests in private equity on a deal-by-deal basis. In April this year it teamed up with Zurich-headquartered multi-family office Marcuard Family Office to offer direct investments, M&A, management and monitoring of investments, as well as tax and succession to wealthy families in Switzerland, according to a statement.

The firm will not be raising a closed-end private equity vehicle, it is understood.

European family offices expect to boost their exposure to private equity this year, with the average family office set to deploy $86 million, according to Campden Wealth’s Private Equity Investing and Co-Investment Activity by Family Offices.