Après-demain SA

What they fund

Growth-stage healthcare software — Companies like HOPPEN, where Après-demain provides capital to accelerate European expansion and consolidate market leadership in digital patient care [3]., Deep tech and AI infrastructure — Investments in companies like Tenstorrent, targeting advanced semiconductor and AI chip development in growth stages [1]., Private equity buyouts and growth — Direct co-investments in established companies across sectors like cybersecurity (OffSec) and healthcare software, alongside top-tier GPs [1]., Venture-stage digital health — Early-stage investments via the Debiopharm Innovation Fund, such as Carevive (oncology tech) and Iktos (AI for drug discovery) [2]., Private debt and mezzanine — Structured exposure through dedicated private debt allocations, managed by a specialized team within the family office [1].

Investment thesis

Après-demain SA operates as a Swiss single-family office and holding company that manages the wealth of the Mauvernay family, primarily derived from Debiopharm, a privately held life sciences company. The firm allocates capital across a diversified portfolio including private equity, private debt, real estate, secondaries, and fund commitments, while maintaining a self-funded, non-fundraising posture that allows for indefinite asset holding without LP pressure [1]. The investment strategy is structured across four distinct divisions: a life sciences operating company (Debiopharm), a responsible capital management arm, a philanthropic vehicle, and an impact-oriented division targeting climate and social themes [1]. The firm actively pursues direct co-investments alongside established general partners, leveraging its deep expertise in healthcare and life sciences to source proprietary deal flow [1].

Value add

Après-demain provides strategic capital and deep industry expertise in life sciences and healthcare, leveraging its operating company (Debiopharm) for co-investment opportunities and regulatory insights. The firm's self-funded structure allows for patient, long-term capital deployment without the pressure of LP fundraising cycles. The integration of a philanthropic foundation (Fondation Philanthropique Next) and an impact division (GeneRActions Planet) offers founders access to mission-aligned capital and network effects. Fit verdict: Ideal for growth-stage healthcare, digital health, and deep tech companies seeking patient capital and strategic industry partners. Founder diligence script: 1. How does Après-demain leverage its Debiopharm network for regulatory or clinical trial partnerships? 2. What is the typical hold period for direct co-investments versus fund commitments? 3. How does the impact division (GeneRActions Planet) align with the core investment thesis for climate or social-precarity themes? 4. What level of board involvement or operational support does the firm provide in growth-stage deals?

Portfolio focus

Debiopharm — The family's core life sciences operating company, developing oncology and infectious disease therapies, including the xevinapant program and radiopharmaceuticals [2]., HOPPEN — A French digital health group providing phygital support for patients and healthcare establishments, where Après-demain joined as a shareholder in 2023 alongside Extens and Geneo [3]., Tenstorrent — An AI chip developer backed by Après-demain in a co-investment alongside Georgian [1]., OffSec — A cybersecurity training platform invested in by Après-demain alongside Leeds Equity Partners [1]., Kaiku Health — A Finnish oncology startup successfully exited by the Debiopharm Innovation Fund when acquired by Elekta in 2020 [2].

Notable investments & exits

Kaiku Health — The Debiopharm Innovation Fund successfully exited its investment in the Finnish oncology startup when it was acquired by Elekta in 2020 [2]., Xevinapant program — Debiopharm's oncology program was acquired by Merck KGaA in March 2021 for 900 million euros, though the project was later dropped in 2024 [2]., ITM-91/ITM-94D license — In September 2024, Debiopharm granted an exclusive global license for its radiopharmaceutical theranostic pair to ITM Isotope Technologies Munich, marking a strategic commercialization exit [2].

Strategic implications

Après-demain's self-funded, non-fundraising posture is its primary competitive advantage, allowing for patient capital deployment without LP pressure. The integration of Debiopharm as a life sciences operating company creates a unique origination channel and strategic value-add for healthcare and digital health investments. The firm's active co-investment posture alongside top-tier GPs signals a collaborative approach that may limit lead-investor opportunities but enhances deal flow and risk mitigation. The presence of a dedicated impact division (GeneRActions Planet) and philanthropic foundation suggests a growing focus on ESG and mission-aligned capital, which could attract founders seeking holistic support.

Where they could go further

Après-demain could enhance its deal flow by establishing a formalized venture arm or fund-of-funds strategy to scale its impact and digital health investments. The firm should leverage its Debiopharm network more aggressively to create strategic partnerships and co-development opportunities for portfolio companies in oncology and infectious diseases. Après-demain could improve transparency by publishing annual impact reports or portfolio updates, enhancing its reputation among LPs and co-investors. The firm should consider expanding its geographic focus beyond Europe and North America to capture emerging market opportunities in Asia and Oceania, where its infrastructure partnerships are already active.