Ensuring the Group's independence and long-term growth

With the aspiration of bringing curative drug therapies and visionary healthcare solutions to patients worldwide, Mr. Mauvernay is President of Après-demain SA, the parent company of Debiopharm, a Swiss, privately owned, biopharmaceutical company founded by his father over 40 years ago. Debiopharm, with 15 ongoing drug research programs, has developed two blockbuster therapies for cancer patients, oxaliplatin and triptorelin, along with a potential 3rd Head & Neck Cancer drug currently in phase III development with an international partner. Après-demain SA invests in a variety of industries including companies impacting sustainable energy, education, food, services to individuals with real estate, via 30+ direct investments in companies as well as LP investments in more than 100 funds globally. In addition, Mr. Mauvernay is also Chairman of the investment committee of Debiopharm Innovation Fund, backed by his experience as an entrepreneur in the international cosmetics industry before joining his family’s drug development business and asset diversification activities. His educational background includes a Master of Science in Economics and Marketing along with an MBA from the 'Institut d'Administration des Entreprises’.

Ms Le Coz Sanchez obtained a Master’s degree at the University of Paris-La Sorbonne in 1998: DESS "Information and technical decisions in the company". She completed her training by becoming a CFA® charter holder. Ms Le Coz Sanchez previously worked in various large multinational companies where she was responsible for planning, forecasting and budgeting. She joined the capital management team of Après-demain SA in May 2010 as a financial analyst. Between 2012 and 2020, she led the Private Equity activities as part of the investment diversification strategy. She was a member of the board of directors for various portfolio companies and of certain fund advisory boards. In 2021, she was appointed General Secretary of the Capital Management division of Après-demain SA, then Vice President Capital Management in 2023.

Mr. Moulin held for over 20 years, between 1993 and 2014, positions of responsibility in investment strategy, asset allocation, discretionary management and financial analysis with SBS / UBS, Morgan Stanley and Schroder & Co. He holds a license in international relations (HEI) supplemented by a postgraduate diploma in economics from the London School of Economics. He obtained a federal diploma for financial analysis and wealth management in 1998. He joined Après-demain SA in June 2014.

Mr. Beth is a graduate of École Polytechnique Paris and holds an MBA from INSEAD. He started his career as a strategy/management consultant (Altior & Roland Berger). Subsequently, he was in charge of investments at Elaïs, MML Capital and AtriA where he played a key role in the completion, monitoring and divestiture of various investments in French SMEs. Mr. Beth joined the Après-demain SA team in 2019 as a Private Equity Manager. He became Director of the Private Equity Department beginning of 2021.

Mr. Favre obtained an Advanced Federal Diploma in Property Management in 2008 followed by an Advanced Federal Diploma of Real Estate Management in 2013. With 15 years experience in real estate, he has held several management positions in life insurance and real estate management companies. From 2010 he spent 6 years at Solvalor Fund Management SA where he subsequently worked as a Real Estate Manager and Deputy Director. He joined Après-demain SA in 2017.

Ms Marguerat began her career in journalism and trained in communications at the Swiss Academy for Marketing and Communication (SAWI). She redirected her career in 2005 and joined the Finance department at Après-demain SA, where she was in charge of Back Office and later Middle Office. In 2018, Ms Marguerat obtained a Certificate of Advanced Studies (CAS) from the University of Geneva in Compliance in Financial Services. In 2020, she became Director of the Compliance & Operations department, which oversees the Back and Middle Office teams.

With the aspiration of bringing curative drug therapies and visionary healthcare solutions to patients worldwide, Mr. Mauvernay is President of Après-demain SA, the parent company of Debiopharm, a Swiss, privately owned, biopharmaceutical company founded by his father over 40 years ago. Debiopharm, with 15 ongoing drug research programs, has developed two blockbuster therapies for cancer patients, oxaliplatin and triptorelin, along with a potential 3rd Head & Neck Cancer drug currently in phase III development with an international partner. Après-demain SA invests in a variety of industries including companies impacting sustainable energy, education, food, services to individuals with real estate, via 30+ direct investments in companies as well as LP investments in more than 100 funds globally. In addition, Mr. Mauvernay is also Chairman of the investment committee of Debiopharm Innovation Fund, backed by his experience as an entrepreneur in the international cosmetics industry before joining his family’s drug development business and asset diversification activities. His educational background includes a Master of Science in Economics and Marketing along with an MBA from the 'Institut d'Administration des Entreprises’.

Ms Calvayrac graduated from the University of Paris (Panthéon-Assas), where she obtained a "Diplôme d'Etudes Supérieures Spécialisées" in Business Law and Tax in 1988 (DESS, currently called "Master II Degree"). She then started a career in the banking sector during which she acquired a broad experience in various positions at Le Crédit Lyonnais (Crédit Agricole Group) in Marketing, Corporate Financing, Retail Banking and Human Resources, before becoming Director of the Financing Department for France, in charge of the Financing for Small Enterprises and of the Real Estate Financing for individuals. In 2008 she joined Après-demain SA Asset Management team as General Secretary and became Director in 2010. In 2020, she was appointed Senior Vice President of Après-demain SA Asset Management division, before becoming Asset Diversification Strategic Leader in 2023. Within the Après-demain Group, she has also been President of Impact Healthcare SA since 2022, and is a board member of various portfolio companies.

Ms Le Coz Sanchez obtained a Master’s degree at the University of Paris-La Sorbonne in 1998: DESS "Information and technical decisions in the company". She completed her training by becoming a CFA® charter holder. Ms Le Coz Sanchez previously worked in various large multinational companies where she was responsible for planning, forecasting and budgeting. She joined the capital management team of Après-demain SA in May 2010 as a financial analyst. Between 2012 and 2020, she led the Private Equity activities as part of the investment diversification strategy. She was a member of the board of directors for various portfolio companies and of certain fund advisory boards. In 2021, she was appointed General Secretary of the Capital Management division of Après-demain SA, then Vice President Capital Management in 2023.

Director of the IMD World Competitiveness Center, Professor of Finance Arturo Bris is an expert in corporate governance, financial regulation and banking strategy. He led IMD’s Advanced Strategic Management open enrollment program from 2009-2014. Prior to joining IMD, he was a professor at the Yale School of Management where he twice received the best teaching award. He holds a PhD in Management from INSEAD. As Director of the IMD World Competitiveness Center, Arturo directs the publication of the IMD World Competitiveness Yearbook and is currently strengthening and developing other research and benchmarking services for the center. This includes creating customized competitiveness indexes for companies and industries and helping governments prioritize national and regional competitiveness strategies. Arturo’s latest research identifies the relationship between income inequality, social mobility and competitiveness. He has also researched and lectured on the effects of the euro on the corporate sector and the valuation impact of corporate governance changes. The top journals in finance—Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Legal Studies and the Journal of Business—have published his work.

Christophe Donay, currently in the role of Equity Partner, Outsourced CIO and Chairman of the Strategic Committee of the Pictet pension fund, as well as a member of the Strategic Investment Committee of another pension fund, has acquired extensive experience in market finance over the last 35 years. He first joined the BNP Paribas Group in 1987, as a financial engineer in the trading room's arbitrage department. There, he developed arbitrage and trading optimization models. In the early 90s, he created the investment strategy division for BNP Paribas Asset Management, based on a top-down fundamental approach. Then at Julius Baer (now Kepler Chevreux), he headed the divisions dedicated to economic research, investment strategy and derivatives. In 2008, he joined the Pictet Group as Chief Strategist in the Wealth Management unit, in charge of strategic and tactical asset allocation and macroeconomic research. There, he developed a method for establishing both strategic and tactical asset allocations in complex environments. In 2012, he was designated Equity Partner of the Pictet Group and in June 2022, he joined the Global Fiduciary Management team as Outsourced CIO for UHNWI families. Christophe Donay studied applied mathematics at INSEAD in the doctoral program and holds two bachelor's degrees in international economics and econometrics from Université Paris X, as well as a master's degree in econometrics and a post-master's degree in computer science and applied mathematics from Université Paris II. He also holds a diploma from EFFAS (European Federation of Financial Analyst Societies).

Ferdinando Mercuri is an equity partner at Deloitte LLP, a Swiss-based company specialized in taxation. He has broad experience in the Financial Services Industry and he is responsible for the business line in the Swiss Romandy region. He is also advising public groups and family-owned businesses in all their tax matters, including restructurings, mergers and acquisitions, relocation of activities inside or outside Switzerland and changes in supply chain. Having started his career at Arthur Andersen in 1998, Ferdinando has then held key tax roles at Lenz & Staehelin, Adecco and BNP Paribas, where he developed the internal tax functions in the Swiss branches. In March 2009, he joined Deloitte as a Director and was promoted to equity partner in June 2011. Ferdinando is also responsible for the international tax module in Swiss Romandy at the Swiss Tax Academy since 2006 and is also teaching at the Haute Ecole d’Ingénierie et de Gestion of the canton of Vaud since 2002. He is also acting as an expert at the Swiss certified tax expert exam since 2008. Ferdinando holds a law degree from the University of Lausanne and is a Swiss Certified Tax Expert since 2002.

Bertrand Rambaud is President of the Siparex Group, an independant French private equity specialist that has € 3.7 billion of capital under management with several offices in France, Europe and Canada and which has been supporting and financing start-ups, SMEs and ETIs for more than 40 years. Having started his career in 1991 as an investor in the Siparex Group and later worked as a Partner at PWC in the "Transactions Services" department from 1997 to 2002, Bertrand Rambaud decided to continue his career at Siparex, where he was appointed President in July 2009. He then continued the development and diversification of the group, particularly in the segments of Venture Capital, Private debt, and Growth around the theme of energy transition. Since June 2023, he is also the President of the professional association France Invest, which brings together over 400 French Private Equity companies and nearly 180 advisory firms. Bertrand Rambaud is a member of the Investment Committee of Mérieux Développement and sits on the Boards of Directors of Biscuits Bouvard, Lacroix Emballages, and Gerard Perrier Industrie. He graduated from EM Lyon.

In 1988, Charles Ruggieri, doctor of law, founded the Batipart Group, a family-owned holding. Since the 1980s, Batipart has successfully promoted the restructuring and the real-estate development of Batibail, then of Covivio (formerly Foncière des Régions) and most recently of Eurosic between 2011 and 2017. Since 2001, Batipart has strengthened its position in the real estate sector and diversified its activities in the health sector with the creation of the Korian Medica Group, a European leader in global care facilities for dependent people (Batipart’s shares in Korian Medica was sold in 2014) and in the leisure sector by holding different holiday villages as well as assets in the open-air hotel industry. The process of diversification is complemented by an objective of international expansion. Batipart created the pan-African hotel group Onomo, a mid-range business hotel platform. Subsequently, Batipart is reinforcing its position in the hotel sector by developing a new hotel platform in Luxembourg. In North America, this diversification is driven by a significant partnership with the Cogir Group in the real estate sector. Batipart is also working on the creation of a development platform in the tourism sector. The acquisition in 2019 of the Parc Oméga in Quebec, an animal and cultural park located in the Montebello region, marks the beginning of this development. Since 2005, the involvement of Charles and Marianne Ruggieri’s children has led to an organization of the Batipart Group around activity hubs, each conducted under the responsibility of a member of the family. This growing involvement was finally consecrated in 2018 by the transmission of Batipart by Charles and Marianne Ruggieri to their 3 children. This transmission is part of a sustainable approach, with each member of the family participating in the Group’s governance bodies.