A single family office specialized in science and technology venture capital
“Our commitment to private markets and scientific and technological venture capital is deeply tied to our history, which is closely linked to Oxford University and technology transfer.”
“We manage our illiquidity risk by occasionally opening the capital of some of our investment vehicles to third-party partners.”
“Years of deep and rigorous scientific analysis have equipped us to know where to invest, which projects will be truly profitable, and which will be truly transformative.”
“China accounts for 46% of the world’s patent applications; the U.S. 17%; Japan 8%; South Korea 7%; and Europe 5.6%. These figures make one think about China’s economic power and its leading role in the AI revolution.”
“After more than two decades of operating our family office, we are now creating the Kiatt Foundation.”
While many family offices in Spain focus on real estate to maximize family wealth, Kiatt centers its attention on venture capital—primarily in the fields of science and technology. It is a single family office that manages its own capital, investing over 50% in science-based or early-stage tech ventures, with ultra-specialization as its hallmark in the search for the most brilliant minds of our time—an idea rooted in the University of Oxford.
Currently, Kiatt’s structure is designed to manage its own capital. They do not provide financial services or advisory to third parties, according to CEO Manuel Fuertes in this interview with Funds Society. However, given their access to unique investment opportunities, they do occasionally open the capital of certain vehicles to strategic partners to extend their reach through co-investment. He tells us about it in this interview.
As a family office managing your own wealth, why did you opt for private markets instead of specializing in others?
Our focus on private markets and science and technology venture capital is closely linked to our history, which is tied to the University of Oxford and technology transfer. When you specialize in a very specific and complex asset class and master it, it becomes crucial to control the entry into the investment, its development, and its exit. This allows us to achieve returns well above the industry average. Having a voice and a seat at the table in the governance of these companies enables us to add value from our experience—something we could not do in public markets.
Moreover, private markets, when explored through our Design & Search methodology, allow us to access unique opportunities that are typically unavailable or inaccessible to investors outside of certain highly specialized circles. This lets us invest in opportunities that would normally be out of reach due to our size, location, or lack of affiliation with an industrial group.
How do you discover investment opportunities?
We begin by carefully defining which sub-industries we want to target, analyzing which technologies are growing strongly enough to transform entire sectors and markets in the coming years. We do this with a highly technical, multidisciplinary team that dives deeply into industrial applications, examining how developments in one industry affect others. We even specialize in countries leading specific technologies, like China, India, Singapore, South Korea, Japan, and Taiwan—where we now have a very active presence. For instance, I lived in China for many years to gain access to the technological developments that are now beginning to surface in the West. The second phase of our model is the Search stage—actively scouting potential targets. We have a global network of over 350 scouts who keep us updated on technology development, scientific milestones, and—most importantly—the actual appetite from industry and markets to absorb those technologies. To assess adoption risk, we use many proprietary frameworks developed with top institutions over the last two decades. The technology adoption rate is the most empirical indicator we have to analyze risk and identify investments that multiply in value. The vast majority of our investments are not found in public markets but in highly exclusive, specialized investment networks.
Science and technology are your trademarks. Why these sectors?
Our current methodology has its origins in nearly a decade of joint work with the University of Oxford. During that time, we built our expertise in technology transfer, IP protection, and scientific due diligence. Investing in tech-focused venture capital was the next natural step. Years of rigorous scientific analysis have prepared us to identify where to invest, which projects will be profitable, and which will truly make an impact.
How do you manage illiquidity risk?
We manage our illiquidity risk by occasionally opening the capital of some of our investment vehicles to third-party partners. These are usually other family offices that lack a specialized team in this investment class and wish to combine forces and resources with Kiatt.
In terms of technology, will there be a restructuring? Which companies will emerge stronger from the AI revolution?
We are living through a new space race, but this time it’s technological—between China and the United States. The recent launch of DeepSeek was one of the biggest tech announcements of recent weeks, and its impact has shaken global markets. On the other hand, the U.S. has allocated over $500 billion to compete with China and showcase its technological power.
However, China is a leader in innovation. According to the latest annual data from the World Intellectual Property Organization (WIPO), from 2022, it far exceeds the U.S. in patent filings. WIPO’s 2023 IP Data and Figures report shows China accounts for 46% of the world’s patent applications; the U.S. 17%; Japan 8%; South Korea 7%; and Europe 5.6%. These figures force us to reflect on China’s economic power and its key role in the AI revolution.
What are the implications of managing your wealth with such a strong specialization?
Managing wealth with such a defined specialization in venture capital comes with certain particularities that affect everything from strategy to risk management and team structure. For example, our specialization allows us to have a deep understanding of the sector. This know-how involves identifying emerging trends, recognizing the companies that will transform the sector, and evaluating technologies. In other words, we anticipate market changes, which gives us a competitive advantage in selecting the best investment opportunities.
By knowing the key players in the sector, we gain access to exclusive opportunities that are not available to generalist investors—such as early access to funding rounds, participation in well-established club deals, and more. This knowledge also enables us to conduct highly effective due diligence, as we can assess the technical viability, scalability, and market potential of each project.
What is needed to create a family office specialized in science and technology?
The first step is to professionalize the family office structure. Only in this way can family wealth grow to its fullest potential. In Spain, there is a strong tradition of highly specialized family offices, especially those focused on the real estate sector. We’ve done something similar, but in the field of science and technology venture capital.
Investing in VC focused on science and technology is a complex and highly dynamic asset class, with constant launches, breakthroughs, and technologies replacing one another. The pace of innovation is relentless, and in the face of such disruption, the only way to invest effectively is by maintaining a global understanding—both industrially and geographically. At Kiatt, working in a global network with professionals across the planet is essential. These professionals must be present in a wide range of industries, including healthcare, biotechnology, advanced materials, various engineering branches, software, transport, nanotechnology, cybersecurity, agriculture, energy, sustainability, and the environment.
It is also crucial to have a deep understanding of the markets in which we invest. For example, we have extensive experience in Asia, the United Kingdom, the U.S., and Commonwealth countries. It’s also vital to build a strong partner network that allows us to participate in investments where the lead investor is also a leader in their sector or investment thesis. And of course, when investing in scientific and technological VC, we must analyze the long-term impact that technology or scientific breakthrough will have on people’s lives. An investment made today can change humanity’s tomorrow.
Do you offer services to third parties? Are you considering opening up your activity in the future?
We are structured as a single-family office, and our professional setup is designed to manage our own capital. For now, we are not planning to advise third parties or sell any financial services. However, given our access to unique investment opportunities, we occasionally open the capital of some of our vehicles to incorporate strategic partners that help us go further with co-investments.
Do you integrate sustainable investing into your processes in any way?
At Kiatt, we are firmly convinced of the importance of investing in a conscious, responsible, and ethical way—one that has strong social impact and is, of course, profitable. We believe in the transformative power of capital, and for that reason, we are mindful of what we choose to invest in. One example of this approach is our investment alongside Bill Gates and Chris Sacca in Yardstick, a system that measures soil carbon efficiently, offering the agricultural and livestock sectors new ways to monetize their operations through additional income from carbon retention in their land.
This is just one example of what we call conscious investing. Typically, only the positive impact of investments is measured, but we go beyond that: we believe in complex analysis, long-term reflection, and evaluation of net impact over time. In fact, after more than two decades of operating our family office, we are now creating the Kiatt Foundation—a project that fosters reflection on long-term impact and promotes alternative investment models aligned with truly conscious financing. Its aim is to boost the scientific and technological sectors while, of course, achieving the expected financial outcomes. Only by combining capital, knowledge, and conscious investment will we be able to leave a better world for our children.
