Mensura

Mensura's investment capital originates from the operating profits of its core occupational health and safety services business, not from external fundraising or a single family's wealth. The firm provides wellbeing consulting, medical examinations, and training to Belgian employers, generating surpluses that are then allocated to a portfolio of direct company stakes and commercial real estate. This self-funding model creates an evergreen capital pool tied directly to the performance of its services arm.

Fédérale Assurance maintains a permanent representative seat on Mensura's board, indicating a close strategic and governance relationship. The exact nature of the financial or operational ties remains private, but the board-level presence suggests aligned interests, potentially in insurance-linked wellbeing products or co-investment structures. This partnership deepens Mensura's integration within the Belgian insurance and health-services ecosystem.

Based on available information, Mensura engages primarily in direct company investments and real estate holdings. The firm has co-invested alongside entities like PE Group in Encare group and owns its own office buildings. There is no public evidence of commitments to third-party managed funds, suggesting a preference for direct control over its deployment.

Mensura's disclosed portfolio clusters tightly around occupational health, health-tech, and related services, with real estate serving an operational rather than speculative purpose. The firm shows no indication of investing in sectors like energy, consumer goods, or traditional heavy industry, implying a deliberate avoidance of areas that fall outside its wellbeing mandate.

Investment governance at Mensura involves a combination of executive management and external board members. CFO Johan De Zeure oversees the financial operations that include the investment portfolio, while board member Jürgen Ingels, co-founder of Smartfin Capital, provides venture-focused expertise. Day-to-day allocation decisions are not publicly documented, but the presence of a dedicated finance chief and a venture-linked director points to a structured internal process.