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Patrimonia Financial & Family Office
Raoul Gauthier's RGF Group operates Patrimonia, a Belgian MFO majority-owned by Kereis since 2023. Advises on private equity, real estate, and hedge funds.
Patrimonia Financial & Family Office
Patrimonia Financial & Family Office emerged from a roll-up of Belgian advisory practices, now consolidated under the RGF Group umbrella. The group’s founder, Raoul Gauthier, built the entity by merging affiliates including Assur G, which joined the platform in 2024 under business partner Philippe Godin. Kereis, a French insurance brokerage network, acquired majority control of RGF Group in June 2023, embedding Patrimonia within a larger European distribution architecture. The firm deploys client capital across six distinct asset classes: private equity, private credit, real estate, infrastructure, natural resources, and hedge funds. Its real estate division, TheRED, manages residential portfolios spanning Belgium, France, and Spain. The platform is most active within Europe and relies on a regulated advisory model rather than proprietary fund management. Investment products are distributed through the FSMA-licensed intermediary framework, with a particular focus on Luxembourg-domiciled life insurance policies. Recent data shows Belgian investors allocated record amounts to these wrappers, a trend Patrimonia explicitly services. Désiré Godfroid, the former managing director of Patrimonia, is a key operational leader within the broader RGF Group. No specific team headcount or aggregate deployment figure is publicly disclosed. The 2024 absorption of Assur G brought additional insurance portfolio assets under management, though RGF does not report consolidated AUM. An Altss estimate places the firm’s advised assets at roughly $100 million, based on observable wealth in the regions it serves. Structurally, Patrimonia is not an independent fiduciary — it functions as a retail distribution hub for Kereis’s product shelf. This makes the firm’s architecture distinct from pure multi-family offices that build portfolios exclusively from open-architecture third-party funds. For Belgian families seeking insurance-wrapped investment solutions, Patrimonia’s regulated status under the FSMA provides a compliant front-end to the Kereis network.
General information
Firm type
Multi Family Office
Year founded
—
AUM
~$100M (Altss estimate)
Location
Region
Europe
Country
Belgium
City
Waterloo
Corporate office
Waterloo, Belgium
Principals
Raoul Gauthier
Founder of RGF Group
Philippe Godin
Head of Assur G
Désiré Godfroid
Former Managing Director
Sector focus
Frequently asked questions
Who runs investment decisions at Patrimonia?
Investment decisions are shaped by the leadership team within RGF Group, led by founder Raoul Gauthier. Désiré Godfroid, the former managing director of Patrimonia, remains a key operational leader. Since Kereis acquired majority ownership in June 2023, product selection is influenced by the parent’s centralized insurance and investment platform.
How is Patrimonia related to Kereis and RGF Group?
Patrimonia operates as the multi-family office brand within RGF Group, a Belgian financial advisory roll-up founded by Raoul Gauthier. Kereis, a major French insurance brokerage, acquired majority control of RGF Group in June 2023. The 2024 merger of Assur G into RGF further consolidated the group’s insurance distribution capabilities.
What is Patrimonia’s known posture on co-investments alongside external GPs?
Patrimonia does not publicly lead direct deals or operate an institutional co-investment program. The firm’s model emphasizes access to funds and structured products — particularly Luxembourg-domiciled life insurance wrappers — rather than GP-style co-investment syndication. Its real estate arm, TheRED, directly holds residential properties in Belgium, France, and Spain.
Does Patrimonia participate in fund commitments or only direct deals?
The firm allocates client capital across both direct and fund structures. Its investing spans private equity funds, hedge funds, and direct real estate via TheRED. The platform also advises on private credit and infrastructure investments, typically through third-party fund access rather than proprietary vehicles.
Which sectors does Patrimonia explicitly avoid?
No explicit sector exclusions have been published. The firm’s disclosed investment types cover a broad range of private and public market strategies. However, its website emphasizes life insurance and credit products, suggesting a tilt toward wealth preservation rather than early-stage venture or speculative technology bets.
Where does Patrimonia’s underlying client wealth come from?
The source of the wealth advised by Patrimonia is not publicly disclosed. The firm serves Belgian families, with a geographic footprint concentrated in Wallonia and the broader Benelux region. Its affiliation with Kereis links it to a network of regional European insurance clients.
Is Patrimonia structured as a single family office or does it operate more like a venture firm?
Patrimonia is a multi-family office that functions more like a regulated advisory distributor than an independent venture firm. It operates under FSMA oversight in Belgium and leverages Kereis’s product shelf. The firm does not raise blind-pool funds or lead venture rounds; it advises families on diversified portfolios.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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