It begins in the pre-Alpine valleys, where value was measured in harvests, timber, and water — and decisions were made for generations, not seasons. From that origin comes the principle: ownership matters more than turnover, duration more than a single year's return, reputation more than any transaction.
Kaspar von Thurn consolidated agricultural holdings, water rights, and milling. He left not assets, but rules: decide slowly, avoid debt that could force a sale, treat reputation as the most valuable asset.
Leopold von Thurn moved capital from land into urban property in Zurich, Zug, Geneva, and Lugano. He rejected the developer model — the family owns and maintains, it does not build to sell.
Maximilian von Thurn kept part of the capital outside the financial system through structured gold exposure — project financing, off-take agreements, royalties. Not a bet on price, but insurance on purchasing power.
When Zug became Crypto Valley, the family was already a local owner. The logic of land — invest in what everything else runs on — was applied to digital infrastructure: tokenization, custody, stablecoins, tokenized assets.
Thurn & Partners manages the assets of one family. No pooling of capital, no fund, no external reporting. That structure is not a limitation — it is the reason we can hold through cycles that force others to sell.
Responsibility is allocated by competence, not titles. Voting rights are earned — after a full rotation through the three pillars and one full crisis.
| Family member | Role | Area |
|---|---|---|
| Alexander von Thurn | Head of office, chair of investment committee | Strategy, allocation, partnerships |
| Constanze von Thurn | Pillar I — Real estate | Portfolio, leasing, maintenance |
| Maximilian von Thurn (Jr.) | Pillar II — Metals | Project finance, royalties, operators |
| Nicolas von Thurn | Pillar III — Digital | Tokenization, custody, payments |
| Elisabeth von Thurn | Governance, legal, compliance | Structures, trusts, regulators |
| Fifth generation | Observers | Apprenticeship across pillars |
Meets several times a year. Decides matters of principle, succession, and distribution — never individual transactions. Disagreement is recorded, not smoothed over.
Owns the transactions. Three questions: Can this be owned for twenty years? What if the market closes for five? Who manages it day to day?
Small, permanent, no rotation: asset management, reporting, legal support.
Long-term ownership of quality buildings in Zurich, Zug, Geneva, and Lugano. Institutional tenants, predictable cash flow. Owners, not developers.
Structured gold exposure through project financing, off-take agreements, and royalties — not trading. Protection of purchasing power.
Tokenization platforms, institutional custody, regulated stablecoins, tokenized real-world assets — built within the rules, from inside Crypto Valley.
What passes down is not the portfolio, but the method that built it.
We occasionally co-invest alongside a small number of partners who share our principles: families, private owners, and operators with a long horizon and a preference for tangible assets.
Zug is not an address of convenience. The family owned land and buildings here before the city became Crypto Valley. Our approach to digital infrastructure mirrors our approach to land: invest in what everything else runs on.
No. We deploy family capital and, selectively, co-invest with a small number of long-standing partners.
No. We do not raise capital from the public and do not publish results.
Indefinite by default. Assets are held through cycles, not sold into them.
Principles and succession by the family council; transactions by the investment committee.
By direct introduction, or through the form below. We answer every serious enquiry.
Some conversations take years. Start one.