MSM family office
MSM family office is the water arm of MSM Investment Advisors, a Geneva multi-family office founded in 2010. It invests the capital of globally mobile wealthy families and backs early-stage water-economy startups, from tokenized spring water to on-site membrane treatment, having funded 2 water companies as of 2026.
Compiled by Antoine Walter, (don't) Waste Water, from official filings and direct intelligence in Leviathan.
The take
MSM family office is not a water fund at all. It is the investing house Milan Morjaria built in Geneva in 2010 after twenty-two years at Citigroup, a multi-family office, which is a private firm that pools and runs the wealth of several rich families rather than raising an outside fund. Water shows up as a conviction theme inside that mandate, not a standalone strategy.
MSM family office has put family capital behind 2 water companies, and both bets share a tell: they try to widen who gets to own water. LAK3, a Geneva startup, tokenizes premium spring sources so ordinary people can hold a stake in the water economy on-chain, while Estonia's Spacedrip builds compact membrane-bioreactor units that recycle water on-site instead of piping it in. One is a finance idea wearing a water label, the other is hardware, and a family office is one of the few investors comfortable holding both.
What MSM family office signals is how patient, private capital enters water. With no fund deadline and no outside investors to repay, it can write a seed cheque, the first institutional money a young company raises, into a blockchain water experiment a traditional venture firm would not touch, and simply hold it. Portfolio manager Toni Apostoloski runs the firm's thematic strategies, and water sits among them as a long-horizon bet on access, the part of the problem that pricing has barely started to solve.
Water Commitment Score
Compiled from official filings, third-party records, and direct intelligence from investors and founders, in Leviathan · recomputed monthly · as of Jun 2026.
How they invest
Portfolio · 2 water companies
Invests alongside
Highlighted = profiled on (don't) Waste Water.
Frequently asked
- What does MSM family office invest in?
- MSM family office, the investing arm of Geneva's MSM Investment Advisors, deploys wealthy families' capital across equities, fixed income, real estate, and thematic strategies. Within those themes it backs early-stage water companies, from blockchain-tokenized spring water to on-site membrane treatment, alongside its core wealth-management mandate.
- How many water companies has MSM family office backed?
- MSM family office has backed 2 water companies, according to (don't) Waste Water's tracking: LAK3, a Geneva startup tokenizing the water economy, and Spacedrip, an Estonian maker of compact membrane-bioreactor treatment units. (don't) Waste Water rates its water commitment Committed, as of 2026.
- Who runs MSM family office?
- MSM family office is led by Milan Morjaria, who founded MSM Investment Advisors in Geneva in 2010 after a 22-year career at Citigroup. Portfolio manager Toni Apostoloski runs the firm's thematic strategies, the sleeve where its water investments sit. The firm also operates a Dubai office.
- Where is MSM family office based?
- MSM family office is based in Geneva, Switzerland, where Milan Morjaria founded MSM Investment Advisors in 2010. It later expanded to Dubai's international financial centre and keeps affiliated entities in London. From there it serves globally mobile wealthy families and their charitable foundations.
- Is MSM family office the same as the LAKE (LAK3) water token?
- No. LAKE (LAK3) is a Geneva blockchain startup tokenizing spring water, and MSM family office is one of its backers, not the project itself. MSM family office is a multi-family office run by MSM Investment Advisors that invests across many sectors, with water as one theme.