Key Takeaways
- • Flexstone Partners completed its acquisition of Glouston Capital Partners, creating a combined global private equity platform managing more than $15 billion in assets across Primary, Co-Investment, and Secondary strategies as of September 1, 2026.
- • Flexstone held $11.9 billion in assets under management or advice as of April 30, 2026, prior to closing; Glouston contributed over $3.4 billion in assets under management, with the combined entity now exceeding $15 billion.
- • The transaction merges complementary but geographically distinct businesses—Flexstone's global primary and co-investment platform with Glouston's established North American secondaries capabilities and deep General Partner relationships in the middle market.
- • The combined platform serves institutional investors across North America, Europe, and Asia, leveraging minimal strategic overlap while expanding Flexstone's secondaries expertise and disciplined execution in the North American middle market.
- • Flexstone Partners operates as a global private markets affiliate of Natixis Investment Managers, which manages $1.4 trillion in assets; Glouston was Boston-based and specialized in private equity secondaries.
Summary
Flexstone Partners completed its acquisition of Glouston Capital Partners on September 1, 2026, establishing a scaled global private equity platform with more than $15 billion in assets under management. The transaction was announced earlier in June 2026 and brings together two complementary businesses with distinct geographic and strategic focuses. Flexstone, operating as an affiliate of Natixis Investment Managers, held $11.9 billion in assets under management or advice as of April 30, 2026, while Boston-based Glouston Capital Partners contributed over $3.4 billion in assets, creating a combined entity with enhanced capabilities across the private markets spectrum.
The combined platform operates across Primary, Co-Investment, and Secondary investment strategies, serving institutional investors globally across North America, Europe, and Asia. Glouston's acquisition materially strengthens Flexstone's secondaries platform by adding experienced management, established General Partner relationships, and deep expertise in the North American middle market. According to Eric Deram, Managing Partner and CEO of Flexstone Partners, "Glouston's team brings a complementary investment philosophy to the middle-market landscape and a long history of disciplined execution. Their secondaries expertise aligns with our culture and expands the breadth of strategies that Flexstone can offer investors across our private equity platform."
The transaction structure reflects minimal strategic overlap between the two firms, with Glouston's North American secondary capabilities complementing Flexstone's existing global primary and co-investment platform. This positioning allows the combined entity to provide institutional investors with expanded service capabilities while maintaining operational focus on distinct market segments. Berkshire Global Advisors served as exclusive financial advisor to Flexstone, while legal counsel including Proskauer supported the transaction process. The acquisition represents a continuation of consolidation activity within the global private equity secondaries market and positions Flexstone as a more comprehensive alternative investment manager within the Natixis ecosystem.
The combined platform operates across Primary, Co-Investment, and Secondary investment strategies, serving institutional investors globally across North America, Europe, and Asia. Glouston's acquisition materially strengthens Flexstone's secondaries platform by adding experienced management, established General Partner relationships, and deep expertise in the North American middle market. According to Eric Deram, Managing Partner and CEO of Flexstone Partners, "Glouston's team brings a complementary investment philosophy to the middle-market landscape and a long history of disciplined execution. Their secondaries expertise aligns with our culture and expands the breadth of strategies that Flexstone can offer investors across our private equity platform."
The transaction structure reflects minimal strategic overlap between the two firms, with Glouston's North American secondary capabilities complementing Flexstone's existing global primary and co-investment platform. This positioning allows the combined entity to provide institutional investors with expanded service capabilities while maintaining operational focus on distinct market segments. Berkshire Global Advisors served as exclusive financial advisor to Flexstone, while legal counsel including Proskauer supported the transaction process. The acquisition represents a continuation of consolidation activity within the global private equity secondaries market and positions Flexstone as a more comprehensive alternative investment manager within the Natixis ecosystem.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.