Key Takeaways
- • Flexstone Partners, a global private markets manager with $12 billion in AUM and an affiliate of Natixis Investment Managers ($1.4 trillion AUM), has agreed to acquire Glouston Capital Partners, a Boston-based private equity secondaries manager with over $3.4 billion in AUM.
- • The combined platform will manage more than $15 billion across Primary, Co-Investment, and Secondary strategies, serving institutional investors in North America, Europe, and Asia.
- • Glouston's six partners will roll a substantial portion of their equity into the combined firm and become Managing Partners of Flexstone, with Flexstone partners also investing additional equity.
- • Glouston will lead the combined firm's secondary strategy and U.S. distribution from Boston, and its strategies will be rebranded under the Flexstone Partners name at closing.
- • Financial terms of the transaction were not disclosed.
Summary
Flexstone Partners (Flexstone) has agreed to acquire Glouston Capital Partners (Glouston), a Boston-based private equity secondaries manager focused on the North American buyout middle market, according to a Business Wire announcement. Flexstone, which manages $12 billion in assets under management and is an affiliate of Natixis Investment Managers ($1.4 trillion AUM), said the combined platform will manage more than $15 billion across Primary, Co-Investment, and Secondary strategies. Glouston manages over $3.4 billion in AUM and has invested more than $2.9 billion across 290 secondary transactions since 1994, according to the firm's profile in the release.
The companies describe the businesses as complementary, with Flexstone's global primary and co-investment platform operating mainly in different geographies from Glouston's North American secondaries capabilities. Eric Deram, Managing Partner and CEO of Flexstone, said Glouston's team brings a complementary investment philosophy to the middle-market landscape and expands the strategies Flexstone can offer investors. Red Barrett, Senior Managing Partner of Glouston, said the partnership gives the firm access to Flexstone's global platform, GP relationships, and distribution network while preserving its team-based decision-making.
Under the structure, Glouston's six partners will roll a substantial portion of their equity into the combined firm and become Managing Partners of Flexstone, and Flexstone partners will invest additional equity alongside them. Both investment teams are to remain intact, and the six Glouston partners will continue managing the secondary business from Boston. Philippe Setbon, CEO of Natixis Investment Managers, said demand for scaled private markets solutions is growing rapidly and that private assets are a core pillar of Natixis's long-term growth plan.
The combined firm will operate from five offices in New York, Boston, Paris, Geneva, and Singapore, with 37 investment professionals. Flexstone will continue its primary and co-investment strategies across private equity, private debt, infrastructure, and real estate. Glouston will lead the secondary strategy and U.S. distribution, with three Flexstone secondary professionals in Europe and one in New York joining its leadership. Glouston strategies will be rebranded under the Flexstone Partners name at closing, though existing fund structures, LP agreements, and investment mandates will not be affected. Financial terms were not disclosed.
The companies describe the businesses as complementary, with Flexstone's global primary and co-investment platform operating mainly in different geographies from Glouston's North American secondaries capabilities. Eric Deram, Managing Partner and CEO of Flexstone, said Glouston's team brings a complementary investment philosophy to the middle-market landscape and expands the strategies Flexstone can offer investors. Red Barrett, Senior Managing Partner of Glouston, said the partnership gives the firm access to Flexstone's global platform, GP relationships, and distribution network while preserving its team-based decision-making.
Under the structure, Glouston's six partners will roll a substantial portion of their equity into the combined firm and become Managing Partners of Flexstone, and Flexstone partners will invest additional equity alongside them. Both investment teams are to remain intact, and the six Glouston partners will continue managing the secondary business from Boston. Philippe Setbon, CEO of Natixis Investment Managers, said demand for scaled private markets solutions is growing rapidly and that private assets are a core pillar of Natixis's long-term growth plan.
The combined firm will operate from five offices in New York, Boston, Paris, Geneva, and Singapore, with 37 investment professionals. Flexstone will continue its primary and co-investment strategies across private equity, private debt, infrastructure, and real estate. Glouston will lead the secondary strategy and U.S. distribution, with three Flexstone secondary professionals in Europe and one in New York joining its leadership. Glouston strategies will be rebranded under the Flexstone Partners name at closing, though existing fund structures, LP agreements, and investment mandates will not be affected. Financial terms were not disclosed.
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