BEX Capital, an investment firm focused exclusively on secondaries in private equity fund-of-funds (FoF), secondaries funds and co-investment funds – announced the closing of BEX Fund V at $765 million. As the first fund raised since the management buyout of BEX Capital at the beginning of the year, this was the first and only close of BEX Fund V, reaching its target in just four months.
Following the favorable performance of its previous funds, BEX Capital received strong support from existing investors. This support was all notable due to the well-documented challenges that investors in private equity are facing because of a lack of distributions from their existing portfolios.
As with the predecessors, BEX Capital’s fifth fund is solely dedicated to FoF secondaries and will make individual investments ranging from $5 million to $1 billion. And at the larger end of this scale, BEX Capital will draw on support from its core group of investors.
KEY QUOTES:
“As the secondary space grows and develops, managers are increasingly specializing. BEX Capital’s chosen niche in FoF secondaries allows us to generate strong returns on investments with a relatively low-risk profile, given the inherent diversification of our funds. Investors clearly understand and appreciate the attractiveness of our strategy.”
– Thomas Carbonel, Partner
“We are extremely grateful for the continued support of our long-term investors and are happy to welcome a number of new investors. All were able to meet our tight fundraising timeframe, which we decided to stick to despite the industry’s challenging liquidity environment so that we could focus our attention on deploying capital.”
– Stephane Chevrier, Partner
