WTW has announced an agreement to acquire FlowStone Partners, a private equity secondaries specialist, in a transaction designed to enhance its wealth and institutional investment offerings significantly. The deal, which remains subject to shareholder and trustee approvals, is expected to close in early 2026.
The acquisition brings FlowStone’s expertise in private equity secondaries to WTW’s global investment platform, expanding access to private market opportunities for both individual wealth clients and institutional investors. WTW stated that combining FlowStone’s specialization with its own scale, sourcing network, and research capabilities will strengthen its ability to provide innovative structures and broaden access to private markets.
WTW highlighted that the integration of FlowStone’s investment approach aligns with its broader mandate to deliver advanced analytics, fiduciary oversight, and differentiated private-market solutions across its global client base. FlowStone’s leadership emphasized that the firm’s entrepreneurial culture and secondaries track record, combined with WTW’s investment management and retirement planning footprint, will create a stronger platform for clients navigating evolving private market dynamics.
FlowStone’s managed fund shareholders and its independent trustee board must approve the transaction, alongside other customary closing conditions. WTW anticipates completing these steps by early next year.
WTW’s Investments business comprises more than 900 colleagues and advises over US$4.7 trillion in assets while managing $178.8 billion in assets. FlowStone Partners is recognized for its specialization in private equity secondaries, portfolio construction, and risk management solutions for institutional and individual clients.
KEY QUOTES:
“We are excited to expand the opportunity set for both institutional and individual wealth investors, pairing FlowStone’s seasoned expertise in secondaries investing with WTW’s global scale, sourcing network and research engine. The acquisition meaningfully expands WTW’s ability to serve clients’ evolving needs and deliver differentiated private market solutions. This is a bold venture in the future of private equity secondaries investing.”
Diya Luke, Global Head of Investments, WTW
“By unlocking access to high-quality, private markets through liquid, accessible structures, this acquisition strengthens our ability to deliver best-in-class solutions for individual and institutional investors alike – helping more people achieve stronger long-term outcomes.”
Nimisha Srivastava, Head of Investments, North America, WTW
“Combining FlowStone’s deep expertise in private equity secondaries with WTW’s global scale in discretionary and non-discretionary investment management and retirement planning creates a powerful platform positioned to meet the evolving needs of investors across these growing markets. We’re excited to bring our experience, relationships, and proven track record to WTW’s expanding suite of alternative investment solutions.”
Scott Conners, President, FlowStone Partners
“WTW’s deep investment research capabilities, advanced analytics, and commitment to innovation will help our investors stay ahead of the curve as new solutions expand access to the benefits of private markets.”
Michael Carrano, Managing Director and Investment Committee Member, FlowStone Partners
