Flexstone acquires Glouston Capital Partners and raises its private markets platform above 15,000 million dollars
18 JUN, 2026
Flexstone Partners, a global private markets investment manager and subsidiary of Natixis Investment Managers, has reached an agreement to acquire Glouston Capital Partners, a firm specializing in secondary private equity markets based in Boston.
With this operation, the combined platform will exceed 15,000 million dollars in assets under management and will strengthen its ability to serve institutional investors in North America, Europe, and Asia.
An operation to expand capabilities in secondary markets
Flexstone currently manages 12,000 million dollars in assets, while Glouston contributes more than 3,400 million dollars under management. The integration brings together two complementary businesses: on one hand, Flexstone's global primary markets and co-investment platform; on the other, Glouston's experience in the secondary private equity market in the North American middle market segment.
According to the information released by the firm, the strategic fit between both entities is high, with a differentiated geographical presence and limited overlap. In addition, Flexstone highlights that the Glouston team brings a consolidated track record, close relationships with General Partners, and a disciplined investment approach, elements that will significantly strengthen its secondary business.
The operation is part of the ecosystem of Natixis Investment Managers, Flexstone's parent company, which has 1.4 trillion dollars in assets under management. The financial terms of the agreement have not been disclosed.
Operational continuity and new platform structure
After the closing of the operation, both the investment and management teams of Flexstone as well as the strategy and team of Glouston will remain unchanged. The six partners of Glouston will continue to lead the secondary business from Boston, maintaining the same investment process and the criteria that have historically defined the firm.
As part of the agreement, the partners of Glouston will reinvest a significant portion of their shareholding in the combined entity and will become managing partners of Flexstone. In turn, the partners of Flexstone will make an additional capital investment alongside the Glouston team, with the aim of strengthening the alignment of interests.
The combined platform will operate from five offices —New York, Boston, Paris, Geneva, and Singapore— and will have 37 investment professionals. Flexstone will continue to manage its primary market and co-investment strategies in private equity, private debt, infrastructure, and real estate, focusing on an institutional investor base mainly located in Europe and Asia.
For its part, Glouston will assume leadership of the secondary market strategy and distribution in the United States. The Flexstone secondary team, consisting of three professionals in Europe and one in New York, will integrate with the Glouston investment management team. Once the operation is completed, Glouston's strategies will be marketed under the Flexstone Partners brand, although the structures of existing funds, agreements with Limited Partners, and investment mandates will remain unchanged.
Flexstone Partners is pleased to welcome the experienced team from Glouston Capital Partners in this new stage of growth. The Glouston team brings a complementary investment philosophy for the middle market segment and a long track record of disciplined execution. Their experience in the secondary market fits with our culture and expands the range of strategies that Flexstone can offer to investors through our private equity platform.
Eric Deram, Managing Partner and CEO of Flexstone Partners
This partnership represents a natural evolution for Glouston Capital Partners. Flexstone's global platform, its complementary relationships with General Partners (GP), and its strong distribution network will allow us to expand our reach while maintaining the investment discipline and teamwork-based decision-making that our Limited Partners (LP) value. We are excited to join forces and continue building a leading platform in secondary markets, with the resources and scale necessary to compete effectively in today's market.
Red Barrett, Senior Partner at Glouston Capital Partners
We are seeing an increasing demand from investors for large-scale, high-quality private market solutions. Private assets are a fundamental pillar of Natixis Investment Managers' long-term growth plan, in which Flexstone Partners plays an essential role. The experienced team at Glouston Capital Partners, their strong institutional relationships, and their differentiated strategy focused on the middle market segment perfectly complement Flexstone's private equity business. This new integrated entity is exceptionally positioned to respond to the changing needs of clients in one of the fastest growing segments within the private markets.
Philippe Setbon, CEO of Natixis Investment Managers
