BEX eyes as much as $350m for Fund III

The niche secondaries firm switched to US dollars from euros with its latest fundraise.

BEX Capital, a niche buyer of stakes in funds of funds and secondaries funds, has set the hard-cap of its latest vehicle at 2.5 times the amount it raised for its predecessor.

Benjamin Revillon
Benjamin Revillon

The firm, which has switched to US dollars from euros for its third fund, has raised at least $280 million for BEX Fund III, founder and managing partner Benjamin Revillon told Secondaries Investor. The fund’s target is $280 million, its hard-cap $350 million and the firm expects to hold a first and final close before July.

Re-ups account for $240 million of the capital raised so far for Fund III and those LPs have increased their ticket sizes, Revillon said.

BEX decided to align the currency of the fund with the assets it targets. About two-thirds of the assets the firm buys are dollar-denominated, according to Revillon.

Since it was founded in 2010, the firm has transformed from a deal-by-deal model to raising two blindpool funds. Its previous vehicle, BEX Fund II, closed in 2017 above its €80 million target on €120 million, according to PEI data.

In an interview last June, Revillon told Secondaries Investor the firm saw $3 billion-worth of fund of funds and secondaries fund opportunities in 2017. Drivers of dealflow in the market for second-hand stakes in funds of funds and secondaries funds are the same as the broader market, he said. LPs in such vehicles want to be able to manage their portfolios in the same way they manage their portfolios of direct funds, Revillon added.

BEX has six staff and manages around €200 million in assets, according to its website. The firm relocated to Nice from Paris in the second half of last year.