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BEX hires ex-Ardian MD to lead New York opening

Stéphane Chevrier, an early former member of Ardian's US secondaries team, will lead the niche firm's further push into the North American secondaries market.

BEX Capital has become the latest European secondaries firm to open an office in New York.

The Nice-headquartered firm, which buys positions in funds of funds, secondaries funds and co-investment vehicles, has hired Stéphane Chevrier as partner responsible for leading the office, according to a statement.

Chevrier joins from Invesco Private Capital, where he covered US private equity. Prior to that he ran his own secondaries advisory business Equifin Alternative Investments and was a managing director with Ardian, whose US secondaries business he helped to found, according to the statement.

Chevrier will also be head of origination and a member of BEX’s investment committee, the statement noted.

“The US private equity secondaries market remains by far the deepest pool of assets in the world,” said founder and managing partner Benjamin Revillon. “Even though it can be addressed from anywhere, we felt it was important to open an office in New York to fully be part of the local ecosystem.”

Alexis Ferrer, who joined in 2016, has been promoted to partner and head of investments, the statement added.

BEX has more than $500 million of capital under management. Its most recent vehicle BEX Fund III raised $365 million by final close in April 2019, more than triple the amount raised by its predecessor.

The fund offers ‘X shares’, which are exempt from management fees and carried interest, for non-governmental organisations and major non-profit foundations, allowing such organisations to reinvest their gross return towards good causes, Secondaries Investor reported.

BEX’s move into the US follows those of Hollyport Capital, Altamar Capital Partners and 17Capital over the past five years, Secondaries Investor has reported.