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BEX tops hard-cap on latest fund to buy FoF and secondaries stakes

The niche firm's Fund IV will make individual investments of between $5m and $1bn, with the aid of co-investors at the top of this range.

BEX Capital has gone past the hard-cap on its latest secondaries fund after just three months in market.

The Nice-headquartered firm has raised $765 million for BEX Fund IV against a target of $600 million, according to a statement. The fund’s hard-cap was $750 million.

The fundraise was supported by existing investors, which increased their commitments by 50 percent, according to the statement.

“Investor enthusiasm has allowed us to more than double our fund size,” managing partner Erwin Roex said in the statement. “This means we are able to access transactions that were previously beyond our scope and deliver greater liquidity to asset sellers, to the benefit of the private equity industry as a whole.”

BEX targets stakes in funds of funds, secondaries funds and co-investment funds. Fund IV will make individual investments of between $5 million and $1 billion, co-investing with its core LPs at the larger end of this range, the statement noted.

The 2019-vintage BEX III raised $365 million, according to Secondaries Investor data.

Several non-governmental organisations and non-profits have taken “X shares” in the fund, the statement said. These exempt them from management fees and carried interest, allowing them to reinvest their gross return towards good causes, Secondaries Investor reported in 2019.

In January, BEX became the latest European secondaries firm to open an office in New York. It hired former Ardian managing director and founding employee Stéphane Chevrier to lead the bureau.

The fund close brings BEX’s assets under management to $1.3 billion across its four funds.

Secondaries funds raised $63.8 billion last year, marking the second-highest annual period of fundraising for the strategy, according to Secondaries Investor data.