Flexstone Partners has held the final close on its latest secondaries and co-investment fund on more than twice the capital it raised for its original fund.
The firm, which was formed out of the merger of three of Natixis Investment Managers‘ fund of funds units in December, collected €300 million for Select Opportunities II, which closed on its hard-cap, according to a statement.
The mid-market-focused fund is almost 40 percent deployed, having closed six secondaries deals and six co-investments with three others being finalised.
New investors account for almost 60 percent of Fund II, according to Caroline Gibert, Flexstone’s head of business development and investor relations. The vehicle attracted capital from around 20 institutional investors. About 7 percent of the capital came from private professional investors and family offices.
Fund I launched in 2014 and collected €130 million, according to the statement. It delivered a net internal rate of return of 25 percent and a net multiple of 1.9x.
Paris-headquartered Natixis combined its three regional funds of funds – Geneva-based Euro Private Equity, Singapore-based Eagle Asia Partners and New York-based Caspian Private Equity – last year to form Flexstone.
The firm has $7.1 billion in assets under management and focuses on private equity, private debt, real estate and infrastructure fund managers via primary, secondaries and co-investment opportunities.
The team is led by chief executive Eric Deram, who was previously founder and managing partner at Natixis’s Euro Private Equity.