Flexstone Partners Acquires Glouston Capital to Create $15B Private Equity Platform — Natixis Investment Managers

Event summary

Flexstone Partners, a $12B AUM private markets manager, acquires Glouston Capital Partners, a $3.4B AUM secondaries specialist, forming a $15B platform.
The combined entity will operate across five offices: New York, Boston, Paris, Geneva, and Singapore, with 37 investment professionals.
Glouston’s team will lead the secondary strategy and U.S. distribution, while Flexstone maintains its primary and co-investment strategies.
Glouston’s strategies will be rebranded under Flexstone Partners, with no changes to existing fund structures or LP agreements.
The transaction is expected to close in mid-2026, with financial terms undisclosed.

The big picture

This acquisition reflects the growing demand for scaled private markets solutions and the strategic importance of secondaries capabilities in the private equity landscape. The combined platform aims to offer a broader range of strategies to institutional investors, aligning with Natixis Investment Managers’ long-term growth plan in private assets. The deal underscores the trend of consolidation in the private equity space as firms seek to enhance their service offerings and geographic reach.

What we're watching

Integration Challenges: How Flexstone will integrate Glouston’s team and strategies without disrupting existing client relationships or investment processes.
Market Positioning: Whether the combined platform can effectively compete in the increasingly crowded private equity secondaries market.
Growth Strategy: The pace at which Flexstone can leverage Glouston’s expertise to expand its secondary capabilities in North America and beyond.