BEX collects $280m for third fund

Francesca Veronesi
18 January 2019

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France-based funds-of-funds and secondaries investor BEX Capital has collected $280m for its third-generation vehicle, BEX Capital III, targeting a first and final close in Q2.

On the market since November, the third-generation fund has already hit its $280m target, around double what its predecessor BEX Capital II collected in 2017.

The GP is aiming to hold a first and final close by Q2 2019 and is likely to hit its hard-cap set at $350m, a spokesperson for the firm confirmed to Unquote.

BEX recently recruited COO Gaetano Insalaco (ex-Truffle Capital) and investment director Youssef Kameche (formerly of Natixis). The firm is continuing its recruitment efforts and should shortly appoint an additional team member. BEX also moved its offices to Nice in September 2018, as its operations are global and therefore proximity with the Paris PE community was not strictly necessary.

Investors
Historic LPs have already allocated $240m of the current commitments, with 95% of previous backers re-nvesting in the third fund, according to a spokesperson for BEX.

The investor-base of BEX Capital II was 50% composed of high-net-worth individuals working in private equity funds. Another 40% included family offices and 10% were institutional investors, such as insurance companies. Backers of BEX II were based in the UK, France and Switzerland, Unquote understands.

New investors in BEX Capital III are large European family offices and once again high-net-worth individuals working at private equity firms. This new group of investors is based in the Benelux, the UK and France.

Investments
BEX is a secondary investment firm dedicated to the acquisition of LP positions in private equity funds-of-funds and secondary funds.

BEX Capital III will mostly commit to vehicles exposed to buyouts in the US and Europe. The fund will also occasionally back vehicles exposed to growth, venture, mezzanine and turnaround or operating in emerging markets.

The vehicle should complete a dozen investments in the $1m-100m range, and with the help of potential co-investors or leverage, it will also be able to bump tickets up to $200m.

People
BEX Capital - Benjamin Revillon (founder, managing partner).