BEX closes third fund on $365m

Francesca Veronesi
11 April 2019

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France-based fund-of-funds and secondaries investor BEX Capital has held a first and final close for its third-generation vehicle, BEX Capital III, surpassing its initial hard-cap of $350m.

On the market since November 2018, the third-generation fund had already hit its $280m target in January and held a final close in March.

The third generation fund has significantly surpassed BEX Capital II, closed on €120m in 2017.

Founded in 2010, BEX is a private equity secondaries investment firm with $500m in assets under management. It has been based in Nice since September 2018. The firm's latest recruitment efforts include the hiring of Brice Gremillet as middle-office manager in February.

The fund has introduced a no-fee option for its non-profit and NGO LPs. They can invest in "X-Shares", meaning they pay no management fees or carried interest, so they can fully benefit from the fund's performance and reinvest the gross return into supporting their mission.

Investors
More than 90% of previous backers have reinvested in the third fund, according to a spokesperson for BEX. Their commitments represent 60% of the vehicle, Unquote has learned.

The investor-base of BEX Capital III is 50% composed of family offices; 40% of high-net-worth individuals working in private equity funds; and 10% institutional investors, Unquote understands.

The vast majority of backers are from the UK, France, Switzerland and Benelux, though some LPs based in the US, Spain, Italy, Bahrain and Madagascar have made commitments to the fund.

Investors of BEX II were based in the UK, France and Switzerland, Unquote previously reported.

Investments
BEX is a secondaries 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 $1-200m range, and with the help of its investors coming in as co-investors, it will also target portfolios of up to $500m.

The vehicle is yet to make its first investment, Unquote understands.

People
BEX Capital – Benjamin Revillon (founder, managing partner); Erwin Roex (managing partner).