Flexstone reaches $322m second close for co-invest fund

The fund had reached a first close in November last year. It follows a similar strategy to its Global Opportunities predecessors, focusing on co-investments globally.

The fund will make more than 40 investments in total, the firm said. It has already completed three investments: a direct-to-consumer weight loss and wellness brand in the US; a non-asset-based US freight broker; and a funeral services operator in France.

Flexstone is also preparing to announce a fourth investment for the vehicle, subject to final closing by the beginning of May. The asset is a provider of ophthalmology services for the NHS in the UK, with Flexstone co-investing alongside a healthcare-focused UK mid-market fund manager. "The transaction metrics are attractive, with a reasonable entry price given the sector, and a limited financial leverage," said David Arcauz, managing partner at Flexstone.

Global Opportunities IV is backed by long-standing Flexstone investors, including Natixis, as well as new institutional investors in Europe, Australia and Asia, the firm said in a statement.

Flexstone was officially formed in December 2018, when Natixis combined its existing private equity affiliates into one entity. It is a combination of four sister companies; its Swiss affiliate was formed in 2005, its French and Singaporean affiliates were founded in 2007, and the US affiliate was founded in 2008. The group has raised a number of dedicated co-investment and secondaries vehicles focused specifically on the Americas, Europe and Asia, in addition to its global programmes.

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• Co-investments