WTW to Acquire Secondaries Manager FlowStone

WTW announced Monday the acquisition of FlowStone Partners LLC, an alternative investment manager that specializes in private equity secondaries. The acquisition is expected to close in early 2026, pending regulatory approval and approval from FlowStone shareholders and its independent board of trustees.

The acquisition of the Avon, Connecticut-based firm will expand WTW’s offerings in secondary market funds for both wealth management and institutional clients. FlowStone managed $757 million in assets, as of September 30, according to an investor presentation from the firm.

“We are excited to expand the opportunity set for both institutional and individual wealth investors, pairing FlowStone’s seasoned expertise in secondaries investing with WTW’s global scale, sourcing network and research engine,” said Diya Luke, WTW’s global head of investments, in a statement.

FlowStone allows retail and wealth management investors access to its funds with a minimum investment of $100,000. The firm, in an investor presentation, noted it designs and manages private market products for smaller institutional and individual investors.

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“Combining FlowStone’s deep expertise in private equity secondaries with WTW’s global scale in discretionary and non-discretionary investment management and retirement planning creates a powerful platform positioned to meet the evolving needs of investors across these growing markets,” said Scott Connors, FlowStone’s president, in a statement.