Alternative investment manager Flexstone Partners LLC, an affiliate of Natixis Investment Mangers, announced Wednesday that it will acquire Boston-based Glouston Capital Partners LLC, a firm focused on private equity secondary-market investments with $3.5 billion in assets under management.
The combined entity’s platform would have $15 billion in AUM, with capabilities across primary investments and co-investments, as well as secondaries strategies, at a time when demand for secondaries has never been higher.
Neither financial terms of the transaction nor a closing date were disclosed.
Under terms that were made public, both Flexstone and Glouston’s investment teams will remain intact, but Glouston’s strategies will be rebranded under the Flexstone name following the deal’s closing.
“We are seeing rapidly growing demand from investors for scaled, high-quality private markets solutions. Private assets are a core pillar of Natixis Investment Managers’ long-term growth plan, with Flexstone Partners playing an essential role,” said Philippe Setbon, the Natixis CEO, in a statement. “Glouston Capital Partners’ seasoned team, deep institutional relationships, and differentiated middle market focused strategy nicely complement Flexstone’s private equity business. This newly integrated entity is uniquely positioned to meet the evolving needs of clients in one of the fastest growing segments of private markets.”
Once a niche asset class, demand for secondaries is surging, resulting in a wave of mergers and acquisitions as managers seek to acquire secondary specialists.
In January, EQT announced a deal to buy $50 billion AUM secondaries manager Coller Capital, and WTW announced in December 2025 a deal for secondaries specialist FlowStone Partners LLC.
Global secondaries volume reached $226 billion at the end of 2025, according to data from Pitchbook, a 41% increase from the prior year.
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Tags: Natixis Investment Managers, Private Equity, secondaries