Secondaries fund of funds specialist BEX Capital has raised $365m for its latest vehicle after just four months on the road.
The French firm reached the first and final close of BEX Fund III after 90 per cent of its existing investors re-upped to the new vehicle.
Fund III was substantially oversubscribed and was able to surpass its initial $280m target as well as the amount collected for BEX’s second fund, which closed on €120m back in 2017.
BEX is set to use the fund to buy positions in private equity funds of funds, secondary funds and co-investment funds. The firm is targeting investments ranging from $1m to $500m.
As a part of its latest fund raise, the firm has introduced a class of shares open to only its NGOs and major non-profit investors. These ‘X shares’ do not feature management fees or carried interest.
BEX was founded by Benjamin Revillon in 2010 and now has over $500m of capital under management.
“The speed with which our investors, existing and new, decided to commit to our third fund is a great validation of BEX Capital’s performance,” Revillon said. “We’re honoured to be backed by such a high-quality group of investors, including many private equity industry luminaries.
“We’re also proud to be able to give modest support to our NGO investors by providing them with a return on capital free of charge. We hope that this concept of X shares will be replicated by other investment firms as a way to contribute to society and build bridges between finance and the non-profit world.”
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