Bex Capital
BEX Capital is a private equity secondaries firm that purchases fund-of-fund, secondary fund, and co-investment fund interests from limited partners seeking liquidity. With offices in Nice and New York and over $2 billion in AUM, the firm specializes exclusively in this niche.
- Company typePrivate
- Founded2010
- HeadquartersNice, France
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Bex Capital does
BEX Capital is a private equity secondaries investment firm founded in 2010 and headquartered in Nice, France, with a second office in New York opened in February 2021. The firm operates as the first and only secondary investment manager solely dedicated to fund-of-funds (FoF) secondaries, a niche within the broader private equity secondary market. Its core activity is purchasing limited partnership interests in fund-of-funds, secondary funds, and co-investment funds from limited partners seeking early liquidity, with individual transaction sizes ranging from $5 million to $1 billion. The firm is regulated by the Autorité des Marchés Financiers (AMF) in France under agreement number GP-18000004 (granted March 29, 2018) and has been a UNPRI signatory since 2019.
The firm operates through a series of closed-end fund vehicles. BEX Fund II (€120 million, July 2017) is fully invested; BEX Fund III raised $365 million in March 2019; BEX Fund IV raised $765 million in March 2022; and BEX Fund V closed on $786 million in August 2024, having been raised in approximately four months. Combined assets under management exceed $2 billion across the five vehicles. BEX also runs an active co-investment program that supplements its primary fund commitments when bidding on secondary portfolios. The firm's technology stack is described as standard financial infrastructure for portfolio management and ESG monitoring, with no proprietary technology product.
BEX Capital's business model combines recurring management fees on committed and invested capital across its fund vehicles with performance-based carried interest on successful realizations. The firm monetizes by purchasing secondary fund-of-funds interests at discounts to net asset value and distributing exposure to investors in its own funds, while a portion of carried interest is allocated to X shares donated to non-profit organizations supporting the UN Sustainable Development Goals. Its go-to-market is relationship-driven enterprise sales: BEX originates transactions through direct outreach to limited partners, partnerships with general partners, and engagement with specialized secondary intermediaries, serving institutional clients globally. The firm completed a management buyout in February 2024 and entered a strategic partnership with Sagard, a global alternative asset manager, in April 2025.
Bex Capital firmographics
Firmographics- Name
- Bex Capital
- Legal name
- BEX Capital
- Website
- https://bexcapital.com
- Company type
- Private
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- BEX Capital is a private equity secondaries firm that purchases fund-of-fund, secondary fund, and co-investment fund interests from limited partners seeking liquidity. With offices in Nice and New York and over $2 billion in AUM, the firm specializes exclusively in this niche.
- Ownership category
- akta.pro rank
Bex Capital industry classification
Industry- Product category
- Private Equity Secondaries
- NAICS
- Portfolio Management and Investment Advice (52394), Other Financial Vehicles (52599)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Secondaries-Focused Fund of Funds (LP / GP-led / Continuation Vehicles) (FSAHAKAH)
- akta.pro secondary industry
- Private Equity Buyout Fund-of-Funds (FSANAGAD)
Keywords
Where Bex Capital is headquartered
LocationHeadquarters
- HQ city
- Nice
- HQ country
- France
- HQ region
- Europe
Offices2 records
Markets served
Bex Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Fund Management Fees: Management fees charged on assets under management across BEX Fund II, III, IV, and V vehicles
- Carried Interest (Performance Fees): Performance-based carried interest from successful fund investments, with X shares offered to non-profit organizations that support UN Sustainable Development Goals without fees or carried interest
Go-to-market motion1 record
Distribution channels3 records
Marketing channels3 records
Bex Capital product offering
Product offeringCore offering
BEX Capital is a private equity secondaries investment firm that purchases fund-of-funds, secondary fund, and co-investment fund interests from limited partners seeking liquidity before final fund maturity. The firm manages multiple dedicated fund vehicles (BEX Fund II through V) and an active co-investment program, executing transactions ranging from $5 million to $1 billion and earning revenue through management fees and carried interest.
Product overview
BEX Capital is a private equity secondaries investment firm operating as a single unified platform focused exclusively on fund-of-funds secondaries. The firm manages four distinct fund vehicles (BEX Fund II through Fund V) with over $2 billion in combined assets under management, offering liquidity solutions for investors in fund-of-funds, secondary funds, and co-investment funds. The core product is its fund-of-funds secondaries service, supported by an active co-investment program that enables transactions ranging from $5 million to $1 billion.
Differentiator
Problem solved
Functional benefit
Products and services
- BEX Fund II Private equity fund-of-funds secondary investment vehicle with €120 million in committed capital, raised in July 2017 and fully invested, providing investors with exposure to a diversified portfolio of mature fund-of-funds, secondary fund, and co-investment fund interests.
- BEX Fund III Private equity fund-of-funds secondary investment vehicle with $365 million in committed capital, raised in March 2019, continuing the firm's strategy of providing liquidity to investors in fund-of-funds, secondary funds, and co-investment funds.
- BEX Fund IV Private equity fund-of-funds secondary investment vehicle with $765 million in committed capital, raised in March 2022, providing liquidity solutions for investors in fund-of-funds, secondary funds, and co-investment funds.
- BEX Fund V Private equity fund-of-funds secondary investment vehicle with $786 million in committed capital, raised in August 2024 in just four months; currently in investment mode, providing liquidity to investors in fund-of-funds, secondary funds, and co-investment funds.
- Fund-of-Funds Secondaries Service BEX Capital's core service offering, providing liquidity solutions for investors in fund-of-funds, secondary funds, and co-investment funds, allowing them to exit positions prior to final fund maturity through individually negotiated transactions ranging from $5 million to $1 billion.
- Co-investment Program Active co-investment program enabling BEX Capital to bid for portfolios coming to market in its chosen field of fund-of-funds secondaries, with individual transactions ranging from $5 million to $1 billion and support from a core group of investors at the larger end of the scale.
Quantifiable outcome
- Over $2 billion in assets under management across five funds
- +2 more outcomes
Companies that use Bex Capital
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
Bex Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Bex Capital partnerships and signals
Strategic signalScale indicators6 records
Recent moves7 records
Expansion highlights6 records
Bex Capital competitors and assessment
Company assessmentDirect peers
- Coller Capital: The world's largest dedicated private equity secondaries firm, investing across LP-led, GP-led and FoF secondaries globally. Most directly comparable peer given its focus on complex FoF and secondary fund secondaries similar to BEX, and a key employer of BEX partner Erwin Roex.
- Ardian: Global alternative asset manager with one of the largest secondary fund of funds platforms, managing tens of billions in secondary capital. Closely comparable to BEX on FoF secondaries strategy, and former employer of BEX partner Stephane Chevrier who built Ardian's US secondary business.
- Lexington Partners: One of the largest independent secondary private equity firms globally, active across LP-led, GP-led and FoF secondaries. Directly competes with BEX in sourcing and pricing complex secondary fund and FoF portfolios at scale.
- Neuberger Berman Secondary Opportunities Fund: Established secondary private equity platform within Neuberger Berman that invests in LP-led secondaries including FoF and secondary fund interests. Comparable to BEX in transaction size band and LP-led secondary focus.
- AlpInvest Partners: Large private equity secondaries and co-investment manager (now part of Carlyle), historically active in LP-led secondaries including FoF interests. Erwin Roex, BEX partner, previously founded and led AlpInvest's secondary and mezzanine activities, making it a tightly linked peer.
Broad incumbents
- HarbourVest Partners: Large global private markets investment manager operating across primary fund commitments, secondary purchases, and co-investments. Comparable to BEX in secondary LP-led purchases but operates a much broader multi-strategy platform rather than a focused FoF secondaries strategy.
- Hamilton Lane: Publicly listed private markets investment manager with substantial secondary fund activities alongside primary fund-of-funds and direct investments. Direct competitor for secondary FoF deals but diversified across many private markets strategies.
- StepStone Group: Global private markets investment firm with significant secondaries capabilities across LP-led and GP-led transactions. Comparable to BEX on secondary sourcing but offers a broader multi-strategy platform including primary fund-of-funds and co-invest.
- Pantheon: Private equity fund-of-funds and co-investment manager with secondary investment capabilities, owned by Affiliated Managers Group. Competes with BEX for LP-led secondary FoF deals but operates as part of a broader multi-strategy platform.
- Blackstone Strategic Partners: Blackstone's secondary private equity platform (formerly part of Goldman Sachs), one of the largest dedicated secondary fund managers globally. Competes with BEX in LP-led secondary transactions, including FoF and secondary fund interests, with vastly larger scale and balance sheet.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Bex Capital social profiles
Digital presenceBex Capital compliance and trust
Trust signalCompliance2 records
Bex Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Bex Capital leadership team
Management profileNumber of profiles
Profiles15 records
Bex Capital subsidiaries and ownership
Company hierarchySubsidiaries1 record
Bex Capital funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Bex Capital M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Bex Capital
What does Bex Capital do?
BEX Capital is a private equity secondaries investment firm that purchases fund-of-funds, secondary fund, and co-investment fund interests from limited partners seeking liquidity before final fund maturity. The firm manages multiple dedicated fund vehicles (BEX Fund II through V) and an active co-investment program, executing transactions ranging from $5 million to $1 billion and earning revenue through management fees and carried interest.
Is Bex Capital a public or private company?
Bex Capital is a private company. It is classified as management employee owned and is currently operating.
When was Bex Capital founded?
Bex Capital was founded in 2010. It employs 1 to 10 people.
Where is Bex Capital based?
Bex Capital is headquartered in Nice, France, in the Europe region.
How does Bex Capital make money?
Two revenue lines are on record. Fund Management Fees are the primary driver. The others are carried Interest (Performance Fees).
Who are Bex Capital's main competitors?
Direct peers on record are Coller Capital, Ardian, Lexington Partners, Neuberger Berman Secondary Opportunities Fund and AlpInvest Partners. Broad incumbents are HarbourVest Partners, Hamilton Lane, StepStone Group, Pantheon and Blackstone Strategic Partners.
Does Bex Capital have an API?
No public API is recorded for Bex Capital.
What industry is Bex Capital in?
Bex Capital's product category is Private Equity Secondaries. Its primary akta.pro industry code is FSAHAKAH, Secondaries-Focused Fund of Funds (LP / GP-led / Continuation Vehicles), with a secondary code of FSANAGAD, Private Equity Buyout Fund-of-Funds. Its NAICS code is 52394 and its SIC code is 6282.