Flexstone Acquires Glouston Capital to Build $15B Private Markets Platform

Flexstone Partners, an affiliate of Natixis Investment Managers, has agreed to acquire Glouston Capital Partners, a Boston-based private equity secondaries specialist, in a move to broaden its capabilities across the private markets landscape.

The combined platform will oversee more than $15 billion in assets across primary, co-investment, and secondary strategies, serving institutional investors globally. The transaction strengthens Flexstone’s presence in the U.S. and enhances its secondary market expertise within the middle-market segment.

Glouston, which manages more than $3.4 billion in assets, will continue to operate with its existing investment team and strategy intact. Its six partners will remain in place, leading the secondary business from Boston while also becoming managing partners within the combined firm. Glouston’s partners will roll a significant portion of their equity into Flexstone, aligning incentives across the platform.

“Glouston brings a disciplined approach to secondaries investing that complements our existing capabilities,” said Eric Deram, managing partner and CEO of Flexstone, emphasizing the strategic fit and expanded offering for investors.

Flexstone’s broader investment and management teams will also remain unchanged. The combined firm will operate across five offices—New York, Boston, Paris, Geneva, and Singapore—with 37 investment professionals.

Glouston will lead the firm’s secondary strategy and U.S. distribution efforts, working alongside Flexstone’s existing secondary team across North America and Europe. The integration is expected to enhance sourcing and execution capabilities while maintaining established GP relationships.

Following the close, Glouston’s strategies will be rebranded under the Flexstone name, with no changes to existing fund structures or LP agreements. Financial terms of the transaction were not disclosed.