Willis Towers Watson to Acquire Secondaries Specialist FlowStone Partners 

Willis Towers Watson (WTW) has agreed to acquire FlowStone Partners, a Connecticut-based private equity secondaries manager, in a move that will add specialized secondaries expertise to WTW’s global investment and retirement solutions franchise. The transaction marks a significant expansion of WTW’s alternatives platform, particularly in providing access to private markets through more liquid, investor-friendly structures. 

Headquartered in Avon, Connecticut, FlowStone is led by president and managing director Scott Conners, who previously co-led the private equity secondaries team at Landmark Partners. He is joined by managing directors Mike Carrano, also a Landmark alumnus; Andreas Münderlein, who joined from Partners Group; and Mark Phillip, formerly with Morgan Stanley and MatlinPatterson. The senior team brings long-standing experience in sourcing, underwriting, and structuring secondary private equity transactions. 

FlowStone currently manages the FlowStone Opportunity Fund, an evergreen fund registered under the 1940 and 1933 Acts that has generated a cumulative return of 112.91% since its August 2019 inception. As of October 1, the fund’s net asset value rose 2.26% in the third quarter, bringing total assets to approximately $757 million. 

The acquisition is expected to enhance the firm’s ability to deliver high-quality private market exposure through more accessible vehicles for both institutional and individual investors.  

“By unlocking access to high-quality, private markets through liquid, accessible structures, this acquisition strengthens our ability to deliver best-in-class solutions for individual and institutional investors alike,” said Nimisha Srivastava, head of investments for North America at WTW. 

The deal remains subject to approval by FlowStone’s fund shareholders and independent trustee board, with closing anticipated in early 2026.