BEX Capital, a new investment firm focusing on fund-of-fund (FoF) secondaries has announced the close of the BEX Fund III, having raised $365 million (£283 million) in four months.
The fund will take positions in private equity FoFs, secondary funds and co-investment funds, with a bias towards mature markets and assets. BEX Capital said the fund was heavily supported by investors in its previous two funds, and it exceeded its initial fundraising target of $280 million. BEX Capital has also introduced a new share class, X shares, which are only open to non-governmental organisations (NGOs) and major non-profit foundations. This class of investors will not pay any fees and are not charged carried interest.
BEX Capital founder and managing partner, Benjamin Revillon, commented: “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. We’re honoured to be backed by such a high-quality group of investors, including many private equity industry luminaries.” He added: “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.”