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Flexstone Partners

PRI reporting framework 2020

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Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

Select the services and funds you offer
% of asset under management (AUM) in ranges
Fund management
Fund of funds, manager of managers, sub-advised products
Other
Total 100%

Further options (may be selected in addition to the above)

01.2. Additional information. [Optional]

Flexstone Partners, an affiliate of Natixis Investment Managers, is a leading investment solutions provider in private assets with a global reach and local footprints in New York, Paris, Geneva, and Singapore. It specializes in the selection of private equity, private debt, real estate, and infrastructure fund managers for investment by Flexstone’s clients. Flexstone manages primary and secondary investments as well as co-investments. Flexstone’s expertise is distinguished by a high flexibility in building customized portfolios that are tailored to the unique needs and constraints of each investor whether institutional or private individual. Flexstone offers a large range of services, from advising on private assets portfolio construction to the management of fully discretionary separate accounts and funds of funds. Flexstone, with nearly 40 professionals, manages $7.6 billion as of end of 2019. It is a majority owned subsidiary of Natixis Investment Managers, one of the largest investment managers worldwide. 


OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

France

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

40 FTE

02.4. Additional information. [Optional]

Flexstone Partners SAS (“Flexstone”) is a majority owned affiliate of Natixis Investment Managers (“Natixis IM”), one of the world’s largest asset managers, and was established to provide global institutional investors with investment management and advisory services across global private markets. Flexstone’s entrepreneurial mindset and nimble team, ability to access superior investment opportunities and leverage its professional network enhance its drive to continuously deliver exceptional investment performance, client services, and risk management.

 

By way of background, Flexstone is the combination of four regional entities: Paris-based Euro Private Equity SAS, Geneva-based Euro Private Equity Sàrl (together with Euro Private Equity SAS referred to as “Euro-PE”), New York-based Caspian Private Equity LLC (“Caspian PE”), and Singapore-based Eagle Asia Partners Pte Ltd (“Eagle Asia”). Euro-PE was founded by Eric Deram in 2005 to invest in the lower middle market in Europe. The private equity business of Caspian Capital Management (“CCM”), an existing Natixis IM affiliate, was started in 2006 by Nader Motamedy, Benoit Jacquin, Satyan Malhotra, and other professionals and spun-off as Caspian PE in 2008 to invest in the lower, middle and growth markets in the US. Sponsored by Natixis IM, Eagle Asia was founded in 2007 by Jimmy Hsu, Lay Hong Lee, Kit Jong Tan and Ivy Omar to execute a similar strategy in Asia. In 2013, Euro-PE entered into an agreement to be acquired by Natixis IM in order to leverage Natixis IM’s global distribution platform. In 2014, the Euro-PE and Caspian PE teams discussed and commenced a partnership to leverage their teams and deep market expertise to collaborate on a global and competitive investment offering.

 

In 2017, at the initiative of the Managing Partners to capitalize on the experience of managing global separately managed accounts (“SMAs”) while Natixis IM was finalizing its decision to increase its focus on Alternatives (in the context of its “New Dimension” strategic plan), these entities were merged in order to enhance its private market offerings to global institutional investors. As such, the four affiliates were rebranded, and, on 01/01/2019, began to operate under the name of Flexstone Partners within Natixis IM.

 

Given the similar investment philosophy and strategies (i.e., focus on Primary Fund investing, Secondary Fund investing, and Co-investing in lower middle market and growth companies) across the four entities, the merger was extremely complementary. Accordingly, it provided Flexstone with global investment reach while retaining its very strong local footing with its longstanding presence of more than 15 years in each of its respective markets. The merger allowed Flexstone to streamline its business to better service clients, be more competitive in its respective markets, and expand the scope of its investment geographies to offer clients global solutions to private markets investing. Moreover, the combination further cemented an existing advisory partnership between the US and European teams which began in 2014 in co-managing large and global SMAs.

 

Flexstone currently has over US$7.6 billion[1] in assets under management and advisory (“AUMA”) with 39[2] professionals across offices in New York, Paris, Geneva, and Singapore. Flexstone manages several discretionary and non-discretionary mandates ranging from less than €/$30 million to more than €/$1 billion in commitments as well as several proprietary funds including fund of funds, secondary and co-investment funds. Flexstone also designs and manages customized portfolios that are tailored to the unique investment objectives of each investor. SMAs account for 77% of the firm’s AUMA with the remaining balance of 23% is its proprietary funds.

 

Today, the spirit of Flexstone’s entrepreneurial roots is reflected in its independent thinking, independent investment decisions, and independent day to day management while benefiting from the support and guidance of one of the largest asset management firms in the world in areas such as risk management, compliance, and ESG.

 

[1] Assets under management and advisory as of 12/31/2019, including commitments for closed-end private placement funds, and sum of Net Asset Value and unfunded commitments otherwise.

[2] As of 3/3/2020, Full time employees only


OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]


OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2019

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.4. Indicate the assets which are subject to an execution and/or advisory approach. Provide this figure based on the end of your reporting year

Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.5. Additional information. [Optional]


OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity 0 0 0 0
Fixed income 0 0 0 0
Private equity 0 0 >50% 89.2
Property 0 0 10-50% 10.4
Infrastructure 0 0 <10% 0.2
Commodities 0 0 0 0
Hedge funds 0 0 0 0
Fund of hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash 0 0 0 0
Money market instruments 0 0 0 0
Other (1), specify 0 0 <10% 0.2
Other (2), specify 0 0 0 0

`Other (1)` specified

          
        

06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

06.5. Indicate whether your organisation uses fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]


OO 07. Fixed income AUM breakdown (Not Applicable)


OO 08. Segregated mandates or pooled funds (Private)


OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

97.4 Developed Markets
2.6 Emerging Markets
0 Frontier Markets
0 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]


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