Wednesday, 17 April 2019

BEX Capital raises $365 million ...

What for, dear reader(s)? Well ... for BEX Fund III. That's what for. Are you happy now? 'I'm happy, boss!' Great.

This was the first and final close of BEX Fund III, with fundraising completed in the space of four months. BEX Capital received strong support from existing investors with over 90% returning to commit to BEX Fund III. The fund was substantially oversubscribed and closed in excess of its original target of $280 million.

They only wanted $280 million. They got $365 million. That means - by my calculation - they've got $85 million spare. That's money they could give to me, if they wanted to, like. 'Ha!' What, Voice? 'If wishes were horses, beggars would ride.' Yes, yes, I know.

As per its predecessors, BEX Capital's third fund will acquire positions in private equity FoFs, secondary funds and co-investment funds, with a strong bias towards mature markets and assets. At $365 million, it is the largest pool of capital solely dedicated to FoF secondaries. The fund will make individual investments ranging from $1 million to $500 million. At the larger end of this scale, BEX Capital will draw support from its core group of investors.

Okay, okay. If they wanted to ... they could invest in me. 'Give it a rest, boss.'

BEX Capital has also introduced the concept of 'X shares', a class of shares solely open to NGOs and major non-profit foundations. These investors do not pay any fees nor are they charged carried interest, so they can fully benefit from the fund's performance and reinvest the gross return into supporting their mission.

Supporting their mission? How about supporting me, and my mission?! / Christ! And I thought Benny was a friend of mine. 'Benny Blanco, from the Bronx?' Eh? Carlito's nemesis? No. Benny Revillon from BEX Capital.

Come on, Benny! Say something to make me feel good! Please!

Benjamin Revillon, Founder and Managing Partner, comments, "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."

Oh, I see. It's all about you and your investors, ain't it, Benny?

"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."

Yeah, yeah. Lovely.


'Hang on, boss -'

About BEX Capital

BEX Capital is an independent private equity secondaries investment firm founded in 2010 by Benjamin Revillon. BEX Capital invests in mature positions in global private equity fund-of-funds, secondary funds and co-investment funds, on behalf of family offices and institutional investors. BEX Capital now has in excess of $500 million of capital under management and is based in Nice, France.

There was no need for that, Voice. Let's move on!


Anything else? Not a lot, no. I've got one more post to do this week. I might do it late tonight, uh, early tomorrow morning, sort of. You know what I mean. 'Yeah.' And what will I write about? 'Music!' Music, knowing me. I'll probably be playing Apollo, too.

It's going to be very sunny and warm over the next few days. Normally, I would go out for a walk to Richmond, and maybe Hammersmith and Chiswick, BUT(!) ... I'm thinking of staying in. 'What?! The weather is lovely, boss.' I know, Voice. However, I really need to start rehearsing my songs on ... an absolutely insane level now. Maybe six hours a day - on non-blogging days, and even light blogging days. Maybe eight hours a day. 'That's crazy!' Yeah, yeah. I'm a crazy guy.