Private Equity FundInvests through funds, not into companiesLAST VERIFIED Oct 2026 · 12 SOURCES

BEX Capital

Also known as BEX Capital SAS, BEX

Nice-based private equity secondaries firm founded in 2010 that buys LP interests in fund-of-funds, secondary funds and co-investment funds; over $2bn under management; office in New York.

HEADQUARTERS: Nice, France
FOUNDED: 2010
AUM: $2B (2025)
OUTSIDE CAPITAL: Yes
TEAM LISTED: 7 people

Focus

STAGES: —
SECTORS: —
ASSET MIX: Funds (as LP)Private equity
GEOGRAPHY: Global

Overview

BEX Capital, founded in 2010, buys limited partnership interests in private equity fund-of-funds, secondary funds and co-investment funds from investors seeking an exit before the funds mature. It raised its first fund dedicated to this strategy in 2014 and manages four funds, most recently BEX Fund V, closed in 2024 at $765M in a single close (the funds page lists it at $786M). It makes individual investments from $5M to $1bn, with co-investment support from its core investors. After a 2024 management buyout left it owned by its partners, Sagard agreed in April 2025 to acquire a strategic stake of undisclosed size, with the BEX team continuing to run operations and investments independently.

Investment thesis

Focuses on the illiquid, complex niche of fund-of-funds, secondary-fund and co-investment-fund interests, aiming for strong returns with a relatively low risk profile from diversified, mature portfolios; funds have shorter investment periods and lives than the industry standard.

People

Thomas Carbonel
Partner, Investment Committee member · source
Stephane Chevrier
Partner, Investment Committee member (New York) · source
Alexis Ferrer
Partner, Investment Committee member · source
Youssef Kameche
Partner, Investment Committee member · source
Erwin Roex
Partner, Investment Committee member · source
Bernard Charpentier
General Counsel · source
Brice Gremillet
CFO · source

Frequently asked questions

BEX Capital is a private equity fund based in Nice, France, founded in 2010.

BEX Capital does not primarily put its own money into private companies. It also commits capital to third-party funds as an LP.

BEX Capital's stated ticket size is $5M–$1B.

Key people at BEX Capital include Thomas Carbonel (Partner, Investment Committee member), Stephane Chevrier (Partner, Investment Committee member (New York)), Alexis Ferrer (Partner, Investment Committee member) and Youssef Kameche (Partner, Investment Committee member).

Yes. BEX Capital manages capital from outside investors.