In brief: ‘One-and-done’ secondaries firm leaves fund open for NGOs

BEX Capital allows certain NGOs and non-profits to invest in its funds on a fee-free and carry-free basis.

Nice-based secondaries firm BEX Capital has passed the hard-cap on its latest fund after just three months in market, the firm said. It has raised $765 million for BEX Fund IV against a target of $600 million. The fund’s hard-cap was $750 million.

One of the things that makes BEX interesting is its philanthropic model. As affiliate title Secondaries Investor wrote following the firm’s previous fund close in 2019: Bex offers a special share class (“X-shares”) which are free from management fees and carried interest for non-governmental organisations and major non-profit foundations. In order to qualify for the carry- and fee-free offer, the non-profits needed to adhere to the UN’s Sustainable Development Goals. The move allows such organisations to reinvest their gross returns into good causes.

After a lightening quick fundraise this time around, the firm has decided to give its NGO clients more time to commit. “Given the short period of time that BEX Fund IV was open for commitments, and our determination to support NGO investors by providing them with a return on capital free of charge, we have decided that our X-shares will stay open for subscription until the summer,” said Benjamin Revillon, founder and managing partner.