Fund databasePrivate Equity

Flexstone Private Equity Opportunities

Natixis Investment Managers / Flexstone Partners · FR00140125B4

FCPR Private Equity France Article 8 Secondaries Co-Investments Primaries / Target Funds

NAV · 31 Jul 2026996.84 EUR
Fund currencyEUR
Income treatmentaccumulating
Performance since Mar 2026-0.3%Class C
Ongoing costs2.00% p.a.
Min. investmentEUR 10,000
Redemptionquarterly
Risk (SRI)6 / 7

01Performance

Unit price (NAV) in EUR · share class C · 3 data points

996.84 EURNAV as at 31 Jul 2026
997.31,0001,0031,006Mar 2026Jun 2026Jul 2026
Source: Provider documents (factsheet / monthly report) 1 of 3 values derived (back-calculated from monthly returns)
since Mar 2026-0.3%

Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and the trading costs of reinvestment are not taken into account. Past performance is not a reliable indicator of future results.

Provider figures

These come from the factsheet, the PRIIPs KID or the monthly report. They may relate to a different reference date, a different share class or a longer period than the series above — the series starts with the first documented unit price, not necessarily with the launch. That is why the values sometimes differ.

Performance 12M · as at 31 Mar 202618.98%
Since launch p.a. · as at 31 Mar 202619.12%

Target return per the provider: PRIIPs scenarios for Part C over 8 years (EUR 10,000): moderate scenario 11.42 % p.a. net (EUR 23,753), favourable 14.58 % p.a., unfavourable -7.18 % p.a., stress -9.08 % p.a.; before costs 17.20 % p.a.

Source: DIC FR00140125B4 Part C, as at 8 Sep 2025

Provider figure or KID scenario — not a forecast by semiliquid.info. Target returns are not guaranteed.

02Strategy & portfolio

What the fund does and how the portfolio is put together.

Launch year2024
Fund sizeEUR 95mas at 31 Mar 2026
CurrencyEUR
Income treatmentaccumulating
SFDRArticle 8
Recommended holding8 yrs
Liquidity buffer20.00%
Leverage limit

Risk indicator 6 of 7 from the key information document (1 = low, 7 = high); it captures liquidity risks only to a limited extent.

Portfolio breakdown

Broken down using semiliquid’s common taxonomy — provider labels are mapped onto shared categories so that funds can be compared. Only published figures are used; nothing is estimated.

Sector breakdown

Actual portfolio% of NAVas at 31 Mar 2026

Technology & software24.0%
Industrials & manufacturing21.0%
Healthcare & life sciences19.0%
Consumer & retail15.0%
Business services11.0%
Financial services6.0%
Other4.0%
Show individual values
Technology & software23.0%
Industrials & manufacturing21.0%
Healthcare & life sciences19.0%
B2B services11.0%
Consumer discretionary10.0%
Financial services6.0%
Consumer staples5.0%
Communication services1.0%
Other4.0%
Source: Natixis/Flexstone 'Private Equity Opportunities FCPR' Factsheet 31.03.2026, S. 2, Grafik 'Répartition sectorielle'

Geographic breakdown

Actual portfolio% of NAVas at 31 Mar 2026

Europe, other50.6%
United States19.1%
Global, not broken down10.9%
France5.5%
United Kingdom5.2%
Southern Europe5.1%
Switzerland3.6%
Show groups
Europe70.0%
North America19.1%
Global, not broken down10.9%
Source: Natixis/Flexstone 'Private Equity Opportunities FCPR' Factsheet 31.03.2026, S. 2, Grafik 'Répartition géographique'

Strategy

Secondaries Co-Investments Primaries / Target Funds

diversified allocation of primaries, secondaries and co-investments

Portfolio composition

investment type

Secondaire78.0%
Primaire12.0%
Co-investissement10.0%

strategy

Mid Buyout42.8%
Small Buyout32.8%
Venture Capital14.2%
Secondaire8.0%
Large Buyout1.7%
Infrastructure Value Added0.5%

millesime/vintage

201730.3%
202521.3%
202211.6%
20169.2%
20197.6%
20185.6%
20215.3%
20244.9%
20234.1%
Provider wording in full
By investment type (as a % of the valuation of unlisted assets, 31 Mar 2026): Secondaire 78 %, Primaire 12 %, Co-investissement 10 %. By strategy: Mid Buyout 42.8 %, Small Buyout 32.8 %, Venture Capital 14.2 %, Secondaire 8.0 %, Large Buyout 1.7 %, Infrastructure Value Added 0.5 %. By millesime/vintage: 2017 30.3 %, 2025 21.3 %, 2022 11.6 %, 2016 9.2 %, 2019 7.6 %, 2018 5.6 %, 2021 5.3 %, 2024 4.9 %, 2023 4.1 %. Target: at least 40 % of net assets in secondaries or co-investments, at least 20 % in liquid assets
Source: Factsheet Flexstone Private Equity Opportunities, as at 31 Mar 2026

Top holdings

Ten largest portfolio allocations by valuation (31 Mar 2026, commitment / valuation in EUR m): Northzone VIII L.P. (Secondaire, Europe) 7.4/9.5; VIP III LP (Secondaire, Europe) 11.8/9.5; Euroknights VII No 2 LP (Secondaire, Europe) 7.3/8.3; Flexstone Mid-Market Secondaries (Feeder) Fund III SCSp (Primaire, Europe) 10.0/7.2; AEA Investors Fund VII LP (Secondaire, USA) 6.4/6.9; QCES (Secondaire, global) 3.1/5.0; Ortho Invest (Secondaire, global) 3.4/4.8; Elysian Capital CV I LP (Secondaire, UK) 3.7/4.1; Motion Continuity II FPCI (Secondaire, France) 3.0/3.9; Cutter Buyer, LLC (Co-Investment, USA) 3.6/3.7
Source: Factsheet Flexstone Private Equity Opportunities, as at 31 Mar 2026

03Costs

The basis is the PRIIPs KID of the share class we track — which makes it comparable across providers.

Management fee2.00%
Total ongoing costs2.00%
Entry charge max.5.00%
Redemption fee0.00%
Performance fee10.00%
Hurdle rate10.00%
High-water markyes

In context: ongoing costs

This fund
2.00%
Median Private Equity
2.53%

Median across 31 funds in this asset class in our database, based on the PRIIPs KID. No statement about quality — cost structures differ depending on the strategy and on target-fund layers.

How the performance fee works

DIC wording (Part C): 'La commission de surperformance ANNUELLE sera prelevee par la Societe de Gestion des lors que: (i) La valeur liquidative du Produit, NETTE DE FRAIS, s'est appreciee d'au moins 10% sur l'exercice comptable concerne ("Hurdle"); (ii) La valeur liquidative du Produit constatee a la date de l'exercice comptable concerne, nette de frais, est SUPERIEURE A LA DERNIERE VALEUR LIQUIDATIVE constatee a la date de l'exercice comptable qui a genere une commission de surperformance ("High-Water Mark"); selon les modalites decrites dans le Reglement du Produit.' => whole-fund/NAV-based (not deal-by-deal), annual crystallisation, hard hurdle of 10 % p.a. on a NAV basis after costs, combined with a high-water mark based on the last NAV that triggered a performance fee. Rate according to the factsheet 10 %. No catch-up documented
Source: DIC FR00140125B4 Part C, as at 8 Sep 2025; sentence from Factsheet Part A 31 Mar 2026

Costs per the key information document

PRIIPs DIC Part C (FR00140125B4), as at 8 Sep 2025, investment example EUR 10,000: management fees and other administrative/operating costs cumulated over 8 years EUR 2,897 (including indirect management fees of the target funds; estimate only, as the share class is new); transaction costs 0.00 %; performance fee cumulated over 8 years EUR 2,829 (including carried interest of the target funds). TOTAL COSTS: EUR 988 (1 year) and EUR 6,227 (8 years) respectively. ANNUAL IMPACT OF COSTS: 10.25 % (1 year), 5.78 % (8 years = recommended holding period). Return p.a. 17.20 % before costs, 11.42 % after costs. Distribution fee included maximum 1.2 %.
Source: DIC FR00140125B4 Part C, as at 8 Sep 2025, section 'Que va me couter cet investissement'

04Subscription & entry

How you get into the fund, and on what terms.

Subscriptionquarterly
Minimum investmentEUR 10,000
Entry chargeup to 5.00%
Rec. holding period8 years

Subscription per the document

Quarterly ('souscriptions / rachats trimestriels'); NAV frequency quarterly

Source: DIC FR00140125B4 Part C (8 Sep 2025); Factsheet 31 Mar 2026

05Redemption & liquidity

Semi-liquid means redemption only on fixed dates, with notice periods and upper limits. This is how it works for this fund — in the order the redemption process runs.

Units can be redeemed quarterly; notice must be given 90 days before the date; for the first 31 months after subscription no redemption is possible.

1 · Lock-up31 months from subscription
2 · Notice period90 days before the date
3 · Redemption datequarterly
4 · Gatequantified
5 · Payoutnot documented

Redemption per the document

Quarterly - 'Les demandes de rachat seront centralisees trimestriellement chaque dernier jour ouvre des mois de mars, juin, septembre et decembre'; first possible from 1 Jul 2027

Source: DIC FR00140125B4 Part C (8 Sep 2025); Factsheet 31 Mar 2026

Gate per the document

Gates envisaged, but not quantified: 'la Societe de Gestion pourra mettre en oeuvre le dispositif dit des "gates" permettant d'etaler les demandes de rachats des investisseurs a l'issue de cette Periode de Blocage des Rachats (cf. Reglement) ainsi qu'une suspension potentielle des rachats' - only in exceptional circumstances and in the interests of unitholders

Source: DIC FR00140125B4 Part C, as at 8 Sep 2025

Notice period

90 calendar days - 'les demandes de rachat devront avoir ete recues au plus tard avant douze (12) heures (heure de Paris), quatre-vingt-dix (90) jours calendaires avant ladite Date de Centralisation'

Source: DIC FR00140125B4 Part C, as at 8 Sep 2025

Lock-up

Hard redemption block ('Periode de Blocage des Rachats') from the launch of the fund until June 2027 (exclusive) - no redemptions possible before 30 Jun 2027, other than in exceptional cases under the Reglement (death, disability, termination of employment). Quarterly redemptions from 1 Jul 2027

Source: DIC FR00140125B4 Part C (8 Sep 2025); Factsheet 31 Mar 2026

06Fund details & verification

Who stands behind the fund, who it is authorised for — and what the figures rest on.

AIFM / management company

Societe de Gestion: Natixis Investment Managers International (AMF authorisation GP 90-009, RCS Paris 329 450 738, 43 avenue Pierre Mendes-France, 75013 Paris). Financial manager by delegation: Flexstone Partners SAS (AMF GP-07000028). Valuation agent: Caceis Fund Administration

Source: DIC FR00140125B4 Part C (8 Sep 2025); Factsheet 31 Mar 2026

Depositary

Caceis Bank

Source: DIC FR00140125B4 Part C, as at 8 Sep 2025

Launch date

Date de lancement 4 Dec 2024 (first NAV December 2024, Part A)

Source: Factsheet Flexstone Private Equity Opportunities, as at 31 Mar 2026

Eligible investors

Part C: 'reservees aux personnes souscrivant au travers de certains reseaux de distribution particuliers et selectionnes par la Societe de Gestion'; subscription NOT possible via life insurance or capitalisation contracts (Art. L.131-1 Code des assurances). By comparison, Part A: institutional investors subscribing on behalf of policyholders. Fund only for investors who can bear a total loss and have low liquidity needs

Source: DIC FR00140125B4 Part C (8 Sep 2025); Factsheet 31 Mar 2026

Distribution authorisation

France

Fee layers / double charging

UNAMBIGUOUS DOUBLE CHARGING, EXPRESSLY NAMED IN THE DIC. The DIC describes the product verbatim as a 'FONDS DE FONDS' (fund of funds) and carries two express footnotes: '* Frais INDIRECTS: en plus de ceux de la Societe de Gestion, LES FONDS SOUS-JACENTS APPLIQUENT DES FRAIS DE GESTION qui sont inclus dans ce total cumule' and '** Frais INDIRECTS: LES FONDS SOUS-JACENTS APPLIQUENT DES COMMISSIONS DE SURPERFORMANCE OU CARRIED INTEREST, qui sont inclus dans ce total cumule'. Both target-fund levels are therefore included in the cumulative amounts disclosed (EUR 2,792 and EUR 2,732 respectively). The DIC expressly names as a risk 'risques associes aux niveaux eleves de frais et aux multiples couches de frais'. Portfolio: primary investments, secondary transactions and co-investments; at least 40 % of net assets in secondary transactions or co-investments, at least 20 % in liquid assets; focus on small & mid-market

All figures come from our analysis of provider documents (product data as at 19 Aug 2026, distribution data as at 12 Aug 2026) and have not been conclusively verified.

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Same asset class, sorted by overlap of sub-strategy — no recommendation, no ranking.

Important information. semiliquid.info does not provide investment advice and makes no recommendation to buy, sell or hold fund units — no ranking, no offer, no invitation to subscribe. Only the prospectus and the key information document (PRIIPs KID) of the respective fund are authoritative. We give no warranty for the accuracy, completeness or currency of the information. Semi-liquid funds invest in illiquid assets: redemptions are possible only to a limited extent and can be capped, deferred or suspended; there is a risk of total loss. Past performance is not a reliable indicator of future results. Read the prospectus and the key information document before making an investment decision and seek professional advice where appropriate.