Fund database › Private Equity
Natixis Investment Managers / Flexstone PartnersFR00140125B4Class C
Flexstone Private Equity Opportunities invests through secondaries, primaries and co-investments in small and mid-sized companies across Europe and North America — as a French FCPR, launched in 2024, accumulating.
A hard redemption lock from launch applies until mid-2027 (hardship exceptions); thereafter quarterly windows open with roughly one quarter's notice and a quantified limit, and excess orders are carried forward without priority. Quarterly subscription. The recommended holding period is eight years.
Subscription from EUR 10,000 through selected distribution networks — expressly not through life-insurance contracts; aimed at professional and semi-professional investors. Not registered for distribution in Germany.
The small/mid-market specialist among the French FCPRs — with the ramp-up lock typical of this wrapper, but, against the national trend, without the insurance distribution channel: a direct product for qualified portfolios.
Figures for class C (FR00140125B4) · product data 19 Aug 2026 · sources: prospectus (as at 22 Jun 2026), PRIIPs-KID, Factsheet — full list under 08 documents.
Since the data series began in Mar 2026, the unit price has lost 0.3% (cumulative, 0.3 years). The series is still short; valuations of private holdings arrive quarterly and smoothed.
3 monthly values, 1 derived from monthly returns · Source: price feed / provider document, secondary source (data portal) · Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and dealing costs of reinvestment are not considered. Past performance is not a reliable indicator of future results. The fund has been running since Dec 2024; a reliable NAV series of the class is available from Mar 2026. series incomplete (3/5 months).
What the prospectus permits: diversified allocation of primaries, secondaries and co-investments
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
170 holdings; the five largest account for 35.9% of the fund.
Among the ten largest: 4 LP secondaries, 4 GP-led secondaries, 1 primary fund.
Vitruvian Investment Partnership III is the third fund of Vitruvian Partners (London), a European growth buyout investor.
Venture capital fund of Northzone, a European technology investor with offices in Stockholm and London, among others, that finances companies from early stage to growth stage.
Third mid-market secondaries fund of Flexstone Partners, a Natixis Investment Managers affiliate with offices in Paris and New York, among others.
LP interest in the European buyout fund Euroknights VII (vehicle No 2), acquired by the fund in a secondary transaction.
Seventh-generation mid-market buyout fund of AEA Investors, a private equity firm founded in 1968 and based in New York.
Secondary holding under the abbreviation “QCES,” classified in the report as a GP-led continuation vehicle for a single company.
Secondary investment through the vehicle “Ortho Invest”, whose target company is not disclosed; the name suggests orthopedics or orthodontics, but this is not confirmed.
Continuation vehicle of London-based mid-market investor Elysian Capital with FortisIBA as its main asset.
Single-asset continuation fund of Motion Equity Partners (Paris), closed in June 2025 at €215 million with Coller Capital as lead investor.
US acquisition company ("Buyer LLC") of a buyout in which the fund participates as an equity co-investor.
Positions and shares according to the provider; short descriptions by semiliquid.info from public sources; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 2%, class C is well below the median of the asset class (2.60%). On top comes a performance fee of 10% above a hurdle of 10% — with a high-water mark.
For 10,000 EUR this means roughly 200 EUR per year.
For 10,000 EUR, a one-off up to 500 EUR on purchase.
Based on the PRIIPs key information document of class C, hence comparable across providers. Median: 35 Private Equity funds in this database, data run 16 Oct 2026.
Units can be subscribed quarterly. The price is the NAV on the valuation day — it is not known when the order is placed and is published only 25 business days later.
AML documentation a condition of acceptance, no deadline in days stated
The management company may accept subscriptions received later up to the Redemption …
Price = NAV per share on this day.
NAV as at the last business day of March/June/September/December, publication within 25 …
with the order: 0 business days after order placement
An order placed today is invested in — days (—); the money is due on —. Miss the cut-off and you move to the next dealing day: cut-off —, invested from —.
| Frequency | quarterly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | quarter-end |
| Cut-off | 5 business days before quarter-end · 12:00 Paris · (before the anchor date) |
| Price | next NAV after centralisation |
| NAV publication | NAV as at the last business day of March/June/September/December, publication within 25 business days |
| Payment | with the order: 0 business days after order placement |
| Minimum investment | 10,000 EUR (C-units) |
| Entry charge (max.) | 5% (distributor) |
| Subscription limit | Suspension of subscriptions where the Legal Quota falls below 50%, in the event of excess liquidity, pre-liquidation/liquidation or exceptional circumstances; orders not satisfied lapse |
| KYC / documents | AML documentation a condition of acceptance, no deadline in days stated |
| Revocation | irrevocable from signature of the subscription form |
| Business day | no Sat/Sun, no French public holiday (Code du travail), no day with bank closure in Paris (p. 66) |
Dates calculated from the prospectus rules (bank holidays: FR); only the transfer agent’s confirmation is binding. Data as at 19 Aug 2026 · Documents: 08.
Units can be redeemed quarterly — with a volume limit (Gate), lock-up 31 months. How quickly the money arrives and what happens if many want out at once is set out below.
Lock-up until 30 Jun 2027, first redemption date 30 Jun 2027.
Price = NAV per share on this day.
max. 6% of fund NAV per quarterly date, pro rata, carry-forward without priority
at the latest 50 business days after NAV publication (—)
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
Money typically only after more than a year — on average 519 days from decision to cash.
Rank 74 of 112 · rank 25 of 38 in Private Equity · 9 months lock-up · no fixed redemption fee
Money typically within a year — on average 245 days from decision to cash.
9 months lock-up — expired for existing holdings · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 22 Jun 2026 · score run 16 Oct 2026 · How 519 days become 15 pointsThe score measures how quickly and reliably you can get your money out according to the prospectus — not whether the fund is good.
| Character | redemption right |
|---|---|
| Frequency | quarterly |
| Valuation day | quarter-end |
| Notice | 90 calendar days before quarter-end · 12:00 Paris |
| Price | next NAV after centralisation |
| Payout | 50 business days after NAV publication (latest 50 business days) |
| Gate | 6% of NAV on the redemption day per centralisation |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | 0% |
| Lock-up | fund-level, 31 months (the constitutive documents) |
| Suspension | exceptional circumstances under Art. L.214-24-41 CMF, pre-liquidation, liquidation |
| Liquidity tools | Gate of 6% per centralisation, suspension of redemptions, swing pricing, suspension of subscriptions |
| Switch / transfer | permitted with the consent of the management company, response within 20 business days, silence is deemed a refusal; no guaranteed onward sale |
| Compulsory redemption | on breach of the prospectus, following a period of 30 calendar days; the price is the lower of the first NAV after the reminder and the later comparative value |
max. 6% of fund NAV per quarterly date, pro rata, carry-forward without priority
The gate is now quantified: 6% of the total fund NAV per centralisation date. Requests in excess are satisfied pro rata to the unit holdings; the management company may in addition satisfy more at its discretion where liquidity permits.
Dates calculated from the prospectus rules (bank holidays: FR); only the transfer agent’s confirmation is binding. Data as at 19 Aug 2026 · Documents: 08.
10 classes. All cost and risk figures on this page refer to the basis class C.
PRIIPs KID ✓: a key information document exists and is the source of the costs. —: no KID documented — the class is distributed outside the EEA or to investors not covered by the KID requirement, or the document is not available.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Key information document (PRIIPs KID) | 8 Sep 2025 | — |
| Factsheet / monthly report | 31 Mar 2026 | — |
| NAV series price feed / provider document, secondary source (data portal) | 31 Jul 2026 | Performance (01) |
| Positions and reserve | 30 Jun 2026 | Portfolio (03) |
All figures are taken from provider documents (product data as at 16 Oct 2026, distribution data as at 5 Oct 2026) and have not been conclusively verified.
Redemption quarterly, notice period 90 calendar days before quarter-end, with 6% gate per centralisation. Subscribing today, it takes on average 519 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 2% p.a. according to the PRIIPs KID for class C; the median of the Private Equity funds in this database is 2.60%; plus a performance fee of 10%.
10,000 EUR in class C.
As at 16 Oct 2026, no redemption restriction is documented for the Flexstone Private Equity Opportunities. Under the prospectus a gate of 6% per centralisation applies.
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Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.