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Natixis Investment Managers / Flexstone Partners · FR00140125B4
FCPR Private Equity France Article 8 Secondaries Co-Investments Primaries / Target Funds
Unit price (NAV) in EUR · share class C · 3 data points
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.
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 2026 | 18.98% |
| Since launch p.a. · as at 31 Mar 2026 | 19.12% |
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.
Provider figure or KID scenario — not a forecast by semiliquid.info. Target returns are not guaranteed.
What the fund does and how the portfolio is put together.
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.
Strategy
investment type
strategy
millesime/vintage
The basis is the PRIIPs KID of the share class we track — which makes it comparable across providers.
| Management fee | 2.00% |
| Total ongoing costs | 2.00% |
| Entry charge max. | 5.00% |
| Redemption fee | 0.00% |
| Performance fee | 10.00% |
| Hurdle rate | 10.00% |
| High-water mark | yes |
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 you get into the fund, and on what terms.
Quarterly ('souscriptions / rachats trimestriels'); NAV frequency quarterly
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.
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
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
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'
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
Who stands behind the fund, who it is authorised for — and what the figures rest on.
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
Caceis Bank
Date de lancement 4 Dec 2024 (first NAV December 2024, Part A)
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
France
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.
Same asset class, sorted by overlap of sub-strategy — no recommendation, no ranking.