The partnership reflects "strong conviction with regards to the broad development of the secondaries market," said Gilles Dusaintpère, Head of GP Stake Investments at BNPP AM Alts.
The deal expands Flexstone's private markets platform with the addition of Glouston's North American middle market secondaries strategy.
Under the non-binding agreement, O3 may increase its ownership in the social impact investor if certain fund launch and fundraising milestones are met.
The secondary market specialist will remain independently managed by its existing leadership team, with no changes to its investment strategy.
The deal marks Reality Growth's second investment since launching earlier this year as a dedicated GP stakes platform.
The GP stakes deal builds on a 2024 strategic partnership, which established Lazard Elaia Capital as a technology-focused private equity investment platform.
The commitment comes just eight months after Wafra first invested in the French manager.
The multi-strategy hedge fund manager provides institutional investors with exposure to cryptocurrencies and other digital assets.
The addition of Glouston Capital Partners will support the Natixis affiliate's efforts to expand its secondaries strategy and US distribution reach.
The firm's GP Stakes team has completed six investments to date, including minority interests in Hayfin, Monroe, Rivage, and Latour.
