The deal marks Reality Growth's second investment since launching earlier this year as a dedicated GP stakes platform.
The transaction, expected to close in Q4, will support the growth of AREP's investment and development platform, including its vertically integrated data center strategy.
The deal expands Flexstone's private markets platform with the addition of Glouston's North American middle market secondaries strategy.
The transaction adds nine private equity and credit secondaries strategies to EQT's offering, while its combined evergreen platform now exceeds €10 billion in NAV.
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 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 sale will be at a premium to NAV and marks the GP stakes specialist's tenth realization since 2024.
The multi-strategy hedge fund manager provides institutional investors with exposure to cryptocurrencies and other digital assets.
