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FlowStone Opportunity Fund (FSOF)
Key Statistics
Fund Size
$663M
Annualized Return
14.5%
Launch Year
2019
Min. Investment
€100,000
Availability
Open for public
Structure
1940 Act Fund
Product Category
Open-end
Domicile
United States
GP Type
Single
Liquidity Level
Semi-liquid
Management Fee
1.25%
Carry
10%
High Water Mark
No
Currencies
USD
Investor Eligibility
Accredited Investor
Liquidity Options
Quarterly subscriptions
Highlights
US Fund Metrics
Expense Ratio
4.01%
Tax Form
1099
Liquidity Terms
Subscriptions are accepted quarterly. Redemptions run through quarterly tender offers capped at 5% of fund assets per quarter — in stressed periods requests can be prorated, so full exits may take several quarters.
Allocations
Investment Strategy
Industry Focus
Information about fund
Secondaries Without the Ten-Year Wait
Most private equity secondaries funds require institutional capital and a ten-year commitment. FlowStone Opportunity Fund took a different approach: a US registered evergreen fund, launched in August 2019, that buys into private equity funds that are already largely invested. The model has built a portfolio of more than 1,300 underlying companies across dozens of managers — 88% through secondaries, with the balance in primary commitments and co-investments.
Key Figures
Fund Assets
$663M
SEC filing, June 30, 2025
Annualized Return
14.47%
Since inception, as of Q4 2024, net of fees
Underlying Companies
1,300+
Across dozens of PE managers
Strategy Mix
88 / 12
Secondaries / primaries & co-investments
Minimum Investment
$100,000
Class M shares
Liquidity
Quarterly
Tender offers, 5% gate per quarter
Performance and Leverage
The track record is the selling point: 14.47% annualized since inception as of Q4 2024. Discounts paid on the fund’s underlying positions, plus credit facilities used to enhance returns and manage cash flows, are key to those numbers. The all-in expense ratio is roughly 4% — the return figure is net of it, but leverage cuts both ways.
Terms and Liquidity
Terms at a Glance
| Structure | US registered (1940 Act) evergreen tender-offer fund, launched August 2019 |
| Management fee | 1.25% p.a. |
| Incentive fee | 10% |
| Expense ratio | ~4.01% (Class I/M) to 4.86% (Class A), all-in |
| Subscriptions / redemptions | Quarterly; redemptions via tender offers capped at 5% of fund assets per quarter |
| Eligibility | US accredited investors; $100,000 minimum (Class M) |
| Tax reporting | 1099 (no K-1) |
The fund is offered on a quarterly subscription basis, with quarterly redemptions capped at 5% of fund assets. In good times that reads as flexibility; in stressed markets the gate is the point. With a $100,000 minimum for Class M shares, it targets US high-net-worth investors and smaller institutions who want secondaries exposure without a decade-long drawdown commitment.
Deepdive & Related Funds
FlowStone Opportunity Fund (FSOF) Deep Dive: A levered secondaries strategy with a track record
Explore how FlowStone Opportunity Fund provides individual investors access to private equity through a diverse mix of secondaries, offering quarterly liquidity in an evergreen structure.
AMG Pantheon Fund
The AMG Pantheon Fund provides investors unique exposure to a diversified private equity portfolio sourced through Pantheon's global platform. The fund offers diversification by manager, stage, geography, vintage year and industry through a single allocation.
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