Willis Towers Watson (WTW) completed the acquisition of FlowStone Partners, LLC on April 1 2026, adding a specialist private‑equity secondaries firm to its Investments business. FlowStone, which focuses on secondaries for individual and institutional investors, had $757 million in assets under management as of September 30 2025. The financial terms of the transaction were not disclosed.
The deal expands WTW’s private‑market offerings by adding advanced portfolio construction and risk‑management capabilities. "We're pleased to welcome FlowStone Partners to WTW as part of our Investments business. FlowStone meaningfully expands our capabilities and commitment to the wealth space with new private market solutions," said Julie Gebauer, President of Health, Wealth & Career at WTW.
Diya Luke, WTW’s global head of Investments, added, "We are excited to expand the opportunity set for both institutional and individual wealth investors, pairing FlowStone's seasoned expertise in secondaries investing with WTW's global scale, sourcing network and research engine. The acquisition meaningfully expands WTW's ability to serve clients' evolving needs and deliver differentiated private market solutions. This is a bold venture in the future of private equity secondaries investing."
Scott Connors, President of FlowStone Partners, noted, "Combining FlowStone's deep expertise in private equity secondaries with WTW's global scale in discretionary and non‑discretionary investment management and retirement planning creates a powerful platform positioned to meet the evolving needs of investors across these growing markets. We're excited to bring our experience, relationships, and proven track record to WTW's expanding suite of alternative investment solutions."
WTW’s recent financial performance underscores the strategic fit of the acquisition. In Q4 2025, the company reported net income of $736 million, down from $1.25 billion in the prior‑year fourth quarter, and revenue of $2.94 billion, a 3 % decline year‑over‑year. Adjusted EBITDA stood at $1.12 billion, 38.2 % of revenue, slightly lower than the previous year. The acquisition is positioned to offset revenue pressure by adding fee‑rich private‑market assets and enhancing WTW’s advisory platform for wealth‑focused clients.
FlowStone was founded in 2019 and is headquartered in Avon, Connecticut. The firm manages the FlowStone Opportunity Fund, an evergreen fund registered under the 1940 and 1933 Acts, and had $757 million in assets under management as of September 30 2025. The acquisition follows WTW’s January 2026 purchase of Newfront, a U.S. broker with a technology‑enabled approach, further illustrating WTW’s commitment to expanding its alternative investment capabilities.
By integrating FlowStone’s secondaries expertise, WTW strengthens its position in fee‑rich private‑market segments and enhances its ability to serve both institutional and individual wealth investors. The move is expected to broaden WTW’s product suite, deepen client relationships, and provide new sources of revenue growth in a market that continues to attract significant capital flows.
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