WTW expands private markets footprint with FlowStone acquisition

Willis Towers Watson agreed to acquire FlowStone Partners, a private-equity secondaries firm serving both wealth and institutional clients.

The deal adds a specialized platform for retail-friendly private-equity access and strengthens WTW’s private-markets capabilities across advisory and investment management.

FlowStone’s team and strategies will fold into WTW’s global Investments business, which oversees more than $4.7 trillion in assets under advisory.

The transaction requires approval from FlowStone’s fund shareholders and is expected to close in early 2026.

“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.” – Diya Luke, global head of Investments, WTW.