– Lexington Capital Partners X Significantly
Surpasses Target –
NEW
YORK, Jan. 9, 2024 /PRNewswire/ -- Lexington
Partners ("Lexington"), a leading
manager of secondary acquisition funds, today announced the
completion of fundraising for Lexington Capital Partners X, L.P.
("LCP X") with $22.7 billion of total
capital commitments. The fund surpassed its $15 billion
fundraising target and significantly exceeded Lexington's prior secondary fund, LCP IX,
which closed on $14 billion in 2020.
LCP X's strategy is principally focused on the acquisition of
private equity and alternative asset partnership portfolios from
large-scale investors as they rebalance their allocations or seek
liquidity, while also engaging in smaller opportunities leveraging
Lexington's deep industry
relationships. In addition, LCP X allows Lexington to work directly with general
partners to offer secondary solutions for their investors. LCP X is
a 2022 vintage fund that is now more than 40% committed, with a
diversified portfolio of more than 50 transactions with a variety
of sellers, including public and corporate pensions, banks, and
other financial institutions.
Wil Warren, President of
Lexington, said, "This milestone
fundraise reflects the tremendous opportunity in the global
secondary market and Lexington's
proven ability to leverage our scale, experience, relationships,
and worldwide platform to unlock value for our investors. We are
incredibly grateful for the trust and support from existing and new
investors around the globe who have provided us with the capital to
continue to perform and innovate in the secondary market."
According to Lexington's
estimates, 2023 will be the third consecutive year in which
secondary industry volume will surpass $100
billion. Lexington, which
is a specialist investment manager of Franklin Templeton, expects that the global
secondary market will continue to experience significant growth in
the years ahead due to the substantial amount of capital committed
to private market funds and limited partners increasingly embracing
the secondary market as an effective portfolio management tool. In
addition, the trend of fund sponsors seeking liquidity solutions
for their limited partners through organized transactions is
expected to continue to contribute to significant secondary deal
flow.
"We believe we're in the early stages of a generational
secondary buying opportunity in private markets that will take
multiple years to play out," said Pål Ristvedt, Partner of
Lexington. "During times of
economic uncertainty and slowing portfolio company exits, the
secondary market can be an important release valve to provide
liquidity to investors. Lexington's cycle-tested investment strategy,
tenured team, and counterparty reputation enable us to provide
sophisticated and innovative secondary solutions."
LCP X attracted a diverse group of over 400 investors, including
public and corporate pensions, sovereign wealth funds, insurance
companies, endowments, foundations, family offices, and wealth
channel distribution partners in North
America, Europe,
Asia-Pacific, Latin America, and the Middle East.
Lexington Partners L.P. is a wholly-owned subsidiary of
Franklin Templeton. References to
LCP X herein include Lexington Capital Partners X, L.P. and
associated vehicles. Total capital commitments includes
certain commitments to associated vehicles that were in legal
process as of December 31,
2023.
About Lexington Partners
Lexington Partners is one of
the world's largest and most successful managers of secondary
private equity and co-investment funds. Lexington helped pioneer the development of
the institutional secondary market over 30 years ago and created
one of the first independent, discretionary co-investment programs
25 years ago. Lexington has total
capital in excess of $75 billion and
has acquired over 5,000 interests through more than 1,000
transactions. Lexington's global team is strategically
located in major centers for private equity and alternative asset
investing across North America,
Europe, Asia, and Latin America. Lexington is the global secondary private
equity and co-investments specialist investment manager of
Franklin Templeton. Additional
information can be found at www.lexingtonpartners.com.
About Franklin
Templeton
Franklin Resources, Inc. [NYSE:BEN] is a
global investment management organization with subsidiaries
operating as Franklin Templeton and
serving clients in over 150 countries. Franklin Templeton's mission is to help clients
achieve better outcomes through investment management expertise,
wealth management and technology solutions. Through its specialist
investment managers, the Company offers specialization on a global
scale, bringing extensive capabilities in fixed income, equity,
alternatives, and multi-asset solutions. With more than 1,300
investment professionals, and offices in major financial markets
around the world, the California-based company has over 75 years of
investment experience and over $1.4
trillion in assets under management as of November 30, 2023. For more information, please
visit franklintempleton.com and follow us on LinkedIn,
Twitter and Facebook.
Media Contact:
Todd Fogarty
Kekst CNC
+1 (212) 521-4854
todd.fogarty@kekstcnc.com
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SOURCE Lexington Partners