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Lexington Co-Investment Partners III closes at USD1.57bn

Lexington Partners, an independent manager of co-investment and secondary acquisition funds, has held the final close of Lexington Co-Investment Partners III and associated vehicles (CIP III), with committed capital totalling USD1.57bn.

 
CIP III, which held its first closing in 2012, received commitments above its target and is one of the largest dedicated global co-investment funds.
 
CIP III represents the expansion of Lexington’s 15-year-old co-investment program that has to date been supported by the Florida State Board of Administration (FSBA) and the New York State Teachers’ Retirement System (NYSTRS), two of the largest public pension funds in the US. Lexington conducted a highly targeted fundraiser to augment the FSBA and NYSTRS commitments. As a result, the CIP III programme is concentrated among large institutional investors based in the US, UK, Continental Europe, South America, and Australia, and has an average commitment size of USD200m.
 
CIP III will construct a diversified portfolio of equity co-investments in transactions by leading private equity sponsors in the US, Europe, and the Asia-Pacific region. 
 
Brent Nicklas (pictured), managing partner of Lexington, says: "We are pleased with the reputation Co-Investment Partners has established over the past 15 years as a reliable and experienced co-investor. CIP III, with its breadth of relationships, strong limited partners, and substantial capital base, is well-positioned to continue our record of successfully co-investing alongside leading global private equity sponsors."
 
Lexington’s co-investment programme has approximately USD4bn of committed capital, including CIP III. The programme has invested USD2.4bn in 130 investments alongside 82 sponsors since 1998.

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