Lexington Partners (Lexington), a manager of secondary acquisition funds, has held the final close of Lexington Capital Partners X (LCP X) with $22.7bn of capital commitments, in excess of its orignal $15bn target.
The fundraising also significantly surpassed Lexington’s prior secondary fund, LCP IX, which closed on $14bn 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. 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.
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 is a wholly-owned subsidiary of Franklin Templeton.
