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Lexington taps credit line for $1bn secondaries deal

2 Apr 2014

Lexington Partners has tapped a $1.025bn credit facility for its recently reported deal to buy a secondary portfolio of private equity fund stakes from Ireland’s National Pension Reserve Fund, according to Dow Jones.

Lexington decided against dipping into the $5.5bn it has raised to date towards its eighth secondaries fund, it said.

Earlier this year AltAssets reported that NPRF had sold investments in and commitments to 24 separate private equity funds. NPRF was previously looking to sell a portfolio of stakes in US and European private equity funds, having been seeking to exit the interests since at least October 2013.

The Irish government had proposed to change the focus of the fund’s mandate and sell its global private equity investments earlier in 2013.The private equity commitments sold to Lexington Partners were made under the NPRF’s original investment mandate.

The sale was undertaken in the context of generating liquidity to facilitate the NPRF’s transition in to the Ireland Strategic Investment Fund, whereby its €6.8bn of assets are to be made available for investment.

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