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NPRF confirms €800m secondary sale to Lexington Partners

23 Jan 2014

Ireland’s National Pensions Reserve Fund (NPRF) has confirmed a reported €800m sale of private equity fund stakes to secondaries specialist Lexington Partners.

The interests sold comprise investments in and commitments to 24 separate private equity funds.

Earlier this month AltAssets reported that NPRF was to sell a portfolio of stakes in US and European private equity funds, having been looking 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, it said.

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 on a  commercial basis to support economic activity and employment in Ireland.

The NPRF was established in 2001 to meet as much as possible of the costs of Ireland’s social welfare and public service pensions from 2025 onwards.

Lexington could close on more than $5bn of capital for its potentially record-breaking eighth fund by the end of February.

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