Lexington Partners agrees deal for €600m Irish pension private equity portfolio


Irish flag2Private equity secondaries giant Lexington Partners has reportedly picked up a €600m portfolio of stakes in US and European private equity funds held by Ireland’s National Pensions Reserve Fund (NPRF).

The LP had been looking to exit the interests since at least October 2013, a report at the time by the Irish Examiner newspaper said.

Lexington has swooped to pick up the portfolio according to Dow Jones, which cited two people with knowledge of the deal.

NPRF hired UBS to shop the portfolio, which does not include stakes in Irish funds as NPRF is focused on domestic strategies designed to help boost the economy.

The Irish government had proposed to change the focus of the fund’s mandate and sell its global private equity investments earlier in 2013.

Last month AltAssets revealed Lexington was within a whisker of the halfway point in its $750m-targeting mid-market fundraise.

The firm has pulled in more than $370m for Lexington Middle Market Investors III according to a filing with the US Securities and Exchange Commission, which shows 30 LPs have invested in the vehicle to date.

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