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Lexington Partners looks to up mid-market fundraise hard cap past $1bn

9 Jun 2014

dollar pic money cashPrivate equity secondaries giant Lexington Partners is reportedly looking to up the target for its current mid-market fundraise to $1bn.

The firm has written to LPs who have already committed to ask if it can raise the hard cap by $50m, to $1.05bn, according to Dow Jones, which cited people familiar with the fund.

AltAssets revealed six months ago that Lexington had already pulled in more than $370m for the vehicle thanks to 30 institutional investors.

Lexington has been on the road with the vehicle since 2012, and was thought to be planning to hold a final close on at least $750m by the end of June.

That timescale could now be shifted later in an attempt to push the envelope of how much it can raise.

It emerged last summer that Lexington had held an unspecified first close for the mid-market fund, which was already targeting slightly more than the $650m it collected for its predecessor in 2011.

In April it emerged that Lexington Partners had tapped a $1.025bn credit facility to buy a secondary portfolio of private equity fund stakes from Ireland’s National Pension Reserve Fund.

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

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