NYSTRS commits $150m to secondary investor Lexington Partners

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new york 5_sqNew York State Teachers’ Retirement System (NYSTRS) has committed $150m to secondary private equity investor Lexington Partners to increase its exposure to emerging markets.

Lexington will make secondary investments in emerging markets including Asia and Latin America, focusing on interests that are less than 50 per cent funded according to Dow Jones, which cited a person familiar with the commitment.

The pool is expected to target midmarket buyout and growth equity funds, the source said.

Lexington closed its latest fund, Co-Investment Partners III, on $1.57bn last month.

It said the fundraise represented the expansion of Lexington’s 15-year-old co-investment program, which has previously been supported by pension funds the Florida State Board of Administration and NYSTRS.

Back in June it was reported that Lexington Partners was set to complete fundraising for another vehicle this year before launching its flagship fund in 2014.

The firm held a first close for its third mid-market fund Middle Market Investors III in April and expects to hold a $750m final close by the end of the year.

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