Lexington Partners amasses $14bn for ninth secondaries fundraise

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Lexington Partners has smashed the target of its latest flagship secondaries fund to close on $14bn of commitments.

Lexington Capital Partners IX has surpassed its initial $12bn target after securing commitments from more than 450 limited partners.

In February last year, the LA Water & Power Employees’ Retirement Plan committed $75m to LCP IX.

The firm said it will use LCP IX to acquire private equity and alternative assets through secondary market deals, mainly the acquisition of partnership portfolios from large investors.

Lexington has already deployed 30 per cent of the fund’s capital in more than 30 deals since entering its investment phase in the fourth quarter of last year.

The firm pulled in $10.1bn of commitments for its previous flagship vehicle, LCP VIII, back in 2015.

“Today’s secondary market is well-capitalized, global, and complex,” said Lexington partner Pål Ristvedt.

“Over three decades, the Lexington team has developed the sourcing network, substantial capital base, time-tested investment process, and leading counterparty reputation to consistently execute innovative transactions.

“With the successful capitalization of LCP IX, we look forward to continuing our leadership in the global secondary market.”

Lexington has raised $52bn of capital and invested in more than 400 new funds since launch.

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