Lexington Partners Closes Co-Investment Fund at $1.6 Billion
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Lexington Partners Closes Co-Investment Fund at $1.6 Billion

lexington nfLexington Partners has held a final close of Lexington Co-Investment Partners III, LP and associated vehicles (“CIP III”), with committed capital totaling $1.57 billion. CIP III, which held its first closing in 2012, received commitments above its target and is one of the largest dedicated co-investment funds. CIP III will make equity co-investments in private equity led transactions in the US, Europe, and the Asia-Pacific region.

The new fund represents an expansion of Lexington’s 15-year-old co-investment program that has to date been supported by the Florida State Board of Administration (“FSBA”) and the New York State Teachers’ Retirement System (“NYSTRS”), two of the largest public pension funds in the United States. For its new fund, Lexington conducted a targeted fundraise to augment the FSBA and NYSTRS capital commitments. As a result, CIP III’s limited partners, with average capital commitments of $200 million, include many large institutional investors based in the US, UK, Continental Europe, South America, and Australia.

“We are pleased with the reputation we have established over the past 15 years as a reliable and experienced co-investor. CIP III, with its breadth of relationships, strong limited partners, and substantial capital base, is well-positioned to continue our record of successfully co-investing alongside leading global private equity sponsors,” said Brent Nicklas, Managing Partner of Lexington.

Including the $1.57 billion raised for CIP III, Lexington’s co-investment program now has approximately $4 billion of committed capital. Since 1988, Lexington has invested $2.4 billion in 130 investments alongside 82 sponsors.

Lexington Partners is an alternative investment manager primarily involved in providing liquidity to owners of private equity and other alternative investments and in making co-investments alongside private equity sponsors. Since 1990, Lexington has acquired over 2,100 secondary and co-investment interests through 450 transactions with a total value in excess of $29 billion, including $10 billion of syndications. Lexington also invests in private investment funds during their initial formation and has committed to more than 200 new funds in the US, Europe, and the Asia-Pacific region. The firm employs more than 75 people and has offices in New York, Boston, Menlo Park, London, and Hong Kong (www.lexingtonpartners.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 7-18-13

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