Private equity company From Wikipedia, the free encyclopedia
Lexington Partners is one of the largest manager of secondary acquisition and co-Investment funds in the world, founded in 1994. Lexington manages approximately $55 billion of which an unprecedented $14 billion was committed to the firm's ninth fund (Lexington Capital Partners IX, closed in January 2020), the largest dedicated secondaries pool of capital ever raised at the time.[1]
| |
| Company type | Subsidiary |
|---|---|
| Industry | Private equity |
| Founded | 1994 |
| Headquarters | New York, New York, U.S. |
| Products | Secondary Investments, Equity co-investments, Fund Investments |
| AUM | $55 billion |
| Parent | Franklin Templeton |
| Website | www |
Lexington Partners is headquartered in New York with offices in Boston, Menlo Park, London, Hong Kong, Santiago, São Paulo and Luxembourg.
Lexington Partners was founded by Brent R. Nicklas.[2] Formerly a founding member of Landmark Partners, Nicklas helped pioneer the formation of the secondary market and was involved in some of the earliest secondary deals dating back to 1993.[3]
On November 1, 2021, Franklin Templeton announced they would acquire 100.0% of Lexington Partners in a $1.75 billion cash deal.[4] This acquisition was finalized on April 5, 2022.[5]
Lexington invests much like a fund of funds, purchasing interests in various investment funds, typically structured as limited partnerships. Lexington Partners acquires positions in venture capital, leveraged buyout and mezzanine capital funds, together with portfolios of companies or stakes in companies from institutions, corporations, government bodies and family offices.[6]
Lexington is a dedicated secondaries investor[7] and like many of its peers has limited ability to make new commitments to private equity funds. While in certain instances this impacts the firm's desirability to general partners as a replacement limited partner, Lexington does make strategic commitments to newly formed private equity funds. The firm also manages equity co-investment vehicles[8] that invest alongside global private equity sponsors. Lexington's secondary funds have committed to over 500 newly formed private equity funds while Lexington's co-investment funds have committed to invest over $7.0 billion in over 400 co-investments in the U.S., Europe and Asia.[9][10]
Lexington's limited partners include public and corporate pension funds, sovereign wealth funds, insurance companies, financial institutions, endowments, foundations, and family offices from over 40 countries.
Since 1994, Lexington has stated that it has completed over 500 secondary market transactions.[11][9][12] Although most secondary transactions are private, the following are notable publicly disclosed transactions and firm milestones:
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