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Laxman Pai, Opalesque Asia: New York-based global alternative investment manager Lexington Partners closed Lexington Capital Partners IX (LCP IX), an alternative investment fund that invests on the secondary markets, at $14 billion, surpassing its $12 billion target.
The manager of secondary acquisition funds said in a press note that the latest fund is 39% larger than the prior fund, $10.1 billion Lexington Capital Partners VIII, which closed in 2015.
"LCP IX will acquire private equity and alternative assets across sectors globally through a full range of negotiated secondary market transactions, principally the acquisition of partnership portfolios from large-scale investors as they undertake portfolio rebalancing and complemented by smaller opportunities leveraging Lexington's deep industry relationships," said the release.
Besides, LCP IX is expected to benefit from growth in GP-led deal flow as well as incremental opportunities through the secondary purchase of direct investments, equity co-investments, and hedge fund private equity assets. LCP IX also can invest in new private investment funds, it added.
LCP IX received commitments from over 450 investors, concentrated among major public and corporate pensions, sovereign wealth funds, and insurance companies in North America, Europe, Asia-Pacific, Latin America, and the Middle East.
Endowments, foundations, family offices, and high net worth individuals also subscribed, with existing inves...................... To view our full article Click here
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