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Laxman Pai, Opalesque Asia: Secondary investing giant Lexington Partners has raised $3.2bn for one the biggest-ever global co-investment funds amid heavy LP interest.
The New York-based global alternative investment manager has closed its Lexington Co-Investment Partners V (CIP V) fund with $3.2 billion, surpassing its initial $2.5 billion target. The new vehicle is more than 33% larger than its predecessor, which closed on about $2.36 billion in 2017.
The fund invests alongside private equity sponsors, primarily in U.S. and European companies, and may invest opportunistically in companies and Asia and Latin America.
CIP V received commitments from 13 large institutional investors based in the U.S., Europe, Latin America, and Australia, with an average commitment size each of $235 million.
Investors include the $235 billion Florida State Board of Administration, Tallahassee; the $114.1 billion Minnesota State Board of Investment, St. Paul, and the $62.6 billion Maryland State Retirement & Pension System, Baltimore.
Since its inception in 1998, CIP has raised $10 billion of total committed capital and has invested $7.0 billion in over 400 co-investments alongside more than 170 leading private equity sponsors. CIP is led by four partners - David Outcalt, Bart Osman, James Pitt, and John Loverro - who have an average tenure at Lexington of 21 years.
Wil Warren, Partner and President of Lexington, said, "We are grateful for the continued support of CI...................... To view our full article Click here
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