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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......................

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