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Laxman Pai, Opalesque Asia: Franklin Resources Inc, the investment management firm operating as Franklin Templeton, will acquire private equity secondaries and co-investment specialist Lexington Partners for $1.75 billion in cash.
Franklin Templeton said it will pay $1 billion after the deal closes by the end of the second fiscal quarter of 2022. The additional $750 million will be paid over the next three years, it said.
Following the acquisition of Lexington Partners, Franklin Templeton will have $200bn in alternative assets under management.
Lexington will operate as a specialist investment manager within Franklin Templeton with its current management team continuing in their roles post-transaction.
"This acquisition will position us to capitalize on the highly sought after secondary private equity market, an area of growth that complements Franklin Templeton's existing alternative asset capabilities to meet the growing appetite of our clients for alternative asset management around the globe," Franklin Templeton President and Chief Executive Jenny Johnson said.
Founded in 1994, Lexington currently manages $34 billion of assets. It has raised over an aggregate of $55 billion from over 1,000 institutional investors, deploying capital across more than 4,500 secondary, co-investment, and primary interests. Lexington is currently investing from its $14 billion flagship global secondary fund, its $2.7 billion middle-market secondary fund, and its $3.2 bill...................... To view our full article Click here
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