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Laxman Pai, Opalesque Asia: Lexington Partners, one of the oldest investors in secondhand private-equity assets, has announced the closing of the global secondary alternative investments fund Lexington Capital Partners X (LCP X) at $22.7 billion.
The fund well surpassed its $15 billion fundraising target, the manager of secondary acquisition and co-investment funds in the world disclosed in a media release. The Franklin Templeton subsidiary's prior secondary fund, LCP IX, was closed on $14 billion in 2020.
LCP X attracted a diverse group of over 400 investors, including public and corporate pensions, sovereign wealth funds, insurance companies, endowments, foundations, family offices, and wealth channel distribution partners in North America, Europe, Asia-Pacific, Latin America, and the Middle East, said the release.
The New York firm wrapped up LCP X, with participation from a stable of institutional backers that include pension systems such as the Minnesota State Board of Investment, the Kentucky Teachers' Retirement System and the New York City Employees' Retirement System.
According to the release, LCP X's strategy is principally focused on the acquisition of private equity and alternative asset partnership portfolios from large-scale investors as they rebalance their allocations or seek liquidity, while also engaging in smaller opportunities leveraging Lexington's deep industry relationships.
In addition, LCP X allows Lexington to ...................... To view our full article Click here
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