The pace of new private equity and alternative investments at the Florida State Board of Administration is likely to reach about $6 billion in fiscal 2012-2013, as Florida’s primary $126 billion pension fund gradually ramps up its allocations to so-called strategic investments from zero to 11 percent of the portfolio…
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Lexington Partners, Pantheon and Greenpark Capital have all opened offices in Asia in the hope of tapping lucrative opportunities as the Asian private equity market stalls. According to Reuters there is around $200 billion of private equity capital in Asia still to exit. Reuters – As hundreds thronged a financial conference in Hong Kong last [...]
I’m a sucker for that Konica Minolta bizhub commercial in which the “elder”—aka “he who speaks of floppy disks”—appears in the final seconds to berate his younger colleagues for having things too easy. (“You’re all soft,” he informs them.) Pretty soon I’m going to become known around my office as “he who speaks of FOIA requests for private equity return data.” [...]
It is looking more and more likely that U.S.-based funds-of-funds will raise far less than they did last year, which itself was down from 2009. For all of 2010, 59 funds-of-funds raised $14.11 billion, down from 62 FoFs that raised $24.1 billion in 2009, according to Thomson Reuters. So far this year, 52 FoFs have [...]
Lexington Partners, the largest dedicated secondary private equity manager, closed its seventh fund at $7 billion, the investor revealed. LCP VII has been formed with commitments from over 200 institutional investors, including public and corporate pension funds, sovereign wealth funds, financial institutions, endowments, foundations, and family offices.
LONDON/NEW YORK (Reuters) – Private equity firms are turning to deep-pocketed sovereign wealth and pension funds as they chase bigger deals, avoiding the often uneasy partnerships with rivals that marked boom-time deals. Debt markets are heating up with high-yield and loan investors ready to step in with billions of dollars of funding for deals like [...]
At the end of 2009, Reuters Buyouts sought to answer whether primary fundraising would suffer as a result of secondary market investments in its “Secondary Market Threatens To Use Up All The Oxygen” piece.
It didn’t work out that way. During the credit crisis, limited partners faced few capital calls, and if anything, secondary sales froze up along with markets everywhere. But as secondary sales become increasingly common, the prospect of future fundraisings being impacted grew.
I got to thinking about this after New York secondaries firm Lexington Partners Inc. announced a deal Wednesday to buy a PE portfolio worth £470 million ($730 million) from Lloyds Banking Group.
Lexington Partners said Wednesday that it has agreed to buy a PE portfolio worth £470 million (US$730 million) from Lloyds Banking Group. The deal is expected to close in first quarter. Financial terms weren’t disclosed. Lexington, of New York, is a secondary firm.
Citigroup has transferred management of various in-house private equity funds to StepStone Group. The bank also sold a portion of its interest in those funds to private equity group Lexington Partners. The two deals, first announced in July, are part of Citi’s strategy to reduce assets within Citi Holdings, the company’s portfolio of non-core operating businesses. Financial terms were not released.
The Florida State Board of Administration has agreed to acquire a minority ownership stake in Lexington Partners, peHUB has learned. It is believed to be the first time that a state pension fund outside of California has bought into a private equity firm’s management company.
“Florida has had a multi-pronged relationship with Lexington for a long time, so from that perspective it’s not to surprising,” explained a source familiar with the deal. “But when you consider how poorly most other deals like this have performed, it’s got to make you wonder why Florida would want to double-down on a single firm.”
Neither Lexington nor Florida is commenting on the deal, but our understanding is that the deal is for a 9.9% ownership position at an enterprise value of around $1.8 billion (consider that last figure to be ballpark — a very spacious ballpark).