251 Views

Lexington Partners to buy bulk of Citi’s LP stake in Metalmark fund

Lexington Partners has agreed to buy 80 percent of Citigroup’s $1.5 billion limited partner interest in Metalmark Capital Partners II. As part of the deal, Citi will offer 20 percent of its stake to existing LPs in the fund. The deal is expected to close in the fourth quarter. Terms were not disclosed.

Lexington donates to rebuild flood-damaged school in Colombia

Lexington Partners has made a ‘significant donation’ to the Happy Hearts Fund toward the rebuilding of the San Francisco de Asis School in Cartagena, Colombia, which was heavily damaged by flooding in 2010. The school is set to be rebuilt by November 2014. The Happy Hearts Fund is a 501(c)(3) foundation dedicated to rebuilding schools in areas hit by natural disasters. The donation represents Lexington’s third successive donation to the Happy Hearts Fund.

Florida Reaches Torrid $6 Billion Commitment Pace

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…

Secondary Firms Eye Asian Opportunity

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 […]

Slideshow: Top-Performing PE/VC Funds For State of Florida

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.” […]

Lexington Partners Wraps Seventh Fund

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.

Reuters: Private Equity Taking LPs Into Deals

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 […]

Secondary Sales Signal a Coming Crisis?

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 To Buy $730 Mln PE Portfolio from Lloyds

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.

StepStone Assumes Management of Citi PE Funds

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.

Florida Buying Piece of Lexington Partners

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).

Lexington Partners Extends Fundraising Period, May Aim for Largest Ever Secondaries Fund

Private equity secondaries giant Lexington Partners has gained an extension on the fundraising period for its seventh fund. The firm received approval from LPs to continue fundraising beyond its target.

Lexington had planned to hold a final close on the fund, which has a $5 billion target, by the end of Q1. But with just over $4.1 billion in commitments, Lexington asked investors for an extension.

Landmark Partners Closes Fund 14 At Target

Landmark Partners has closed its fourteenth private equity secondary fund with $1.93 billion in commitments, a source familiar with the situation said. The fund had a target of $2 billion. Landmark had planned a final close for the first quarter of this year and made it in just under the buzzer, officially closing the fund […]

Lexington Partners Crosses $3 Billion Mark

Lexington Partners has closed on $3.108 billion in capital commitments toward its seventh fund, according to regulatory filings. The New York-based secondaries firm launched fundraising for Lexington Capital Partners VII LP in early 2008 with a $5 billion target.

As of last week, the firm had secured $2.378 billion in commitments from 91 US-based investors and $730.2 million in commitments from 48 overseas investors. Park Hill is serving as placement agent.

PEHUB Community

Join the 12502 members of peHUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Create your free online surveys with SurveyMonkey , the world's leading questionnaire tool.

Look Who’s Tweeting

Psst! Got any hot tips?

  • This field is for validation purposes and should be left unchanged.

PE HUB News Briefs

RSS Feed Widget

Marketplace

VCJ Headlines (subscribers only)

RSS Feed Widget

Buyouts Headlines (subscribers only)

RSS Feed Widget

Reuters VC and PE feed

RSS Feed Widget