Lexington Partners said Wednesday that it has closed $1.57 billion for its third fund, Lexington Co-Investment Partners III. Limited partners include the Florida State Board of Administration and the New York State Teachers’ Retirement System. Lexington Partners is a global alternative investment manager.
NEW YORK, July 17, 2013 /PRNewswire/ — Lexington Partners (“Lexington”), the largest independent manager of co-investment and secondary acquisition funds, today announced the final close of Lexington Co-Investment Partners III, L.P. and associated vehicles (“CIP III”), with committed capital totaling $1.57 billion. CIP III, which held its first closing in 2012, received commitments above its target and is one of the largest dedicated global co-investment funds.
CIP III represents the expansion of Lexington’s 15-year-old co-investment program that has to date been supported by the Florida State Board of Administration (“FSBA”) and the New York State Teachers’ Retirement System (“NYSTRS”), two of the largest public pension funds in the United States. Lexington conducted a highly targeted fundraiser to augment the FSBA and NYSTRS commitments. As a result, the CIP III program is concentrated among large institutional investors based in the U.S., U.K., Continental Europe, South America, and Australia, and has an average commitment size of $200 million. CIP III will construct a diversified portfolio of equity co-investments in transactions by leading private equity sponsors in the U.S., Europe, and the Asia-Pacific region.
Commenting on the fund closing, Brent Nicklas, Managing Partner of Lexington, said, “We are pleased with the reputation Co-Investment Partners has established over the past 15 years as a reliable and experienced co-investor. CIP III, with its breadth of relationships, strong limited partners, and substantial capital base, is well-positioned to continue our record of successfully co-investing alongside leading global private equity sponsors.”
Lexington’s co-investment program has approximately $4 billion of committed capital, including CIP III. The program has invested $2.4 billion in 130 investments alongside 82 sponsors since 1998.
About Lexington Partners
Lexington Partners is a leading global alternative investment manager primarily involved in providing liquidity to owners of private equity and other alternative investments and in making co-investments alongside leading private equity sponsors. Lexington Partners is the largest independent manager of secondary acquisition and co-investment funds with more than $22 billion in committed capital. Since 1990, Lexington has acquired over 2,100 secondary and co-investment interests through 450 transactions with a total value in excess of $29 billion, including $10 billion of syndications. Lexington also invests in private investment funds during their initial formation and has committed to more than 200 new funds in the U.S., Europe, and the Asia-Pacific region. Lexington currently employs more than 75 people and has offices strategically located in the major centers for private equity investing – New York, Boston, Menlo Park, London, and Hong Kong. Lexington also has senior advisors located in Asia, Australia, and South America. Additional information may be found at www.lexingtonpartners.com.