Lexington Partners raises $10.1 bln for eighth secondary fund

Lexington Partners said Tuesday it closed its eighth private equity secondary fund at its $10.1 billion hard cap. The target was $8 billion.

The limited partners for LCP VIII include insurance companies, endowments, major public pensions, corporate pensions and sovereign wealth funds in the U.S., Canada, U.K., Europe, Asia, Latin America, Australia and the Middle East, Lexington said.

Lexington said it has already committed about 30 percent of LCP VIII’s capital. The fund has invested in six deals with banks and financial institutions, five with fiduciaries, a hedge fund transaction and a fund restructuring.

In 2011, Lexington raised $7 billion for its seventh secondary fund, generating an average IRR of 18.77 percent and an average multiple of 1.46x as of December 31, 2004, according to performance data provider Bison.

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