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.

PRESS RELEASE:

– Global Fund Dedicated to Acquisition of Private Equity
Interests in Secondary Market –
NEW YORK – July 5, 2011 – Lexington Partners (“Lexington”), the largest dedicated secondary
private equity manager, today announced the final close of Lexington Capital Partners VII, L.P.
(“LCP VII”) and associated vehicles, with equity commitments totaling $7.0 billion. The fund, which
commenced investing in 2010, received substantial investor interest in excess of its hard cap of
$7.0 billion.

LCP VII will acquire portfolios of private equity partnership interests and co-investments in the global
private equity secondary market. LCP VII also has the ability to acquire direct investments in
operating companies through secondary market purchases, facilitate the spin-out of established
private equity teams from banks and corporations, and invest in newly formed private equity funds.

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. High net worth individuals also subscribed to the fund. Approximately
60% of the fund’s investment came from U.S. investors, with 40% coming from the U.K., Europe,
China, Canada, the Middle East, South America, Australia, and the Asia-Pacific region.

Commenting on the fund closing, Brent Nicklas, Managing Partner of Lexington, said, “We are
pleased that existing Lexington investors chose to commit significant capital to LCP VII. In addition,
a record number of new global private equity investors joined Lexington’s sponsorship and we look
forward to building successful relationships with these partners as well.”

To date, Lexington has committed approximately 40% of LCP VII’s capital, completing several
significant transactions with U.S. and European banks and financial institutions. In addition, LCP VII
has recently transacted with endowments, foundations and pension funds seeking to address
over-commitment issues or rebalance their private equity portfolios.

Lexington estimates that $21 billion was invested in secondary transactions in 2010, a level that is
expected to be surpassed in 2011 with projected volume of up to $25 billion. Recent regulatory
changes, increased supervision of financial institutions, investors’ general liquidity needs and more
active private equity portfolio management indicate that the secondary market will continue to grow
in the years ahead.

“We are proud of the leading role Lexington has played over a long period of time in developing the
secondary market as an alternate source of liquidity for private equity investors. Lexington is
well-positioned – with the counterparty reputation, breadth of relationships and strength of capital –
to continue its leadership of the secondary market during this period of extraordinary opportunity,”
said Mr. Nicklas.

Lexington also announced the recent formation of Lexington Middle Market Investors II, L.P.
(“LMMI II”), a complementary $650 million secondary acquisition fund, to acquire “young” private
equity interests. In total, LCP VII and LMMI II have received equity commitments of $7.650 billion.
This announcement appears as a matter of record only. June 2011

This announcement appears as a matter of record only. June 2011
Innovative Directions in Private Equity Investing

Lexington Partners is pleased to announce that over 200 investors
in 20 countries have joined us in forming
Lexington Capital Partners VII and Lexington Middle Market Investors II

$7,650,000,000

Lexington Capital Partners VII, L.P.
Private Equity Secondaries
$7,000,000,000
Lexington Middle Market Investors II, L.P.
Young Secondaries
$650,000,000

Lexington Partners is a leading participant and
innovator in the global secondary private equity market.

Lexington Partners

New York 660 Madison Avenue, New York, NY 10065 212 754 0411 212 754 1494 Fax
Boston 111 Huntington Avenue, Suite 3020, Boston, MA 02199 617 247 7010 617 247 7050 Fax
Menlo Park 3000 Sand Hill Road, Building 1, Suite 220, Menlo Park, CA 94025 650 561 9600 650 561 9696 Fax
London 42 Berkeley Square, London W1J 5AW 44 20 7318 0888 44 20 7318 0889 Fax
Hong Kong 15/F York House, The Landmark, 15 Queen’s Road Central, Central, Hong Kong 852 3987 1600 852 3987 1631 Fax

info@lexpartners.com www.lexingtonpartners.com