Lexington Partners wraps up fourth mid-market secondary fund at $2.66 bln

Lexington Partners has closed its fourth middle-market secondary fund at $2.66 billion, beating its $2 billion target.

In addition to acquiring growth capital, small and mid-market buyout stakes in the secondary market, Lexington Middle Market Investors IV LP will target general partner-led deals that include spin-outs, restructurings and tender offers.

LMMI IV’s limited partners include pension funds, insurance companies, financial institutions, endowments, foundations and high-net worth individuals.

According to the firm, LMMI IV has closed 15 secondary deals and committed to invest 22 percent of the fund in mid- market interests managed by 25 sponsors in the U.S. and Europe.

In July 2014, the firm closed its third middle market fund at $1.070 billion, beating its $750 middle target. No performance data was available on this fund.

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