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.


Lexington Partners (“Lexington”) today announced it has entered into a definitive agreement to acquire a portfolio of approximately £470 million (US$730 million) of limited partnership interests in 33 private equity funds from certain subsidiaries of Lloyds Banking Group plc.

Marshall Parke, Managing Partner of Lexington’s international activities, said, “Lexington is pleased to have reached agreement with Lloyds to acquire a portfolio of high quality private equity fund investments. With a focus on the European midmarket, this portfolio is an excellent complement to Lexington’s recent investment activities in the United States and Asia.”

Terms of the transaction, which is expected to close early in the first quarter of 2011, were not disclosed. Completion of the transaction is subject to customary closing conditions.

About Lexington Partners

Lexington Partners is a global private equity sponsor primarily involved in providing liquidity to owners of private equity investments and in making equity co-investments alongside leading private equity sponsors. Lexington Partners is the largest independent manager of secondary private equity and co-investment funds with more than $18 billion in committed capital. Since 1990, Lexington has acquired secondary and co-investment interests through nearly 400 private equity transactions with a total value in excess of $13 billion. Lexington also invests in newly-formed private equity partnerships and has committed more than $1 billion to funds in the U.S., Europe and the Asia-Pacific region. Additional information may be found at www.lexingtonpartners.com.