Lexington Partners raises $7bn secondaries fund
Lexington Partners has raised the world’s largest ever secondaries fund, reaching its $7bn cap.
The fund was launched last year, raising the bulk of its capital through 2010 and exceeding its $5bn target in early 2011 before reaching its $7bn hard-cap.
Lexington Capital Partners VII LP is roughly 80% larger than the firm's previous fund, which was raised in 2007. It will look to invest in private equity portfolios coming onto the secondary market in the comings year. The fund also consists of a China Investment Corp which will co-invest alongside the main fund.
Investors
The fund has a number of institutional investors, including large state pension funds, such as the Houston Firefighters Relief & Retirement Fund, New York State Teachers' Retirement System, New Mexico Educational Retirement Board.
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