Lexington returns to market with record secondaries raise

The vehicle is targetting $12bn, making it the largest secondaries fund ever, Unquote understands.

Ardian's ASF VII held a final close on $14bn in April 2016, but only $10.8bn was marked for secondaries, with the rest being allocated to primary raises.

Minnesota State Board of Investment's advisory committee recommended a commitment of up to $150m to the new vehicle, subject to board approval.

Lexington held a final close for LCP VIII on its $10.1bn hard-cap in April 2015; the vehicle was 52% invested as of December 2017. The fund had a mandate to invest in global private equity and other alternative asset secondaries, including portfolio acquisitions.

The secondaries investor's early return to market comes as secondary transactions hit a new peak in the region of $45-50bn in 2017. 

Lexington declined to comment on the new fund.

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