Lexington to raise $8bn secondaries fund

According to reports, the fund will be larger than its predecessor, which closed in July 2011 on $7bn after just one year on the road – making this latest effort the largest secondaries fund currently on the market. Lexington's seventh vehicle received commitments from more than 200 institutional investors, including corporate pension funds, sovereign wealth funds, endowments and family offices, as well as high-net-worth individuals.

The fund is likely to follow the same strategy as its predecessor, acquiring portfolios of private equity partnership interests as well as co-investments in the secondary market. Lexington's previous fund also had the ability to acquire direct investments in operating companies through secondary purchases, enable spinouts from parent companies and invest in newly-formed funds.

According to unquote" data, the European secondaries fundraising market reached its peak in 2009 when nine funds hit a final close, raising a combined total of €9.2bn. Currently, the largest secondaries fund in the market is Axa Private Equity's $7.1bn vehicle.

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• Topics
• Fundraising
• Secondaries
• Axa Private Equity