Lexington Co-Investment Partners V closes on $3.2bn

The fund is larger than its predecessor, Lexington Co-Investment Partners IV, which closed on $2.1bn in February 2017.

CIP is led by four partners: David Outcalt, Bart Osman, James Pitt and John Loverro.

Since inception in 1998, CIP has raised $10bn in total committed capital and has invested $7bn in 400 co-investments alongside more than 170 private equity sponsors.

Wil Warren, partner and president of Lexington, said: "Having initiated the co-investment programme 23 years ago with the backing of a single US pension, CIP's experienced team has leveraged its proven co-investment capabilities and deep relationships with private equity sponsors to expand the programme, partnering with key institutional LPs to create a robust deal-sourcing platform."

Lexington specialises in secondary acquisitions and co-investment funds. It has acquired 3,400 secondary and co-investment interests through more than 900 transactions with a total value in excess of $62bn.

Lexington also invests in private investment funds during their initial formation and has committed to more than 500 new funds in the US, Europe, Latin America and the Asia-Pacific region. The firm has offices in New York, Boston and Menlo Park in the US, as well as in London, Hong Kong, Santiago, São Paulo and Luxembourg.

Last year, Lexington closed its secondaries flagship fund, Lexington Capital Partners IX, on $14bn, exceeding its $12bn target.

At the time of its final closing, the vehicle was the largest secondaries fund globally, but it was later surpassed by Ardian Secondary Fund VIII, which closed on $19bn in June 2020.

Lexington Capital Partners IX makes investments in both private equity and other alternative assets globally, with a focus on North America and Europe.

Investors
CIP V received commitments from 13 large institutional investors based in the US, Europe, Latin America and Australia, with an average commitment size of $235m.

Investments
CIP V will focus on constructing diversified portfolios of equity co-investments alongside private equity sponsors, primarily in US-based and European companies.

In addition, CIP V may co-invest opportunistically in companies based in Asia and Latin America.

The fund complements buyout and growth investments with equity tickets of $10-100m.

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