Lexington Partners has raised $3.2 billion for its fifth co-investment fund. Lexington Co-Investment Partners V, which started investing in September 2020, targets co-investments alongside private equity firms, mostly in U.S. and European companies. The fund has secured commitments from 13 institutional investors based in the U.S., Europe, Latin America, and Australia, with an average commitment size each of $235 million.
NEW YORK, March 19, 2021 /PRNewswire/ — Lexington Partners (“Lexington”), a leading global alternative investment manager, today announced the final close of Lexington Co-Investment Partners V, L.P. and associated vehicles (“CIP V”), with committed capital totaling $3.2 billion. CIP V surpassed its initial $3.0 billion hard cap and is one of the largest dedicated global co-investment funds.
CIP V will continue the Lexington co-investment program’s (“Co-Investment Partners” or “CIP”) strategy of constructing diversified portfolios of equity co-investments alongside leading private equity sponsors, primarily in U.S. and European companies. In addition, CIP V may co-invest opportunistically in companies in Asia and Latin America. CIP V started investing in September 2020.
CIP V received commitments from 13 large institutional investors based in the U.S., Europe, Latin America, and Australia, with an average commitment size each of $235 million.
Since its inception in 1998, CIP has raised $10 billion of total committed capital and has invested $7.0 billion in over 400 co-investments alongside more than 170 leading private equity sponsors. CIP is led by four partners – David Outcalt, Bart Osman, James Pitt, and John Loverro – who have an average tenure at Lexington of 21 years.
Commenting on the fund closing, Wil Warren, Partner and President of Lexington, said, “We are grateful for the continued support of CIP’s investors, which represent some of the largest institutional investors in private equity. Having initiated the co-investment program 23 years ago with the backing of a single U.S. pension, CIP’s experienced team has leveraged its proven co-investment capabilities and deep relationships with private equity sponsors to expand the program, partnering with key institutional LPs to create a robust deal-sourcing platform.”
About Lexington Partners
Lexington Partners is a leading global alternative investment manager primarily involved in providing liquidity solutions to owners of private equity and other alternative investments and in making co-investments alongside leading private equity sponsors. Lexington Partners is one of the largest independent managers of secondary acquisition and co-investment funds with $55 billion in committed capital since inception. Lexington has acquired over 3,400 secondary and co-investment interests through more than 900 transactions with a total value in excess of $62 billion, including $15 billion of syndications. Lexington also invests in private investment funds during their initial formation and has committed to more than 500 new funds in the U.S., Europe, Latin America, and the Asia-Pacific region. Lexington has offices strategically located in major centers for private equity and alternative investing – New York, Boston, Menlo Park, London, Hong Kong, Santiago, São Paulo and Luxembourg. Additional information can be found at www.lexingtonpartners.com.