History and Notable Transactions
Since 1994, Lexington has stated that it has completed over 270 secondary market transactions. Although most secondary transactions are private, the following are notable publicly disclosed transactions and firm milestones:
- 2008 — CalPERS agrees to the sale of a portfolio of legacy private equity funds, having started marketing it in late 2007. A buyer group comprising Oak Hill Investment Management, Conversus Capital, Lexington Partners, HarbourVest, and Pantheon Ventures paid as much as $3 billion for the portfolio. (CalPERS is an existing investor in funds managed by Lexington.)
- 2007 – Lexington Partners lead a secondary spin-out transaction from a hedge fund, a $200 million transaction to acquire 70% stake in 19 investments.
- 2006 — American Capital Strategies sells a $1 billion portfolio of investments to a consortium of secondary buyers including Lexington Partners, HarbourVest Partners and Partners Group.
- 2005 — Lexington Partners and AlpInvest Partners acquired a portfolio of private equity fund interests from Dayton Power & Light, an Ohio-based electric utility.
- 2004 – Lexington Partners formed a dedicated secondary fund to acquire private equity interests that were less than 50% funded.
- 2003 — Lexington closes on $2 billion for its fifth fund after two years of marketing, ultimately falling short of its $2.5 billion target.
- 2000 — Lexington Partners and Hamilton Lane acquire $500 million portfolio of private equity funds interests from Chase Capital Partners.
- 2000 — Coller Capital and Lexington Partners complete the purchase of over 250 direct equity investments valued at nearly $1 billion from NatWest.
- 1998 – Lexington Partners established CIP I, one of the first independent, discretionary co-investment programs with a leading U.S.-based institutional investor.
- 1994 – Lexington Partners purchased a portfolio of mezzanine fund interests from a bank, one of the first transactions of its type.
- 1994 — Lexington Partners founded by former Landmark Partners professionals Brent Nicklas and Richard Lichter (currently Newbury Partners).
Read more about this topic: Lexington Partners
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