Investment Program
Lexington invests primarily as a fund of funds, purchasing interests in various investment funds, typically structured as limited partnerships. Lexington Partners acquires positions in venture capital, leveraged buyout and mezzanine capital funds, together with portfolios of companies or stakes in companies from institutions, corporates, government bodies and family offices.
Lexington is reported to be raising a new $5.0 billion secondary fund, which would be the largest active fund in the secondary market, eclipsing Coller Capital's $4.8 billion fund. The two firms have alternated the leadership position in recent years.
Lexington is a dedicated secondaries investor and like many of its peers has limited ability to make new commitments to private equity funds. While in certain instances this impacts the firm's desirability to general partners as a replacement limited partner, Lexington does make strategic commitments to newly formed private equity funds. The firm also manages equity co-investment vehicles that invest alongside financial sponsors. Lexington’s secondary funds have committed to over 190 newly formed private equity funds while Lexington’s co-investment funds have committed to invest over $1.9 billion in 86 co-investments in the U.S. and Europe.
Lexington’s limited partners include corporate and public pension funds, sovereign investment authorities, insurance companies, financial institutions, endowments, foundations and family offices.
Read more about this topic: Lexington Partners
Famous quotes containing the words investment and/or program:
“There is something fascinating about science. One gets such wholesale returns of conjecture out of such a trifling investment of fact.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“The present century has not dealt kindly with the farmer. His legends are all but obsolete, and his beliefs have been pared away by the professors at colleges of agriculture. Even the farm- bred bards who twang guitars before radio microphones prefer “I’m Headin’ for the Last Roundup” to “Turkey in the Straw” or “Father Put the Cows Away.””
—For the State of Kansas, U.S. public relief program (1935-1943)