Secondary Investments


A large U.S. public pension fund sold a $1.9 billion portfolio of buyout, venture capital, and debt-related fund interests to create liquidity for reinvestment. Lexington analyzed the entire portfolio of 35 funds managed by 27 GPs and, through a series of negotiations, reached agreement to acquire a select portfolio of five high-quality interests where we had differentiated GP access and informational advantages. Including four other transactions completed over a seven-year period, Lexington has acquired secondary interests from this seller with an aggregate value of over $660 million. As a proven counterparty with low execution risk, Lexington is well positioned to complete additional transactions with this seller.


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