Secondary Investments


In a transaction valued at $1.1 billion, Lexington and two other private equity managers acquired a portfolio of investments in U.K. and European companies owned by a European financial institution. The seller decided to dispose of this non-core private equity business when it merged with another financial institution. The former investment team continued to manage the portfolio of more than 300 companies after the sale. At the time, this was the largest secondary transaction and spin-out completed outside the United States. Lexington has since completed seven additional secondary spin-outs, including the $2 billion reorganization of the principal private equity unit of a U.S. financial institution. Lexington led this transaction on behalf of its syndicate and has since committed primary capital to this sponsor in its subsequent fund.


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