Lexington Surpasses $5B Target for Fund VII

Lexington Capital Partners has surpassed the $5 billion target for its latest secondary vehicle, according to filings with the Securities and Exchange Commission.

The New York-based firm has raised $3.9 billion for Lexington Capital Partners VII and $1.6 billion for LCP VII (Offshore) LP, a vehicle domiciled in the Cayman Islands.

The fund is still open for commitments, and is expected to attract more capital before it reaches a final closing, said a person familiar with the situation. The firm began premarketing Fund VII in late 2009, with fund raising kicking into gear in 2010.

Limited partners that have committed to the fund include Houston Firefighters Relief & Retirement fund, New York State Teachers’ Retirement System, New Mexico Educational Retirement Board, Montana Board of Investment, Minnesota State Board of Investment, South Carolina Retirement Systems and New Hampshire Retirement System LBO Wire previously reported.

Lexington’s previous vehicle, Lexington Capital Partners VI, closed at $3.8 billion in 2007 and was fully invested as of September, LBO Wire previously reported. The firm participated in number of large secondary deals throughout 2010, including a $4 billion package of stakes held by Citigroup Inc., acquired alongside Stepstone Group LLC and Bank of America Corp.’s sale of $1.2 billion in commitments made to funds managed by Warburg Pincus LLC.

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