Exclusive: Citi Unloads $900 Million Private Equity Portfolio

Citigroup has agreed to sell a portfolio of private equity interests for more than $900 million, according to multiple sources. Lexington Partners is the buyer, while StepStone Group will provide management services. This is a big deal – one of the largest secondary transactions ever and a further move by Citi away from private equity. So let’s break it down: What’s being sold? The deal includes Citi’s stakes in bank-branded funds-of-funds, mezzanine and co-investment vehicles. Basically what used to be known as Citigroup Private Equity, and managed by John Barber (he left earlier this year).

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