Lexington raises $14bn

The New York-based manager closes its ninth secondaries fund above target.

Fund name: Lexington Capital Partners IX
Amount raised: $14bn
Target size: $12bn
Stage of fundraising: Final close
Final close date: January 2020
Time on the road: 2 years
Predecessor fund: Lexington Capital Partners VIII
Carry: 10%
Hurdle rate: 7%
Number of investors in the fund: >450

Lexington Partners held a final close of Lexington Capital Partners IX on $14 billion, surpassing the fund’s $12 billion target. The secondaries fund will invest across private equity and other alternative asset strategies, including direct investments, equity co-investments and hedge fund private equity strategies. Its prior secondaries fund, Lexington Capital Partners VIII, closed in 2015 with $10.1 billion in committed capital.