Lexington collects $7.3bn for Fund VIII

Lexington Partners has collected about $7.27 billion for its eighth secondaries and co-investments fund, according to documents filed with the US Securities and Exchange Commission on Friday.

About $6.3 billion of the capital raised is listed on the SEC documents and an additional $900 million has been collected to invest alongside the fund and in deals that exceed the fund’s investment strategy.

Lexington Capital Partners VIII launched in September 2013 with an $8 billion target, PEI’s Research and Analytics division disclosed. It had collected $6 billion as of November 2014 and at least $3 billion as of March.

The New Mexico Educational Retirement Board committed $40 million to the fund and the New Hampshire Retirement System invested $50 million. Other limited partners include the Boston City Retirement System and the Kentucky Teachers’ Retirement System.

The fund is expected to reach its target on or before 17 April, according to SEC documents.

Santiago-based Compass Group Global Advisors, London-based Irad Capital,  Seoul-headquartered Shinhan Investment Corporation and Tokyo’s Crosspoint Advisors are listed as receiving sales compensation from the fund.

Lexington was unavailable to comment by press time.

The firm’s previous flagship fund closed in 2011 on $7 billion, well above its $5 billion target. Fund VII attracted more than 200 investors from 20 countries. Approximately 60 percent of LPs came from the US and the remaining 40 percent came from Australia, Asia-Pacific, Canada, China, Europe, the Middle East, South America and the UK. Park Hill was the placement agent for the fund.

Lexington also raises mid-market funds focused on acquiring younger private equity fund interests that are less than 50 percent funded. Its third mid-market fund closed on $1 billion, exceeding its $750 million target, in July 2014. The fund received commitments from more than 50 LPs.