The New Hampshire Retirement System (NHRS) has committed $50 million to Lexington’s current fundraise for its eighth fund, according to investment documents.
NHRS has committed a previous $40 million to Lexington Partners Fund VII in 2009; one of its 18 current private equity fund commitments returning an average IRR of 4.45 since inception, although the pension did not provide details of individual fund performance.
According to NHRS documents, Lexington partner Lee Tesconi said Fund VIII would focus on ‘timely’ regulatory-influenced sales from financial institutions, being one of Lexington’s ‘key competitive advantages’.
In March Secondaries Investor reported Lexington Partners had raised more than $3 billion towards an $8 billion target for its eighth secondaries fund, beginning its fundraising in September last year.
Lexington’s Fund VII set records when it held a final close in 2011 on $7 billion, at the time the largest secondaries fund ever raised.
It attracted commitments from more than 200 investors in 20 countries, including US pensions like the Kentucky Teachers Retirement System, which also re-upped for Fund VIII, according to PEI Research & Analytics.
Lexington has invested an average of $2 billion per year from Fund VII, according to PEI Research & Analytics.