Lexington founder steps aside

Lexington Partners‘ founder is to relinquish control over day-to-day running of the business.

Brent Nicklas, who founded the secondaries specialist in 1993, is to be replaced by Wilson Warren, who leads the firm’s US secondaries investment activities and has been at Lexington since 1994, according to a statement from the firm. He will take the newly created position of president. Nicklas will assume the role of founder and non-executive chairman. He will remain a significant investor in the firm and will no longer engage in operations.

Marshall Parke, head of non-US activity who joined the firm in 2000, will be vice-chairman. Warren and non-US secondaries head Pal Ristvedt will become co-chairs of the firm’s secondary investment committee, the statement noted.

Lexington is in market with its ninth dedicated secondaries fund seeking $12 billion.

Investors in the fund include Minnesota State Board of Investments, which committed $150 million, and University of Houston System, which committed $10 million, according to PEI data.

Predecessor Fund VIII had returned a net multiple of 1.3x and net internal rate of return of 24.05 percent as of the end of March, according to performance data from Minnesota State Board of Investments.

Article updated to reflect that the title of president is new, not passed across from Mr. Nicklas