The Paris-headquartered firm deployed $13bn into secondaries and primaries in 2024, with the average transaction size from its $30bn flagship reaching $2bn, according to its annual report.
While Lexington's owner Franklin Templeton had previously forecasted a September first close for Fund XI, it has now extended its expectations out to later in fiscal year 2025 or early 2026.
The acquisition provides Sagard a ‘significant expansion’ into secondaries as it seeks to scale its evergreen product offering, chief executive Paul Desmarais III told Secondaries Investor.
The move comes two years after the launch of Dawson's first overseas office in London.
Approximately half of the private equity evergreen market is expected to be allocated to secondaries in the next decade, according to estimates.
ACP Secondaries 5 is already around 60% deployed and the firm is seeking to capitalise on a lack of liquidity in the underlying private equity market, global chief executive José Luis Molina tells Secondaries Investor.
The firm's decision comes two months after Secondaries Investor reported the European manager had put its blindpool GP-led secondaries fundraising plans on ice.
The strategy will include raising a separate fund from New Mountain’s flagship vehicle.
The firm is targeting €200m to invest in continuation vehicles.
The office is the fifth in the Asia-Pacific region for the secondaries pioneer.