Lexington anchors $100m direct secondaries fund

Lexington continues its nine-year relationship with UK-based Azini Capital by contributing over 90 percent of its $100m Fund III.

Lexington Partners has contributed more than $90 million to UK-based Azini Capital’s third secondaries fund, having previously anchored Azini’s Funds I and II.

Azini, a direct secondaries specialist, said Azini III took six months to raise, and has already planned investments in growth and development stage technology companies.

For Lexington, backing Azini gives the large secondaries firm exposure to niche technology direct secondaries, according to Nick Habgood, Azini managing partner.

“We give them an exposure to a part of the market…  where they might not go on its own,” said Habgood.

Azini I raised $60 million in in 2007, while its second fund, which acquired a portfolio of investments from Apax Partners, raised $100 million. Lexington was a major participant in both funds. Details of other LPs were not available at press time.

“We’ve been in a space where technology and Europe has not been flavour of the month, until recently with investors, which is why we’re pleased to get this fund underway.”

In 2008 PEI reported how Azini purchased 82.6 percent LP interests totalling in the $50 million Lynx Capital Ventures fund, owned by Bear Stearns, the defunct investment banking giant.