Lexington Partners has so far raised more than $3 billion towards an $8 billion target for its eighth secondaries fund, according to two sources familiar with the matter. It began 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.
Lexington could not be reached for comment at press time.