Lexington within touching distance of Fund IX target

Lexington Capital Partners IX has raised nearly $12bn, according to a filing with the SEC, making it the largest pool of secondaries capital amassed to date.

Lexington Partners is a few hundred million dollars away from the target of its latest flagship secondaries fund, a filing with the US Securities and Exchange Commission has revealed.

Lexington Capital Partners IX has raised $11.7 billion against a target of $12 billion from 184 separate investors, according to the SEC filing dated 1 October. The fund has been in market since February 2018, as Secondaries Investor reported.

The filing shows the fund still has $262,461,004 remaining to raise.

Secondaries Investor reported in May that the firm had hit the $10 billion mark and had already deployed around $2.5 billion, mainly via limited partnership stake transactions.

If Fund IX closes on target, it will be 11 percent bigger than the largest secondaries fund to hold a final close – Ardian’s 2015-vintage ASF VII – which raised $10.8 billion for the strategy.

Investors in Fund IX include Cathay Life Insurance, which committed $150 million, Florida Retirement System Trust Fund with $250 million and Minnesota State Board of Investment with $150 million.

Deals Lexington has backed this year include a GP-led process on Vitruvian Partners’ 2007-vintage fund and a strip sale by Eurazeo used to seed the Paris-headquartered firm’s $700 million flagship buyout fund, both reported by Secondaries Investor.

Secondaries funds were seeking at least $87.9 billion as of 1 July, according to Secondaries Investor’s first-half data download.

Lexington declined to comment.