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.
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.