Lexington Partners‘ 2000-vintage flagship fund is the firm’s best performing secondaries vehicle by investment multiple, according to a performance document from a US pension fund.
The New York-headquartered firm’s $606 million Lexington Capital Partners IV had a 1.8x net multiple on invested capital and a 19.3 percent net internal rate of return as of 30 June, according to a November investment advisory council report for the Minnesota State Board of Investment, obtained by Secondaries Investor.
According to the document, Lexington’s best performing secondaries fund by net IRR is its 2014-vintage eighth flagship fund, at 27.3 percent. Lexington Capital Partners VIII, which raised $10.1 billion and which was the largest dedicated secondaries fund when it closed, returned a 1.3x multiple as of the same date.
All of the firm’s flagship and mid-market secondaries funds’ performance details were disclosed in the document:
|Fund||Vintage||Size||Net IRR||Net MOIC|
|Lexington Middle Market Investors I||2005||$556m||11.3%||1.6|
|Lexington Middle Market Investors II||2009||$650m||14%||1.4|
|Lexington Middle Market Investors III||2013||$1.1bn||14.4%||1.2|
|Lexington Capital Partners I||1996||$242m||13.1%||1.3|
|Lexington Capital Partners II||1998||$1.1bn||8.2%||1.3|
|Lexington Capital Partners III||1999||$656m||8.7%||1.3|
|Lexington Capital Partners IV||2000||$606m||19.3%||1.8|
|Lexington Capital Partners V||2002||$2bn||19%||1.7|
|Lexington Capital Partners VI||2006||$3.8bn||7.8%||1.4|
|Lexington Capital Partners VII||2010||$7.1bn||15.8%||1.5|
|Lexington Capital Partners VIII||2014||$10.1bn||27.3%||1.3|
Source: Figures for LCP VI-VIII provided by State Street. Other fund returns provided by Lexington to SBI.
The terms for Lexington’s Middle Market Investors IV, which has a $2 billion target, were also outlined in the document, as Secondaries Investor previously reported.
Lexington declined to comment.