The pension system, which has a separate account to invest in LP stakes, is expecting a buyers' market and an uptick in secondaries dealflow.
JPMorgan re-joins the secondaries fray as the firm’s last secondaries fund closed in 2016.
The rationale for the deal is to provide liquidity to investors in older funds while still holding the assets.
The firm, founded by former Ardian and Coller Capital professionals, has also received a minority investment from French asset manager Carmignac.
The firm expects to hold the final close on Lexington Capital Partners X at the end of the year.
The sale is being run in steps, with the first round of about $500m recently closed.
GP-led deal activity has slowed in the market downturn as buyers look for mostly high-quality assets and continue to seek diversity through LP portfolio sales.
New Mountain is running the single-asset process for medical data-focused Datavant, which it acquired through a merger with its portfolio company Ciox Health in 2021.
Lead buyers in some recent transactions have been able to negotiate a less than 1% management fee, according to a paper from Proskauer.
The firm had considered running a process on the same portfolio company at the end of last year, Secondaries Investor has learned.
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