Performance watch: Lexington’s flagship secondaries funds

The second report in our series examining how the big secondaries firms are performing focuses on Lexington Partners, which is seeking $12 billion for its ninth flagship fund.

The New York-headquartered firm raised $16.6 billion for secondaries in the five years to 30 June, according to Secondaries Investor’s latest SI 30 list of biggest fundraisers – putting it in second place after Ardian. It has launched flagship and US mid-market private equity secondaries vehicles during that period.

The firm has spent some of its raised capital, making diverse investments; from buying $2 billion of private equity stakes from Harvard Management Company, to backing a $1 billion stapled deal to help raise BC Partners’ 10th fund, to a $1.2 billion strip sale on Warburg Pincus’s 2012-vintage fund.

The interactive chart below shows the firm’s private equity fund history, based on its results as of 30 September. Toggle between the tabs to see how the funds have fared by internal rate of return and multiple of invested capital. The bubbles are proportionate to the size of the vehicle; hover over them to see fund data.

*View the first in the series, focusing on Ardian, here. The Performance Watch series began on sister site Private Equity International where profiled firms include Blackstone, Carlyle Group, Apollo Global Management and Vista Equity Partners.