co-investment

The world's second-largest secondaries firm, Lexington Partners, is moving to Park Avenue.

The fund has sub-vehicles investing in asset classes such as PE, debt and infrastructure, each of which can commit 30% to secondaries.

The Q4 year-on-year drop from $7m to $1m is due to the run-off of legacy assets and several large fundraisings having yet to come to market, said co-chief executive Glenn Youngkin.

Richard Hope will replace Jim Strang, who becomes the investment manager's EMEA chairman.

The strategy has returned 15.5% since inception, as the pension fights pressure on returns by co-investing with its secondaries partners.

Eric Deram of Natixis subsidiary Flexstone Partners discuss its latest fundraise, fees and its approach to investing in a downturn.

Ruulke Bagijn, the new head of the firm’s AlpInvest and Metropolitan units, says co-investment and secondaries funds will remain part of the core of the business.

The new platform will sit within the firm's secondaries unit, Strategic Partners, and work with existing impact managers across all asset classes.

The pension, which has almost $4bn in PE assets under management, has committed $100m to ASF VIII and made its first commitment to an Ardian co-investment fund.

The firm has gained exposure to Kester Capital's 2013-vintage European buyout fund and healthcare manufacturer Frontier Medical Group.