Two reports conclude transparency requirements are affecting the GP-LP dynamic and can be difficult to achieve.
The firm, which focuses on smaller, more complex secondaries deals, has nearly fully invested its third fund and is halfway to raising a fourth.
RCP Secondary Opportunity Fund III, which launched in July with a $500m hard-cap, will focus on lower and mid-market North American funds.
The firm's main business is giving Canadian investors low-cost access to KKR funds through a Canada-domiciled vehicle.
The Swiss niche secondaries firm took 10 weeks to raise its previous vehicle which held a first and final close on €406m in 2015.
This is the first dollar-demoninated fund for the tail-end specialist, which attracted US and multinational institutional LPs to its latest vehicle.
Details of the firm's latest secondaries vehicle were revealed in documents prepared for PSERS, which made its debut commitment to a fund managed by the GP.
Lexington Partners has inked a series of high-profile deals recently and its return to market may be just around the corner.
The secondaries firm has surpassed the target of its latest fund and is yet to hold the final close on its latest vehicle.
Fundraising for private equity secondaries rose by more than one-third year-on-year, with Lexington's $2.7bn raise accounting for the lion's share of capital.