Fundraising

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.

The fund, which closed above its target of $2bn, has been in the market for just over a year.

The private markets firm is two-thirds of the way to the $500m target for Fund VIII which can acquire stakes in funds focusing on the strategy.

The US state's Retirement Plans and Trust Funds has committed $100m to the secondaries firm's latest private equity vehicle.

The niche firm, founded by a former AlpInvest Partners secondaries executive, raised the hard-cap on its oversubscribed sophomore fund.