Lexington Partners, the biggest independent manager of secondary acquisition and co-investment funds, announced the sealing of its new fund Lexington Co-Investment Partners III, L.P. The fund drew more than US$1.50 billion in capital. Lexington Partner's new fund obtained commitments higher than its target and has become one of the world's biggest dedicated international co-investment funds.
"We are pleased with the reputation Co-Investment Partners has established over the past 15 years as a reliable and experienced co-investor. CIP III, with its breadth of relationships, strong limited partners, and substantial capital base, is well-positioned to continue our record of successfully co-investing alongside leading global private equity sponsors," Managing Partner of Lexington, Brent Nicklas, explained.
The capital accumulated for the fund was largely gathered from big institutional investors primarily based in the U.K., U.S., Continental Europe, Australia, and South America. It had an average commitment size of more or less US$200 million. The funds collected will be used to create a diversified portfolio of pure equity co-investments in businesses made by prominent private equity sponsors based in Europe, the Asia-Pacific region, and the US.
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