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'''Lexington Partners''', is the largest independent manager of [[Private equity secondary market|secondary acquisition]] and [[Equity co-investment|co-Investment]] funds in the world, founded in 1994. Lexington manages approximately $38 billion of which an unprecedented $10.1 billion was committed to the firm's eighth fund (Lexington Capital Partners VIII, closed in 2015).<ref>Lexington Closes LCP VIII on $10.1B [https://pitchbook.com/newsletter/lexington-closes-lcp-viii-on-101b]</ref>><ref>{{Cite news|url=https://pitchbook.com/newsletter/lexington-closes-lcp-viii-on-101b/|title=Lexington Closes LCP VIII on $10.1B - PitchBook|date=2015-04-22}}</ This renders it the largest dedicated [[Private equity secondary market|secondaries]] vehicle ever raised at the time.<ref>AVCJ, April 22, 2015 [http://www.avcj.com/avcj/news/61346/lexington-raises-largest-ever-secondaries-fund], AltAssets, April 22, 2015 [http://www.altassets.net/private-equity-news/by-news-type/fund-news/lexington-closes-biggest-ever-secondaries-vehicle-on-10-1bn.html], PE HUB, April 21, 2015 [http://www.pehub.com/2015/04/lexington-partners-raises-10-1-bln-for-eighth-secondary-fund/], Real Deals, April 22, 2015 [http://realdeals.eu.com/news/2015/04/22/lexington-closes-record-secondaries-fund/], Law 360, April 21, 2015 [https://www.law360.com/articles/645808/lexington-raises-10b-for-its-largest-secondary-market-fund]</ref>
'''Lexington Partners''', is the largest independent manager of [[Private equity secondary market|secondary acquisition]] and [[Equity co-investment|co-Investment]] funds in the world, founded in 1994. Lexington manages approximately $38 billion of which an unprecedented $10.1 billion was committed to the firm's eighth fund (Lexington Capital Partners VIII, closed in 2015).<ref>Lexington Closes LCP VIII on $10.1B [https://pitchbook.com/newsletter/lexington-closes-lcp-viii-on-101b]</ref>><ref>{{Cite news|url=https://pitchbook.com/newsletter/lexington-closes-lcp-viii-on-101b/|title=Lexington Closes LCP VIII on $10.1B - PitchBook|date=2015-04-22}}]</ref>This renders it the largest dedicated [[Private equity secondary market|secondaries]] vehicle ever raised at the time.<ref>AVCJ, April 22, 2015 [http://www.avcj.com/avcj/news/61346/lexington-raises-largest-ever-secondaries-fund], AltAssets, April 22, 2015 [http://www.altassets.net/private-equity-news/by-news-type/fund-news/lexington-closes-biggest-ever-secondaries-vehicle-on-10-1bn.html], PE HUB, April 21, 2015 [http://www.pehub.com/2015/04/lexington-partners-raises-10-1-bln-for-eighth-secondary-fund/], Real Deals, April 22, 2015 [http://realdeals.eu.com/news/2015/04/22/lexington-closes-record-secondaries-fund/], Law 360, April 21, 2015 [https://www.law360.com/articles/645808/lexington-raises-10b-for-its-largest-secondary-market-fund]</ref>


Lexington Partners was founded by Brent Nicklas,<ref>AVCJ Interview [http://www.avcj.com/avcj/interview/51233/lexington-eyes-bumper-deal-flow], Private Equity Analyst [https://www.wsj.com/articles/DJPEA20110901233158]</ref><ref>{{Cite news|url=https://www.pehub.com/2014/08/jpmorgans-one-equity-finds-path-to-independence/|title=JPMorgan’s One Equity finds path to independence - PE Hub|date=2014-08-12|work=PE Hub|access-date=2017-09-19|language=en-US}}</ref> who was previously a founding member of [[Landmark Partners]].
Lexington Partners was founded by Brent Nicklas,<ref>AVCJ Interview [http://www.avcj.com/avcj/interview/51233/lexington-eyes-bumper-deal-flow], Private Equity Analyst [https://www.wsj.com/articles/DJPEA20110901233158]</ref><ref>{{Cite news|url=https://www.pehub.com/2014/08/jpmorgans-one-equity-finds-path-to-independence/|title=JPMorgan’s One Equity finds path to independence - PE Hub|date=2014-08-12|work=PE Hub|access-date=2017-09-19|language=en-US}}</ref> who was previously a founding member of [[Landmark Partners]].

Revision as of 19:57, 27 September 2017

Lexington Partners
Company typePrivate Ownership
IndustryPrivate Equity
Founded1994; 30 years ago (1994)
HeadquartersNew York, NY, United States
ProductsSecondary Investments,
Equity co-investments,
Fund Investments
Total assets$38 billion
Websitewww.lexingtonpartners.com

Lexington Partners, is the largest independent manager of secondary acquisition and co-Investment funds in the world, founded in 1994. Lexington manages approximately $38 billion of which an unprecedented $10.1 billion was committed to the firm's eighth fund (Lexington Capital Partners VIII, closed in 2015).[1]>[2]This renders it the largest dedicated secondaries vehicle ever raised at the time.[3]

Lexington Partners was founded by Brent Nicklas,[4][5] who was previously a founding member of Landmark Partners.

Lexington is headquartered in New York with offices in Boston, Menlo Park, London, Hong Kong and Santiago.

Investment program

Lexington invests much like a fund of funds, purchasing interests in various investment funds, typically structured as limited partnerships. Lexington Partners acquires positions in venture capital, leveraged buyout and mezzanine capital funds, together with portfolios of companies or stakes in companies from institutions, corporates, government bodies and family offices[6].

Lexington is a dedicated secondaries investor[7] and like many of its peers has limited ability to make new commitments to private equity funds. While in certain instances this impacts the firm's desirability to general partners as a replacement limited partner, Lexington does make strategic commitments to newly formed private equity funds. The firm also manages equity co-investment vehicles[8] that invest alongside global private equity sponsors. Lexington’s secondary funds have committed to over 350 newly formed private equity funds while Lexington’s co-investment funds have committed to invest over $4.4 billion in 260 co-investments in the U.S., Europe and Asia.

Lexington’s limited partners include public and corporate pension funds, sovereign wealth funds, insurance companies, financial institutions, endowments, foundations, and family offices from over 30 countries.

History and notable transactions

Since 1994, Lexington has stated that it has completed over 400 secondary market transactions.[9] Although most secondary transactions are private, the following are notable publicly disclosed transactions and firm milestones:

  • 2014 — J.P. Morgan to Sell Roughly Half Its Stake in One Equity Partners.[10]
  • 2010 — Citi Unloaded $900 Million Private Equity Portfolio.[11]
  • 2008 — CalPERS agreed to the sale of a portfolio of legacy private equity funds, having started marketing it in late 2007.[12] A buyer group comprising Oak Hill Investment Management, Conversus Capital, Lexington Partners, HarbourVest, and Pantheon Ventures paid as much as $3 billion for the portfolio.[13]
  • 2007 – Lexington Partners lead a secondary spin-out transaction from a hedge fund, a $200 million transaction to acquire 70% stake in 19 investments.
  • 2006 — American Capital Strategies sold a $1 billion portfolio of investments to a consortium of secondary buyers including Lexington Partners, HarbourVest Partners and Partners Group.[14][15]
  • 2005 — Lexington Partners and AlpInvest Partners acquired a portfolio of private equity fund interests from Dayton Power & Light, an Ohio-based electric utility.[16][17]
  • 2004 – Lexington Partners formed a dedicated secondary fund to acquire private equity interests that were less than 50% funded.[18]
  • 2003 — Lexington closed on $2 billion for its fifth fund after two years of marketing.[19][20]
  • 2000 — Lexington Partners and Hamilton Lane acquired $500 million portfolio of private equity funds interests from Chase Capital Partners.
  • 2000 — Coller Capital and Lexington Partners completed the purchase of over 250 direct equity investments valued at nearly $1 billion from NatWest.[21]
  • 1998 – Lexington Partners established CIP I, one of the first independent, discretionary co-investment programs with a leading U.S.-based institutional investor.
  • 1994 – Lexington Partners purchased a portfolio of mezzanine fund interests from a bank, one of the first transactions of its type.
  • 1994 — Lexington Partners was launched by Brent Nicklas.[22]

Awards and recognition

2015

  • Lexington was awarded Private Equity International (PEI)’s “Secondary Deal of the Year in Asia”, along with Mizuho Financial Group for its $1 billion deal with the Japanese bank. [23]
  • Lexington was a nominee in the PEI “Secondaries Firm of the Year in North America” category. [24]

2014

  • Lexington was named “Secondaries Firm of the Year in North America” by readers and subscribers of Private Equity International (PEI). It was the ninth consecutive year of the firm being nominated for the category and the fourth winning it.[25]
  • Nominee in the PEI “Secondaries Firm of the Year in Europe” category.

2012 - 2013

  • Nominee in Real Deals Private Equity Awards for “Secondaries House of the Year”.[26]
  • Nominee in the PEI “Secondaries Firm of the Year in North America” category.[27]
  • Nominee in the PEI “Secondaries Firm of the Year in Asia” category.[28]

2011

  • Lexington received the award of “Secondaries House of the Year” at the 10th Annual Real Deals Private Equity Awards.[29][30]
  • Named “Private Equity Firm of the Year” in Deal Makers Private Equity Awards.[31]
  • Nominee in the category of “Best Secondaries Fund” of Private Equity Exchange & Awards.[32]
  • Nominee in the PEI “Secondaries Firm of the Year in North America” category.[33]

2009 - 2010

  • Nominee in the category of "Secondaries Deal of the Year" in the Private Equity News (PEN) Awards for Excellence in Private Equity.[34]
  • One of three nominees for "Private Equity Manager of the Year" in Institutional Investor's Money Management Letter (MML) Awards for Excellence.[35]
  • A dual nominee in the PEI "Secondaries Firm of the Year in North America" and "Secondaries Deal of the Year" categories.

2006 - 2008

  • For three consecutive years, Lexington Partners received the PEI "Best Secondaries Firm in North America" award[36]
  • Lexington Partners was named "Secondary House of the Year" at the 25th annual European Venture Capital Journal (EVCJ) Awards dinner.[37]
  • Lexington Partners was the inaugural "Private Equity Manager of the Year" in the Public Pension Fund Awards for Excellence hosted by Institutional Investor's Money Management Letter (MML).[38]
  • Lexington was a nominee in Real Deals Private Equity Awards for "Secondaries House of the Year."

Competitors

Lexington regularly competes against dedicated secondary investors such as Coller Capital and Landmark Partners as well as secondary players that also have active fund of funds platforms (e.g., AlpInvest Partners, Ardian (formerly AXA Private Equity), HarbourVest Partners) and certain large financial institutions (e.g., Credit Suisse, Goldman Sachs, JP Morgan, Neuberger Berman).

References

  1. ^ Lexington Closes LCP VIII on $10.1B [1]
  2. ^ "Lexington Closes LCP VIII on $10.1B - PitchBook". 2015-04-22.]
  3. ^ AVCJ, April 22, 2015 [2], AltAssets, April 22, 2015 [3], PE HUB, April 21, 2015 [4], Real Deals, April 22, 2015 [5], Law 360, April 21, 2015 [6]
  4. ^ AVCJ Interview [7], Private Equity Analyst [8]
  5. ^ "JPMorgan's One Equity finds path to independence - PE Hub". PE Hub. 2014-08-12. Retrieved 2017-09-19.
  6. ^ "Lexington Partners L.P.: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2017-09-19.
  7. ^ "Private equity secondaries become a more liquid proposition". Private Equity Wire. 2016-11-01. Retrieved 2017-09-19.
  8. ^ "Lexington raises $1.6bn for co-investments". Private Equity International. 2013-09-19.
  9. ^ WSJ Pro Private Equity [9]
  10. ^ Wall Street Journal [10], Fortune, August 11, 2014 [11]
  11. ^ PE HUBJuly 10, 2010
  12. ^ Tracy, Tennille. Calpers, and where private-equity funds go to die. Wall Street Journal's Deal Journal blog, November 5, 2007.
  13. ^ Craig, Catherine. Five buy record $3bn Calpers portfolio. (Financial News).
  14. ^ American Capital raises $1bn fund(AltAssets.net)
  15. ^ ACS spins off stakes into $1B fund (TheDeal.com)
  16. ^ AlpInvest and Lexington Partners buy $1.2bn secondary portfolio from DPL (AltAssets.net)
  17. ^ DPL to sell PE stakes for $850M (TheDeal.com)
  18. ^ Lexington Aims at Middle Market(PEHub.com)
  19. ^ US secondaries specialist Lexington Partners closes fund on $2bn(AltAssets.net)
  20. ^ Secondaries specialist Lexington Partners moves towards $2.0bn fund target(AltAssets.net)
  21. ^ The Royal Bank of Scotland: asset sale
  22. ^ Private Equity Analyst25 Years in Private Equity: A Timeline(WSJ.com)
  23. ^ "PEI Awards 2015: Asia winners". Private Equity International. Retrieved 30 July 2017.
  24. ^ "PEI Awards 2015: Americas winners". Private Equity International. Retrieved 30 July 2017.
  25. ^ "Private Equity International Awards 2014" (PDF). Private Equity International Awards 2014. Retrieved 30 July 2017.
  26. ^ "Private Equity Awards 2013". Real Deals. Retrieved 30 July 2017.
  27. ^ "Private Equity International Awards 2013" (PDF). {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  28. ^ "Private Equity International 2013" (PDF). {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  29. ^ Murray, Alice (2011-02-04). "Private Equity Awards 2011: The shortlists announced - Real Deals". Real Deals. Retrieved 2017-07-30.
  30. ^ "The Private Equity Awards 2011, 10th Anniversary" (PDF). RealDeals.
  31. ^ "Dealmakers Monthly - The magazine dedicated to the dealmakers". www.dealmakers-monthly.com. Retrieved 2017-07-30.
  32. ^ "Private Equity Exchange & Awards". www.private-equity-exchange.com. Retrieved 2017-07-30.
  33. ^ "PEI Awards: Carlyle and Partners Group win big(2) — Private Equity International". www.privateequityinternational.com. Retrieved 2017-07-30.
  34. ^ "Private Equity News awards shortlist for 2011".
  35. ^ "Lexington Partners | Firm | Recent Awards". www.lexingtonpartners.com. Retrieved 2017-08-27.
  36. ^ "Lexington Partners | Firm | Recent Awards". www.lexingtonpartners.com. Retrieved 2017-08-27.
  37. ^ "Secondary House of the Year - PE Hub". PE Hub. Retrieved 2017-08-27.
  38. ^ "Lexington Partners | Money Management Report". fundintelligence.global. Retrieved 2017-08-27.
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