Lexington Partners has closed a $10.1 billion fund that will acquire private equity and alternative assets through secondary market transactions.
The fund, Lexington Capital Partners VIII LP, will make portfolio acquisitions, balance sheet spin-outs, equity co-investments, hedge fund private equity purchases and fund recapitalizations, as well as invest in new private equity investment funds.
The fund has commitments from more than 300 investors, including public pensions, corporate pensions and sovereign wealth funds, as well as insurance companies, endowments, foundations, family offices and high net-worth individuals.
New York-based Lexington has already committed about 30 percent of the fund's capital to six transactions. The firm focuses on manages alternative assets. The firm, in August, led a group to acquire JPMorgan Chase's interests in 50 percent of the portfolio companies owned by One Equity Partners. Also in August, the firm agreed to buy 80 percent of Citigroup's interest in a Metalmark Capital Partners fund.
Landmark Partners also recently closed a fund that will invest in the secondary market, with $3.25 billion in commitments.