Lexington Partners Eclipses $18B for Massive Secondaries Fund

Amid recent market volatility, secondary private equity and co-investment fund manager Lexington Partners has raised roughly $18.3 billion for its tenth secondaries fund, Lexington Capital Partners X.

The firm was targeting $15 billion, just above the $14 billion it raised for its previous flagship fund in 2020.

NY-based Lexington Partners, who manages over $55 billion in assets, has long been battling Ardian for the title of world’s biggest secondaries private equity fund, with the latter matching Lexington’s Fund IX raise later that year alongside another $5 billion of co-investment capital.

Ardian is believed to have raised more than $20 billion for its latest flagship secondaries vehicle, eyeing up to $25 billion.

But earlier this year, both firms were presented with a new obstacle when Blackstone raised a record $22 billion for its latest fund in the strategy, thus setting the bar for future private equity secondaries fundraising.

Blackstone Strategic Partners IX dwarfed the $11 billion Fund VIII Blackstone raised in 2019, and eclipsed the previous record holders for the world’s biggest dedicated private equity secondaries fundraise.