Secondary Investments

Lexington purchased a portion of a large U.S. bank’s proprietary interests in certain funds-of-funds, mezzanine, and co-investment funds held in a series of bank-sponsored funds. This transaction was part of the bank’s strategy to reduce non-core assets within its portfolio and better position the bank to comply with changing regulations. This transaction was entirely funded by Lexington and reduced the bank’s GAAP assets by approximately $1.1 billion. As part of the transaction, a majority of the bank’s private equity professionals joined an advisory firm to provide ongoing management and advisory services for certain funds. Lexington’s substantial discretionary capital, longstanding sponsor relationships, and extensive secondary and co-investment experience enabled us to close this significant acquisition within 90 days of signing.

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