New York and London – December 5, 2010
Lexington Partners (“Lexington”) today announced it has entered into a definitive agreement to acquire a portfolio of approximately £470 million (US$730 million) of limited partnership interests in 33 private equity funds from certain subsidiaries of Lloyds Banking Group plc.
Marshall Parke, Managing Partner of Lexington’s international activities, said, “Lexington is pleased to have reached agreement with Lloyds to acquire a portfolio of high quality private equity fund investments. With a focus on the European midmarket, this portfolio is an excellent complement to Lexington’s recent investment activities in the United States and Asia.”
Terms of the transaction, which is expected to close early in the first quarter of 2011, were not disclosed. Completion of the transaction is subject to customary closing conditions.