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Amid high investor interest for its new secondary fund, Lexington Partners has closed on $3.5 billion in commitments, at its cap. It may seek to raise the cap further before a final close, a person familiar with the matter said.

Lexington Partners, which initially had a $2.5 billion target when it started raising the fund last year, upped the cap to $3 billion earlier this year and recently adjusted it upward again to $3.5 billion, this person said.

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