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One Equity Partners to become independent from JPMorgan Chase

Lexington Partners (“Lexington”) today announced it has completed the purchase of a portion of Citi’s proprietary interests in certain fund of funds, mezzanine and co-investment funds (“CPE”). This transaction was part of Citi’s announced strategy to reduce the assets and businesses within Citi Holdings, Citi’s portfolio of non-core operating businesses and assets.

This transaction, first announced on July 13, 2010, reduced GAAP assets in Citi Holdings by approximately $1.1 billion and was funded from Lexington Partners’ discretionary capital under management. As part of the transaction, Lexington Partners will provide ongoing oversight for the co-investment funds along with StepStone Group LLC (“SSG”), a provider of customized private equity investment management and advisory services. The majority of the former CPE professionals have joined SSG and they will provide ongoing management and advisory services for certain of CPE’s $4 billion fund of funds, mezzanine, feeder and co-investment funds.

Brent Nicklas, Managing Partner of Lexington, said, “With our substantial discretionary capital, longstanding private equity sponsor relationships and extensive secondary and co-investment experience, we were able to close this significant acquisition within 90 days of signing. This portfolio was assembled over the past 10 years and reflects the strength of Citi’s global private equity client relationships. We are pleased to be an investor in these high quality assets managed by a variety of leading private equity sponsors around the world.”

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About Lexington

Lexington Partners is one of the world’s largest and most successful managers of secondary private equity and co-investment funds. Lexington helped pioneer the development of the institutional secondary market over 30 years ago and created one of the first independent, discretionary co-investment programs 25 years ago. Lexington has total capital in excess of $75 billion and has acquired over 5,000 interests through more than 1,000 transactions. Lexington’s global team is strategically located in major centers for private equity and alternative asset investing across North America, Europe, Asia, and Latin America. Lexington is the global secondary private equity and co-investments specialist investment manager of Franklin Templeton.

Media Contact

Todd Fogarty
(212) 521-4854