New York – July 17, 2013
Lexington Partners (“Lexington”), the largest independent manager of co-investment and secondary acquisition funds, today announced the final close of Lexington Co-Investment Partners III, L.P. and associated vehicles (“CIP III”), with committed capital totaling $1.57 billion. CIP III, which held its first closing in 2012, received commitments above its target and is one of the largest dedicated global co-investment funds.
CIP III represents the expansion of Lexington’s 15-year-old co-investment program that has to date been supported by the Florida State Board of Administration (“FSBA”) and the New York State Teachers’ Retirement System (“NYSTRS”), two of the largest public pension funds in the United States. Lexington conducted a highly targeted fundraise to augment the FSBA and NYSTRS commitments. As a result, the CIP III program is concentrated among large institutional investors based in the U.S., U.K., Continental Europe, South America, and Australia, and has an average commitment size of $200 million. CIP III will construct a diversified portfolio of equity co-investments in transactions by leading private equity sponsors in the U.S., Europe, and the Asia-Pacific region.
Commenting on the fund closing, Brent Nicklas, Managing Partner of Lexington, said, “We are pleased with the reputation Co-Investment Partners has established over the past 15 years as a reliable and experienced co-investor. CIP III, with its breadth of relationships, strong limited partners, and substantial capital base, is well-positioned to continue our record of successfully co-investing alongside leading global private equity sponsors.”
Lexington’s co-investment program has approximately $4 billion of committed capital, including CIP III. The program has invested $2.4 billion in 130 investments alongside 82 sponsors since 1998.