New York – March 19, 2021
Lexington Partners (“Lexington”), a leading global alternative investment manager, today announced the final close of Lexington Co-Investment Partners V, L.P. and associated vehicles (“CIP V”), with committed capital totaling $3.2 billion. CIP V surpassed its initial $3.0 billion hard cap and is one of the largest dedicated global co-investment funds.
CIP V will continue the Lexington co-investment program’s (“Co-Investment Partners” or “CIP”) strategy of constructing diversified portfolios of equity co-investments alongside leading private equity sponsors, primarily in U.S. and European companies. In addition, CIP V may co-invest opportunistically in companies in Asia and Latin America. CIP started investing in September 2020.
CIP V received commitments from 13 large institutional investors based in the U.S., Europe, Latin America, and Australia, with an average commitment size each of $235 million.
Since its inception in 1998, CIP has raised $10 billion of total committed capital and has invested $7.0 billion in over 400 co-investments alongside more than 170 leading private equity sponsors. CIP is led by four partners – David Outcalt, Bart Osman, James Pitt, and John Loverro – who have an average tenure at Lexington of 21 years.
Commenting on the fund closing, Wil Warren, Partner and President of Lexington, said, “We are grateful for the continued support of CIP’s investors, which represent some of the largest institutional investors in private equity. Having initiated the co-investment program 23 years ago with the backing of a single U.S. pension, CIP’s experienced team has leveraged its proven co-investment capabilities and deep relationships with private equity sponsors to expand the program, partnering with key institutional LPs to create a robust deal-sourcing platform.”