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Citigroup Inc. (NYSE: C) and Lexington Partners (“Lexington”) announced today that they have entered into a definitive agreement whereby Citi will sell 80% of its $1.5 billion limited partnership interest in Metalmark Capital Partners II (“MCP II”) to Lexington. As part of the previously announced revision of the business relationship between Citi and Metalmark in December 2013, Citi will offer 20% of its limited partnership interest to existing MCP II limited partners. Terms of the transaction, which is expected to close in the fourth quarter of 2014, are not being disclosed. Completion of the transaction is subject to customary closing conditions.

“We are excited to expand our longstanding relationship with the principals at Metalmark, a leading middle market sponsor with whom Lexington has been an investor for nearly 20 years,” said Brent Nicklas, Managing Partner of Lexington Partners. “We are pleased to increase our commitment to MCP II and support the ongoing investment activities of the Metalmark team.”

“We are pleased to build upon our relationship with Lexington Partners, a longstanding Metalmark investor and a leading private equity investor with global institutional sponsorship,” said Howard Hoffen, Chairman and Chief Executive Officer of Metalmark Capital. “Metalmark looks forward to delivering additional value for all MCP II investors over the next several years. We also thank Citi for their partnership and participation in MCP II.”

Recently, Metalmark has been very active with the closing of a significant investment in PTW Energy Services, a leading Canadian energy services company, and the sale of two successful healthcare investments – Healogics, Inc. and Aegis Sciences Corporation. These investments exhibit Metalmark’s strategy of building long-term value through active and supportive partnerships with the companies and management teams in which it invests.

About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at

About Metalmark Capital
Metalmark Capital is a leading private equity firm whose principals have a long track record of successful investing in targeted sectors, with particular focus and competence in energy, healthcare and industrials. Metalmark Capital seeks to build long-term value through active and supportive partnerships with the companies and management teams in which it invests. Metalmark Capital is currently investing its latest fund with $2.5 billion of committed capital. For more information, please visit

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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 Contacts

For Citi:
Danielle Romero-Apsilos
(212) 816-2264

For Lexington:
Todd Fogarty
(212) 521-4854

For Metalmark Capital:
Chuck Dohrenwend or Luke Barrett
Abernathy MacGregor
(212) 371-5999 or