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One Equity Partners to become independent from JPMorgan Chase

The National Pensions Reserve Fund (NPRF) of Ireland today announced that, following a competitive sales process, it has agreed to sell approximately €800 million of global private equity fund interests to Lexington Partners, a leading global secondaries private equity specialist.

The interests sold comprise investments in and commitments to 24 separate private equity funds. The commercial terms of the sale were not disclosed and the transaction is expected to complete in the coming months.

The sale, which was initiated in September 2013, was undertaken in the context of generating liquidity to facilitate the NPRF’s transition into the Ireland Strategic Investment Fund, whereby its €6.8 billion of assets are to be made available for investment on a commercial basis to support economic activity and employment in Ireland.

About the National Pensions Reserve Fund
The NPRF was established in 2001 to meet as much as possible of the costs of Ireland’s social welfare and public service pensions from 2025 onwards. In June 2013 the Irish Government announced its intention to refocus the NPRF’s global portfolio towards commercial investment in Ireland as the Ireland Strategic Investment Fund. The private equity commitments sold to Lexington Partners were made under the NPRF’s original investment mandate.

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About Lexington

Lexington Partners is a leading global alternative investment manager primarily involved in providing liquidity solutions to owners of private equity and other alternative investments and in making co-investments alongside leading private equity sponsors. Lexington Partners is one of the largest managers of secondary acquisition and co-investment funds with $55 billion in committed capital since inception. Lexington has acquired over 4,000 secondary and co-investment interests through more than 1,000 transactions with a total value in excess of $70 billion, including $17 billion of syndications. Lexington also invests in private investment funds during their initial formation and has committed to more than 550 new funds in the U.S., Europe, Latin America, and the Asia-Pacific region. Lexington has offices strategically located in major centers for private equity and alternative investing - New York, Boston, Menlo Park, London, Hong Kong, Santiago, São Paulo and Luxembourg.


Todd Fogarty
(212) 521-4854