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Lexington Partners

One of the largest buyers of LP fund interests on earth.

Secondaries & ContinuationFirmGlobal
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Target market
LP interests and GP-led deals across private markets
Geography
Global

Overview

Lexington Partners, founded in 1994 and acquired by Franklin Templeton in 2022, is one of the largest managers of secondary funds, buying LP interests across buyout, growth and venture and backing GP-led continuation vehicles. Its tenth flagship fund closed at $22.7B in January 2024 — at the time the largest dedicated secondaries fund ever raised — making it a natural counterparty for LPs seeking liquidity from venture positions.

Key facts

  • Founded 1994; a founding firm of the secondary market
  • Acquired by Franklin Templeton (completed 2022)
  • Closed Fund X at $22.7B (January 2024)
  • Thousands of secondary interests acquired since inception

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