Lexington Partners has announced the closing of global secondary alternative investments fund Lexington Capital Partners X at $22.7 billion.
The fund well surpassed its $15 billion fundraising target, the Franklin Templeton subsidiary disclosed in a Jan. 9 news release.
Fund X also well surpassed the $14 billion raised by previous fund Lexington Capital Partners IX in 2020.
Lexington Capital Partners X principally focuses "on the acquisition of private equity and alternative asset partnership portfolios from large-scale investors as they rebalance their allocations or seek liquidity, while also engaging in smaller opportunities leveraging Lexington's deep industry relationships," according to the news release.
The closing of LCP X is the firm's first completion of fundraising since being acquired by Franklin Templeton in 2022.
Investors in LCP X include the $128.9 billion Minnesota State Board of Investment, St. Paul, and the $23.2 billion Kentucky Teachers' Retirement System, Frankfort.
