Lexington Partners closed its latest private equity secondary market fund, the $10.1 billion Lexington Capital Partners VIII, hitting its hard cap after 15 months in fundraising, said a spokeswoman.
Lexington's latest fund significantly exceeds the firm's prior secondary fund, LCP VII, which closed in 2011 with $7.1 billion.
Lexington has already invested about 30% of LCP VIII's capital, including six transactions with banks and financial institutions, one hedge fund transaction and a fund restructuring.
Investors in the fund include the $181.6 billion Florida State Board of Administration, Tallahassee; $80.3 billion Minnesota State Board of Investment, St. Paul; $11.4 billion New Mexico Educational Retirement Board, Santa Fe; $7.5 billion New Hampshire Retirement System, Concord; and $1.4 billion Louisiana Firefighters' Retirement System, Baton Rouge.
