Lexington Partners closed Lexington Capital Partners IX, an alternative investment fund that invests on the secondary markets, at $14 billion, surpassing its $12 billion target, according to a news release.
The latest fund is also 39% larger than the prior fund, $10.1 billion Lexington Capital Partners VIII, which closed in 2015.
Lexington Partners' latest fund can invest in limited partnership interests in private equity and alternative assets funds, mainly partnership portfolios from large-scale investors as well as in general partnership-led deals, secondary purchases of direct investments, equity co-investments and hedge fund private equity assets. The fund can also invest in new alternative investment funds.
Investors in the fund include the $1.9 billion Anne Arundel County Retirement and Pension System, Annapolis, Md.