Lexington Partners has closed Lexington Co-Investment Partners V at $3.2 billion.
The total exceeded the alternative money manager's initial hard cap of $3 billion, a spokesman confirmed. The previous fund, Lexington Co-Investment Partners IV, closed at $2.4 billion in 2017.
The fund invests alongside private equity sponsors, primarily in U.S. and European companies and may invest opportunistically in companies and Asia and Latin America.
Investors include the $235 billion Florida State Board of Administration, Tallahassee; the $114.1 billion Minnesota State Board of Investment, St. Paul, and the $62.6 billion Maryland State Retirement & Pension System, Baltimore.