Our expertise
Lexington Partners’ substantial investment experience and established leadership position in the global secondary and co-investment markets distinguish the firm.
US$77B
Assets under management
8
Global locations
30+
Year track record of private equity investing
Data as of 30/06/2025.
Team snapshot
Lexington Partners maintains a high retention rate among senior professionals who have worked together across multiple market cycles. This continuity has enabled us to develop global networks for sourcing investment opportunities and foster strong relationships with sponsors, providing us with valuable insights and access to information.
Strong partnership culture
26 partners averaging 19 years together at Lexington
Extensive investment talent
85 investment professionals averaging 10 years of private equity experience
Robust global presence
190+ employees across eight offices in major centres for private equity
Leading secondary market position
We have curated one of the largest portfolios of private investment funds globally.
Large co-investment program
We created one of the first discretionary co-investment programs over 26 years ago.
Global sponsor and sourcing relationships
Extensive sponsor relationships and long-standing sourcing networks offer access to information and high-quality investment opportunities.
Established reputation
Trusted global brand and seasoned expertise, we offer investors a reliable and experienced counterparty with minimal execution risk.
Strategy overview
Leading secondary manager
Lexington's secondary funds are designed to buy private equity investments from other investors around the world through negotiated deals.
Private equity and alternative investments are long-term, and opportunities in the secondary market can arise when investors need to adjust their portfolios due to factors like regulation changes, overallocation, or liquidity needs.
Lexington is well-known and trusted by global sellers for their strong capital base and extensive relationships.
Target transactions
Partnership portfolios, GP-led transactions, opportunistic deal flow, and primary commitments
Investment size
Complex, multi-billion-dollar portfolios to single interest acquisitions
Our knowledge hub
Insight
Private equity secondaries: A primary allocation in an evergreen private equity portfolio
Private equity is at a turning point, with investors and advisors exploring the best ways to allocate across sub-strategies. There is a compelling case for private equity secondaries serving as the cornerstone of a core/satellite evergreen model.
Insight
Private Markets Insights: Not a simple open and closed case
Evergreen and closed-ended / drawdown funds offer different paths to private markets - understanding their strengths can help investors optimise allocations.
Insight
What do tariffs mean for commercial real estate and CRE debt?
Benefit Street Partners believes that although stock market volatility is unsettling, it is not a cause for concern in the CRE sector. Instead, we should expect increased demand for CRE debt investments over the coming months and quarters.
Insight
Unlocking opportunities: Understanding the growing secondary market
The global secondary market has grown over the past three decades primarily because of the increased supply of capital committed to private investment funds, according to Lexington Partners. They believe the backdrop for the secondary market continues to remain attractive.
Glossary
Private equity:
funds typically invest in equity capital that is not publicly available. Instead, the funds take direct ownership in private companies. Private equity has the potential to provide above-market returns, with greater control, reduced liquidity and greater diversification, than traditional public markets.
Venture capital:
is a form of private equity that investors provide to start-up companies and small business that exhibit high growth potential.
Secondary investments:
involve buying existing stakes in private equity funds or direct investments from current investors. These transactions typically occur after the initial investment period and allow new investors to enter the fund or investment at a later stage, often with more information about the underlying assets and potentially at a discount.
Co-investments:
are direct investments made alongside a private equity fund into a specific portfolio company. These investments allow investors to participate in individual deals without paying additional management fees or carried interest, providing an opportunity to enhance returns and gain exposure to particular assets or sectors.
Correlation:
is a statistical measure of the relationship between two sets of data. When asset prices move together, they are described as positively correlated; when they move opposite to each other, the correlation is described as negative or inverse. If price movements have no relationship to each other, they are described as uncorrelated.
Lexington Partners is a Specialist Investment Manager (“SIM”), part of the Franklin Templeton Group.
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In addition, a summary of investor rights is available from here. The summary is available in English and Chinese.
The fund(s)/ sub-fund(s) are notified for marketing in various regions under the AIFMD Directive. The fund(s)/ sub-fund(s) can terminate such notifications for any share class and/or sub-fund at any time by using the process contained in Article 32a of the AIFMD Directive.
For the avoidance of doubt, if you make a decision to invest, you will be buying units/shares in the fund(s)/ sub-fund(s) and will not be investing directly in the underlying assets of the fund(s)/ sub-fund(s).
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