Lexington Partners
Lexington Partners publicly describes strategies spanning secondaries, co-investments, and primaries. Its secondary platform includes diversified transactions and continuation vehicles, while its public materials identify exposure across buyout, growth, venture capital, and other private-market strategies.
What stands out about Lexington Partners
Lexington Partners is a global alternative investment manager and Franklin Templeton subsidiary whose stated strategies include secondary transactions, co-investments, and primary private-market funds. Its secondary materials emphasize diversified portfolios, continuation vehicles, complex solutions, and transfer support.[1][2][3][4][5][6]
What does Lexington Partners invest in?
Lexington Partners is a global manager of secondary private equity and co-investment funds and a subsidiary of Franklin Templeton. The firm publicly states that its investment strategies include secondaries, co-investments, and primaries.
Lexington publicly reports more than $83 billion of total capitalization, more than 950 GPs in its cumulative investment portfolio, more than 200 professionals including more than 85 investment professionals, and nine global offices.[1][2][6]
Lexington’s secondary funds pursue diversified secondary transactions and continuation vehicles. Its diversified secondary strategy seeks assets diversified by underlying manager, fund, sector, strategy, geography, vintage year, industry, company, and point in time of purchase.
The firm’s broader strategy set also includes co-investments and primary fund commitments. Its secondary platform states that it assists with secondary-interest transfers and provides investment, tax, and ERISA representations legally required by original agreements.[2][3][4]
Owners comparing capital alternatives can review Auxo’s capital advisory services, valuation services, and full-versus-partial sale framework.
What should a business owner evaluate before taking capital from Lexington Partners?
For an owner considering a secondary-interest transfer, Lexington’s public materials identify transfer assistance and representations relating to investment, tax, and ERISA requirements in original agreements. The firm also describes a secondary platform focused on complex solutions portfolios where discretionary capital, syndication capability, structuring capability, execution experience, and counterparty transaction experience are important to completion.
An owner should clarify pricing methodology, transaction size, portfolio characteristics, treatment of unfunded commitments and transfer restrictions, required consents and representations, execution timing, and the structure of any GP-led or continuation-vehicle transaction.[3][4]
What valuation methodology, pricing range, or discount or premium framework would apply to the proposed interests
What are the minimum transaction size and preferred portfolio characteristics
How would Lexington address unfunded commitments, NAV facilities, transfer restrictions, GP consent, tax representations, and ERISA representations
What investment criteria does Lexington Partners publicly describe?
Lexington’s global secondary strategy seeks primarily buyout, growth, and venture capital interests. Its primary strategy publicly lists large and mega buyout, small and middle-market buyout, growth capital, venture capital, mezzanine, credit, energy, and infrastructure.
Its co-investment program has exposure to transactions involving small-, mid-, and large-cap companies across a broad group of industry sectors.[4][5][7]
The diversified secondary strategy describes diversification across manager, fund, sector, strategy, geography, vintage year, industry, company, and point in time of purchase. The co-investment program publicly describes exposure across small-, mid-, and large-cap companies and a broad group of industry sectors.
The official diversified-secondary strategy page does not state a universal target return, purchase-price discount, minimum transaction size, or standard investment holding period.[4][5]
Lexington’s global secondary exposure is predominantly U.S., with additional exposure primarily to U.K. and Western European sponsors and some exposure to Asia and Latin America. Lexington also publicly reports nine global offices.[4][6]
Publicly identified examples include Lexington’s participation in Audax Private Equity’s 2021 continuation fund transaction, which included Innovative Chemical Products Group and Justrite Safety Group and had $1.7 billion in capital commitments. Lexington also participated in Kohlberg & Company’s $1.1 billion continuation vehicle transaction announced in 2021 with BlackRock and GIC.[9][10]
Lexington announced the final close of Lexington Co-Investment Partners VI at $4.6 billion of committed capital on October 28, 2025.
Franklin Templeton and Lexington Partners launched the Franklin Lexington Private Markets Fund on January 13, 2025; the fund was initially reported with $904.5 million in assets under management.[5][8]
What is not clear from Lexington Partners's public materials?
The official diversified-secondary strategy page does not state a universal target return, purchase-price discount, minimum transaction size, or standard investment holding period.
The official Lexington Co-Investment Partners VI announcement reports aggregate committed capital and historical co-investment totals but does not identify the individual transactions, purchase prices, or consideration terms comprising that fund.[4][5]
Questions to ask before taking capital from Lexington Partners
What valuation methodology, pricing range, or discount or premium framework would apply to the proposed interests?
What are the minimum transaction size and preferred portfolio characteristics?
How would Lexington address unfunded commitments, NAV facilities, transfer restrictions, GP consent, tax representations, and ERISA representations?
What is the expected execution timeline and certainty of close?
In a GP-led or continuation-vehicle transaction, what rollover, reinvestment, governance, or conflict-management terms would apply?
Sources & research notes
- Official website / firm overview
- Services / capabilities
- Investment strategy
- Investment approach
- Transaction size / criteria
- Transaction size / criteria
- Industry / market focus
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- SEC filing / regulatory record
- Structure / regulatory context
How this profile was researched
Auxo profiles are prepared from publicly available primary and authoritative sources and reviewed for entity identity, factual support and disclosure consistency. When a fact cannot be supported by the reviewed public record, the profile identifies it as something to confirm directly rather than inferring it.
Independent research profile
This profile was prepared by Auxo Capital Advisors from publicly available information believed to be reliable and is provided solely for informational and educational purposes. It is not an endorsement, recommendation, ranking, solicitation, or representation regarding the profiled firm, its services, qualifications, transaction experience, regulatory status, financial condition, or suitability for any particular person, company, transaction, or investment.
Information obtained from third-party and public sources may be incomplete, inaccurate, outdated, or subject to change, and Auxo Capital Advisors makes no representation or warranty, express or implied, as to its accuracy, completeness, or timeliness. Readers should conduct their own independent diligence and consult appropriate professional advisers before engaging any advisor, intermediary, investor, lender, acquirer, or other transaction counterparty.
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