Simpson Thacher represented Lexington Partners in the formation and fundraising for Lexington Capital Partners X, L.P. and associated vehicles (“LCP X”). Lexington announced the completion of fundraising for LCP X with $22.7 billion of total capital commitments. The fund surpassed its $15 billion fundraising target and significantly exceeded Lexington’s prior secondary fund, LCP IX, which closed on $14 billion in 2020. LCP X’s strategy is principally focused on the acquisition of private equity and alternative asset partnership portfolios from large-scale investors as they rebalance their allocations or seek liquidity, while also engaging in smaller opportunities. Total capital commitments includes certain commitments to associated vehicles that were in legal process as of December 31, 2023.
Lexington Partners is one of the world’s largest and most successful managers of secondary private equity and co-investment funds. Lexington has total capital of over $75 billion and has acquired over 5,000 interests through more than 1,000 transactions. Lexington is the global secondary private equity and co-investments specialist investment manager of Franklin Templeton.
The Simpson Thacher team included Barrie Covit, Steven Klar, Matt Leighton, Meredith Dodd, Sydney Wright-Schaner, Ian Zatkin Osburn, Jacob Fritts, Sean Stratmoen, Alex Henry, Bradley Benson, Gerardo Párraga, Joseph Teitelbaum, Zachary Cracknell, Avalee Hagerty, Ben Jorgens, James Leyden, Patrick Reed, Jenna Shin, Cheryl Daly, Woody Nimoityn, Vihan Khanna, Tobi Olajubu and Aaron Lasry (Funds); Jonathan Goldstein, Jenna Al-Malawi, Kris Liu and Michael Leitner (Tax); Jeanne Annarumma (ERISA); and Ashley Belton Gold and Jessica Paletsky (Credit).