Simpson Thacher represented Lexington Partners in connection with the formation of Lexington Capital Partners IX L.P. and associated vehicles (“LCP IX”) that raised a total of $14 billion of commitments. LCP IX will acquire private equity and alternative assets across sectors globally through a full range of negotiated secondary market transactions, principally the acquisition of partnership portfolios from large-scale investors. The Wall Street Journal reports LCP IX is the largest-ever secondaries fund.
The fund exceeded it’s $12 billion target and its $10.1 billion predecessor fund, LCP VIII, which the Firm also advised Lexington Partners on in 2015.
Lexington Partners is a leading global alternative investment manager primarily involved in providing liquidity solutions to owners of private equity and other alternative investments and in making co-investments alongside leading private equity sponsors. Lexington Partners is one of the largest independent managers of secondary acquisition and co-investment funds with $52 billion in committed capital since inception.
The Simpson Thacher team included Barrie Covit, Steven Klar, Matthew Leighton, Yordanosse Yenenh, Michael Milano, Grant Griffith, Jo Xu, Stacie Friedman, Matthew Freeze, Christine Dai, Lu Wang, Amanda Ng, Mia Pisk and Demetrius Baefsky (Funds); Jonathan Goldstein and Nicole Humphrey (Tax); Jeanne Annarumma (ERISA); and Mary Touchstone, Ashley Belton and Jessica Paletsky (Fund Finance).