Franklin Templeton adds PE secondaries business

Franklin Templeton has acquired Lexington Partners, a $57 billion firm that provides secondary private equity and co-investment funds.

With over $200 billion in alternatives AUM, Franklin Templeton owns a variety of private markets firms including Clarion Partners (private real estate); Benefit Street Partners (alternative credit); and K2 Advisors (hedge fund strategies). Franklin Templeton officials have designated alternative asset businesses as a strategic priority for the firm.

Lexington Partners has deployed capital across more than 4,500 secondary, co-investment and primary interests round the world since its inception in 1994. Last year, the firm held the final close of its latest co-investment vehicle CIP V totaling $3.2 billion in investor commitments.

The firm has roughly $42 billion in fee-based capital, according to Franklin Templeton. Lexington has eight offices located in major centers for private equity and alternative investment activity — New York, Boston, Menlo Park, London, Hong Kong, Santiago, São Paulo and Luxembourg. Those offices house the firms 34 partners and principals.

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