What Lexington Partners does

Lexington Partners, founded in 1994 and headquartered in New York, is one of the world's largest independent managers of secondary private equity and co-investment funds, with over $83 billion in total capitalization as disclosed on the firm website. The firm manages four core strategies — Diversified Secondaries, Continuation Vehicles (GP-led secondaries), Co-Investment Partners, and Primaries — and acquires portfolios of limited partnership interests, fund stakes, and direct minority co-investments alongside leading private equity sponsors. It has completed more than 1,000 transactions and acquired over 5,000 interests across a cumulative portfolio of 950+ GPs, serving more than 1,000 institutional limited partners in 40+ countries.

Lexington earns revenue primarily through recurring management fees charged on committed or invested capital in its drawdown funds, supplemented by carried interest on investment returns above hurdle rates. A second, and increasingly important, revenue stream comes from the FLEX (Franklin Lexington Private Markets Fund) registered tender offer fund, which extends secondary private equity access to the U.S. wealth channel through Franklin Templeton's distribution platform. The firm operates from nine offices across North America (New York, Boston, Menlo Park), Europe (London, Luxembourg), the Middle East (Abu Dhabi, opened December 2025), Asia (Hong Kong), and Latin America (Santiago, São Paulo), staffed by 200+ professionals including 85+ investment professionals and 28 partners averaging 20 years of private equity experience.

In April 2022, Lexington was acquired by Franklin Resources Inc. (operating as Franklin Templeton, NYSE:BEN) for $1.75 billion, becoming the dedicated secondary private equity and co-investments specialist within Franklin Templeton's alternatives platform. The acquisition preserved Lexington's management team and brand identity while providing expanded distribution reach, balance sheet strength, and access to the wealth management channel that underpins the FLEX fund. The firm has won industry recognition including Secondaries Firm of the Year in the Americas (2025) and has led or co-led some of the largest continuation vehicles in the market, including the $2 billion Osaic recapitalization (2026), the $1.7 billion Audax continuation fund (2021), and the $1.1 billion Kohlberg continuation vehicle (2021).

Name

Lexington Partners

Legal name

Lexington Partners L.P.

Website

http://www.lexingtonpartners.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

101–250 employees

Short description

Lexington Partners is a global manager of secondary private equity and co-investment funds, serving institutional investors—and, via the FLEX registered fund, wealth channel clients—with over $83 billion in total capitalization across nine offices on four continents.

Ownership category

akta.pro rank

Product category

Private Equity Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Secondaries Co-Investments & Annex Funds (FSANAFAF)

Keywords

• Private equity secondaries
• Alternative asset management
• Co-investment funds
• Continuation vehicles
• Private markets investing

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Fund Management Fees: Lexington earns management fees on its secondary funds, continuation vehicles, and co-investment vehicles. Fees are charged on committed or invested capital. The firm manages institutional drawdown funds representing $72.4 billion in AUM as of January 2025.
2. Carried Interest (Performance Fees): As a private equity fund manager, Lexington earns carried interest on investment returns above hurdle rates in its drawdown funds and co-investment vehicles.
3. Registered Fund (FLEX) Management Fees: FLEX (Franklin Lexington Private Markets Fund), a registered closed-end tender offer fund, generates management fees from wealth channel clients seeking access to secondary private equity portfolios and co-investments.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

Lexington Partners is a global private equity secondary and co-investment fund manager that provides institutional investors with access to private markets through diversified secondary funds, single-asset continuation vehicles, co-investment partnerships, and selective primary fund commitments. The firm acquires LP interests and GP-led transaction stakes, manages multiple flagship and thematic vehicles, and serves institutional and wealth-channel clients through Franklin Templeton's distribution platform.

Product overview

Lexington Partners operates as a global secondary private equity and co-investment fund manager offering four core investment strategies: Diversified Secondaries (acquiring LP stakes and GP-led transactions), Continuation Vehicles (providing liquidity through GP-led secondary transactions), Co-Investment Partners (direct minority equity investments alongside PE sponsors), and Primaries (commitments to new fund formations). The firm also offers FLEX, a registered tender offer fund co-advised with Franklin Templeton for the wealth channel. Major fund vehicles include Lexington Capital Partners X ($14B secondary fund) and Lexington Co-Investment Partners VI ($4.6B co-investment fund). With over $82 billion in total capitalization, the firm operates from 9 global offices serving institutional investors seeking liquidity solutions and co-investment opportunities in private markets.

Differentiator

Problem solved

Functional benefit

Brands

• FLEX (Franklin Lexington Private Markets Fund): First continuously offered fund focused on secondary private equity investments, co-advised by Franklin Templeton and Lexington Partners, providing access to institutional private equity for wealth channel clients.

Products and services

• Diversified Secondaries Program
• Continuation Vehicles
• Co-Investment Partners Funds
• Primaries Program
• FLEX (Franklin Lexington Private Markets Fund)
• Lexington Capital Partners X (LCP X)

Quantifiable outcome

• Lexington Capital Partners IX raised $14 billion, making it the largest vehicle ever raised for the secondary strategy
• +3 more outcomes

Named customers6 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered minor and core.

• NovacapminorStrategic or Co-development Partner · 16 December 2021Lexington participated in Novacap's second major continuation vehicle transaction supporting the growth of Master Group (HVAC/R distribution). The total capital raised was C$1.1 billion. Lead LP was Vintage Funds within Goldman Sachs Asset Management.
• Franklin Templeton Alternatives PlatformcoreStrategic or Co-development Partner · 1 November 2021Lexington is the global secondary PE and co-investments specialist within Franklin Templeton's alternatives platform, which includes Benefit Street Partners (private credit), Clarion Partners (real estate), and K2 Advisors (hedge funds). Franklin Templeton's alternatives represent approximately 15% ($250 billion) of total $1.68 trillion AUM as of September 2024.
• Kohlberg & CompanycoreStrategic or Co-development Partner · 19 July 2021Lexington co-led a $1.1 billion continuation vehicle for Kohlberg Investors VII alongside BlackRock and GIC. This was Kohlberg's first continuation vehicle, supporting four platform investments while providing Fund VII LPs with liquidity options.
• Audax Private EquitycoreStrategic or Co-development Partner · 14 January 2021Lexington co-led a $1.6 billion (actually $1.7 billion) continuation fund for Audax Private Equity Fund IV alongside AlpInvest Partners and Hamilton Lane. The transaction was Audax's first GP-led secondary fund, providing liquidity to Fund IV LPs and additional capital for portfolio companies including ICP Group, Justrite Safety Group, and 42 North Dental.

Scale indicators15 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• Ardian: Major European-headquartered PE secondaries and co-investment manager running large flagship secondary funds. Competes head-to-head with Lexington in global LP secondaries and co-investments, particularly across Europe and Asia.
• Coller Capital: One of the world's largest dedicated PE secondaries managers, with a similar focus on LP-led and GP-led secondaries globally. Direct competitor for diversified secondary funds and continuation vehicles targeting the same institutional LP base as Lexington.
• HarbourVest Partners: Large global private markets investment manager with dedicated primary, secondary, and co-investment programs. Closely comparable to Lexington's multi-strategy private equity secondaries platform, serving similar institutional LPs.
• Hamilton Lane: Private markets investment manager with ~$547B in AUM and advisory assets, operating dedicated secondary and co-investment vehicles. Co-led the $1.7B Audax continuation fund with Lexington and competes for similar institutional secondaries mandates.
• AlpInvest Partners: Carlyle subsidiary managing ~$49B in private equity secondaries, co-investments, and primaries. Frequently co-invests or co-leads with Lexington on continuation vehicles (e.g., Audax IV), making it a direct peer for scaled secondaries and co-investment mandates.
• Neuberger Berman Secondary Investing: Established private equity secondaries and co-investment franchise within Neuberger Berman, operating dedicated secondary funds and co-investment vehicles for institutional LPs. Direct competitor for diversified secondary portfolios.
• Ares Secondaries: Dedicated secondary private equity and credit franchise within Ares Management. Co-invested with Lexington in the $2B Osaic recapitalization and is rapidly scaling its GP-led and LP-led secondaries platform, positioning it as a direct scaled competitor.

Regional players

• IK Partners: European-focused private equity firm with a secondary fund practice. Smaller and more regionally focused than Lexington, but operates in the same secondary PE ecosystem and may co-invest in European continuation vehicles.

Broad incumbents

• Partners Group: Global private markets firm with significant secondary private equity activity alongside primaries and co-investments. Comparable in scale and multi-strategy approach, though broader in scope than Lexington's secondaries focus.
• BlackRock (Secondaries & Liquidity Solutions): BlackRock's Secondaries & Liquidity Solutions team is one of the largest participants in GP-led continuation vehicles, co-leading deals such as the $1.1B Kohlberg VII CV with Lexington. As part of the world's largest asset manager, it competes with Lexington on the largest, most complex continuation mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/LexingtonLP
• YouTubeyoutube.com/user/FranklinTempleton
• Facebookfacebook.com/franklintempleton
• LinkedInlinkedin.com/company/franklin-templeton

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments15 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lexington Partners