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Lexington Partners L.P.

PRI reporting framework 2019

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Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

Select the services and funds you offer
% of asset under management (AUM) in ranges
Fund management
Fund of funds, manager of managers, sub-advised products
Other
Total 100%

Further options (may be selected in addition to the above)

01.2. Additional information. [Optional]

Lexington Partners L.P. ("Lexington") is a leading global alternative investment manager primarily involved in providing liquidity solutions to owners of private equity and alternative investments and in making co-investments alongside leading private equity sponsors. Lexington is one of the world's largest independent managers of secondary acquisition and co-investment funds with more than $38 billion in original committed capital. Since 1990, Lexington has acquired over 3,000 interests in funds managed by over 690 sponsors with a total value in excess of $45 billion, including $12 billion of syndications. 

Lexington's secondary acquisition funds primarily invest in limited partnership interests in underlying funds managed by global sponsors. Lexington's co-investment program ("CIP") makes equity co-investments alongside lead sponsors in buyout and growth capital portfolio companies, primarily in minority positions. Both investment strategies are passive in nature with limited ability to manage ESG factors at the portfolio company level.

Lexington fully supports the mission and ideals of the PRI and is aware that environmental, social, and governance (“ESG”) issues can affect investment portfolios.  Lexington considers a variety of factors when making investment decisions on behalf of the funds that it manages and recognizes that ESG concerns are important parts of the investment analysis and decision-making processes.  In addition, we are conscious that as ESG policies and regulations become more widely promulgated, it is likely that the underlying companies that are better positioned to embrace the aspirational aims of the PRI will be less affected financially in the future.  

OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

United States

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

113 FTE

02.4. Additional information. [Optional]

FTE data above as of 12/31/18.  Lexington currently employs more than 110 people in six global offices strategically located in major centers for private equity and alternative investing – New York, Boston, Menlo Park, London, Hong Kong, and Santiago. In addition, Lexington has senior advisors located in Asia, Australia, and the United States.  

OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]

OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2018

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.4. Indicate the total assets at the end of your reporting year subject to an execution and/or advisory approach.

04.5. Additional information. [Optional]

AUM reflects the residual value plus undrawn commitments of Lexington's secondary and co-investment funds as of 31/12/18.  

OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity 0 0 0 0
Fixed income 0 0 0 0
Private equity 0 0 >50% 100
Property 0 0 0 0
Infrastructure 0 0 0 0
Commodities 0 0 0 0
Hedge funds 0 0 0 0
Fund of hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash 0 0 0 0
Money market instruments 0 0 0 0
Other (1), specify 0 0 0 0
Other (2), specify 0 0 0 0

06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

06.5. Indicate whether your organisation uses fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]

Lexington is one of the largest independent managers of secondary acquisition and co-investment funds. Lexington’s funds pursue innovative strategies in two principal areas: (i) providing secondary liquidity solutions to owners of private equity and alternative investments, and (ii) making equity co-investments alongside leading private equity sponsors. In addition, Lexington’s secondary funds have made select commitments to new private investment funds during their initial formation to complement Lexington’s secondary acquisition strategy. Lexington has been at the forefront of private equity innovation since Lexington helped pioneer the development of the secondary market for private equity interests 29 years ago and also created one of the first independent co-investment programs 21 years ago.

Lexington's secondary acquisition and co-investment funds currently account for 87% and 13%, respectively, of our 12/31/18 AUM. AUM is based on the sum of residual value and undrawn commitments.

OO 07. Fixed income AUM breakdown (Not Applicable)

OO 08. Segregated mandates or pooled funds

New selection options have been added to this indicator. Please review your prefilled responses carefully.
Provide a breakdown of your organisation’s externally managed assets between segregated mandates and pooled funds or investments.
Asset class breakdown
Segregated mandate(s)
Pooled fund(s) or pooled investment(s)

Total of the asset class

(each row adds up to 100%)
[f] Private equity
100%

08.2. Additional information. [Optional]

OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

92 Developed Markets
8 Emerging Markets
0 Frontier Markets
0 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]

OO 09.1 is based on the diversification of Lexington's investments in the past ten years.  Lexington has constructed a highly diversified global portfolio of private equity and alternative investments. Lexington has meaningful participation in each of the major sectors and has made significant investments in the United States, U.K. / Europe, and increasingly in the growth markets of Asia.  
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