Lexington Partners, a unit of Franklin Resources Inc.’s
BEN,
+1.56%

Franklin Templeton arm, on Tuesday said it raised $22.7 billion in capital commitments for Lexington Capital Partners X LP, for investments in private-equity fund stakes. The fund’s original target was $15 billion. Fund X surpassed its predecessor Fund IX, which closed on $14 billion in 2020. Fund X will acquire private-equity and alternative asset partnership portfolios from large-scale investors as they rebalance their allocations or seek liquidity, the firm said. Lexington’s estimates that results from 2023 for the private-equity secondary market will surpass $100 billion for the third year. “During times of economic uncertainty and slowing portfolio company exits, the secondary market can be an important release valve to provide liquidity to investors,” said Pål Ristvedt, partner of Lexington.

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