Franklin Resources unit Lexington Partners raises $22.7B fund for secondary private-equity investments

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 see ...