Lexington Partners Announces Dedicated Strategy and Team to Lead Continuation Vehicle Transactions at Scale
24 May 2024 - 1:22AM
Business Wire
– Christophe Browne Joins Lexington Partners
Continuation Vehicle Effort Drawing upon the Firm’s Experience and
Differentiated Platform –
Lexington Partners (“Lexington”) announced a dedicated strategy
and team focused on leading single-asset continuation vehicle
(“CV”) transactions. In conjunction with the launch, Christophe
Browne has joined Lexington as a Partner to help lead the dedicated
effort.
Lexington is one of the world’s largest and most successful
managers of secondary private equity and co-investment funds having
helped pioneer the development of the institutional secondary
market over 30 years ago. The firm’s new CV strategy will be
executed by a specialist team that will benefit from Lexington’s
more than two decades experience investing in GP-led transactions,
its broad deal-sourcing platform with over 800 sponsor
relationships, and its rigorous diligence approach.
Christophe Browne was one of the founding members of the
Strategic Equity business at Intermediate Capital Group (“ICG”),
where he established himself as a leader in the continuation
vehicle market. Mr. Browne previously was a Managing Director and
Head of North America at ICG Strategic Equity and has specialized
in leading large CV transactions for the past 10 years. He will
operate out of Lexington’s newly established Miami office. The
firm’s dedicated team, which will work exclusively on continuation
vehicle transactions, includes several experienced Lexington
investment professionals.
“We are delighted to welcome Christophe to Lexington as we build
a dedicated Lexington team to focus on a best-in-class continuation
vehicle investment strategy for GPs and capital allocators. Many of
us at Lexington have known and respected Christophe for years,”
said Wil Warren, Partner and President of Lexington. “While
Lexington has long been an active participant in CV transactions,
investing approximately $6 billion to date, we are now committing
to a differentiated approach at scale to address the extraordinary
growth we expect from this market segment.”
“I’m thrilled to join Lexington to help build a dedicated effort
to capitalize on the growing market opportunity in CV
transactions,” said Browne. “Lexington is committing the full
resources and capabilities of its platform to the growth of this
strategy. The firm’s scale, experience, GP relationships, and the
fact that it has no conflicting buyout strategies, create distinct
advantages to provide solutions in this growing segment of the
secondary market.”
Lexington has seen dramatic growth in the CV part of the
secondary market driven by increased sponsor interest to re-invest
in some of their highest quality businesses. Secondary
intermediaries estimate that $70 billion of single-asset CV
transactions were completed in the past three years, with an
additional $30 billion forecasted for 2024.
Lexington’s recent experience completing high-quality
single-asset CV transactions includes the $4.0 billion CV of Belron
by Clayton, Dubilier & Rice, the $3.4 billion CV of Apex
Service Partners by Alpine Investors and the $1.6 billion CV of
Precisely by Clearlake Capital.
About Lexington
Lexington Partners is one of the world’s largest and most
successful managers of secondary private equity and co-investment
funds. Lexington helped pioneer the development of the
institutional secondary market over 30 years ago and created one of
the first independent, discretionary co-investment programs 26
years ago. Lexington has total capital in excess of $76 billion and
has acquired over 5,000 interests through more than 1,000
transactions. Lexington’s global team is strategically located in
major centers for private equity and alternative asset investing
across North America, Europe, Asia, and Latin America. Lexington is
the global secondary private equity and co-investments specialist
investment manager of Franklin Templeton. Additional information
can be found at www.lexingtonpartners.com.
About Franklin Templeton
Franklin Resources, Inc. [NYSE:BEN] is a global investment
management organization with subsidiaries operating as Franklin
Templeton and serving clients in over 150 countries. Franklin
Templeton’s mission is to help clients achieve better outcomes
through investment management expertise, wealth management and
technology solutions. Through its specialist investment managers,
the company offers specialization on a global scale, bringing
extensive capabilities in fixed income, equity, alternatives and
multi-asset solutions. With more than 1,500 investment
professionals, and offices in major financial markets around the
world, the California-based company has over 75 years of investment
experience and over $1.6 trillion in assets under management as of
April 30, 2024. For more information, please visit
franklintempleton.com and follow us on LinkedIn, Twitter and
Facebook.
Copyright © 2023. Franklin Distributors, LLC. Member
FINRA/SIPC
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