Lexington Partners (Franklin Lexington)

Lexington Partners built its reputation as one of the earliest independent firms dedicated entirely to buying private equity fund stakes, growing over roughly three decades into one of the largest secondaries managers by capital raised.

Franklin Templeton acquired Lexington in a deal completed in 2022 for approximately $1.75 billion, folding it into Franklin Templeton's alternatives business as its dedicated secondaries platform — now marketed under the Franklin Lexington brand.

The combination has scaled quickly: within its first year under the Franklin brand, the secondaries strategy exceeded $3.5 billion in additional AUM raised globally, and Lexington's latest flagship secondary fund, Lexington X, closed at $22 billion — among the largest dedicated secondary funds ever raised.