– Christophe Browne Joins Lexington Partners
Continuation Vehicle Effort Drawing upon the Firm's Experience and
Differentiated Platform –
NEW
YORK, May 22, 2024 /PRNewswire/ -- 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.
Media Contact:
Todd Fogarty
Kekst CNC
+1 (212) 521-4854
todd.fogarty@kekstcnc.com
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SOURCE Lexington Partners