Franklin Templeton to Acquire Lexington Partners, a Global Manager of Secondary Private Equity and Co-Investments

November 1, 2021

Willkie represented Franklin Templeton in the transaction.

On November 1, Franklin Templeton, announced that it has entered into a definitive agreement to acquire Lexington Partners L.P., a leading global manager of secondary private equity and co-investment funds, for $1.75 billion. This acquisition is expected to bolster Franklin Templeton’s alternative asset capabilities, complementing its existing strengths in real estate, private credit and hedge fund strategies.

Founded in 1994, Lexington Partners is one of the largest independent managers of secondary acquisition and co-investment funds with $55 billion in committed capital since inception. A global firm with current fee-based AUM of $34 billion, Lexington has eight offices located in major centers for private equity and alternative investing across the world.

Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 165 countries. With offices in more than 30 countries and approximately 1,300 investment professionals, the company brings extensive capabilities in equity, fixed income, multi-asset solutions and alternatives and over $1.5 trillion in assets under management as of September 30, 2021.

Willkie previously advised Franklin Templeton in its acquisition of Legg Mason and AdvisorEngine in 2020, and Benefit Street Partners in 2018.

The Willkie team was led by partners David Boston and Danielle Scalzo and included partners Justin Browder, Geri Anne McEvoy, Christopher Peters and Colin Fulton; and associate Samir Patel.