Fundraising

Lexington Partners has inked a series of high-profile deals recently and its return to market may be just around the corner.

The secondaries firm has surpassed the target of its latest fund and is yet to hold the final close on its latest vehicle.

Fundraising for private equity secondaries rose by more than one-third year-on-year, with Lexington's $2.7bn raise accounting for the lion's share of capital.

The fund, which closed above its target of $2bn, has been in the market for just over a year.

The private markets firm is two-thirds of the way to the $500m target for Fund VIII which can acquire stakes in funds focusing on the strategy.

The US state's Retirement Plans and Trust Funds has committed $100m to the secondaries firm's latest private equity vehicle.

The niche firm, founded by a former AlpInvest Partners secondaries executive, raised the hard-cap on its oversubscribed sophomore fund.

The $30m commitment to ASF VII Infrastructure is part of a $1bn alternatives push by the US pension manager.

Expectations of capital distributions are up, with high pricing and dry powder dampening deployment, according to a report by Rede Partners.

AESF VI will be nearly double the size of its predecessor, according to a document seen by Secondaries Investor that reveals details of the fund's investments.