Franklin Templeton, Lex Partners Launch Evergreen US Wealth PE Secondaries Fund

Franklin Templeton and subsidiary Lexington Partners have launched a new open-ended fund targeting secondary private equity investments and co-investments in new private equity transactions that comes to market with $904.5M in AUM through a partnership with two unnamed “leading US-based wealth management firms.”

In a January 13 press release, Franklin Templeton said the Franklin Lexington Private Markets Fund (FLEX) is designed for wealth channel clients, adding to the alternatives product line it is building to provide “institutional capabilities delivered in perpetual wrappers for the wealth community.”

The $1.6T AUM investment manager said the current market dynamics of slowed IPOs and distributions, with institutional investors seeking secondary opportunities for liquidity, could provide certain advantages for a wealth channel product. Specifically, it pointed to a shorter period before receiving distributions – the fund offers monthly subscriptions and quarterly liquidity – and diversification of GPs, vintages, geographies, and industries.

Written By: Dakota

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Franklin Templeton, Lex Partners Launch Evergreen US Wealth PE Secondaries Fund

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