Franklin Lexington Private Markets Fund (FLEX)
offers access to institutional domain via new perpetual
offering
Franklin Templeton announced today the launch of its first
open-end fund focused on secondary private equity investments.
Co-advised by Franklin Templeton and Lexington Partners, a pioneer
in the private equity secondary and co-investment markets, the
Franklin Lexington Private Markets Fund (“FLEX”) provides
simplified access to a diversified portfolio of private equity
investments acquired through secondary transactions and
co-investments in new private equity transactions alongside leading
sponsors.
Designed for wealth channel clients seeking long-term growth
opportunities, FLEX offers access to an asset class that until
recently was primarily available to institutional investors. The
new fund comes to market with $904.5 million in assets under
management (AUM) through an initial partnership with two leading
U.S.-based wealth management firms.
“Heading into 2025, selecting the right investment partner is
more important than ever,” said Wil Warren, Partner and President
of Lexington Partners, a specialist investment manager of Franklin
Templeton. “We are pleased to announce the formation of FLEX, a
product designed to provide a diversified portfolio of private
investment fund interests and co-investments to a broader investor
base. FLEX complements our institutional drawdown funds, which
currently represent $72.4 billion in assets, and reflects our
commitment to delivering strong, risk-adjusted returns. By
leveraging our experience and leadership in private markets, FLEX
will play a pivotal role in our long-term strategy to expand our
capital base and enhance value creation for our investors.”
Lexington estimates that 2024 was the fourth consecutive year in
which secondary industry volume surpassed $100 billion. With the
IPO market stalled and distributions slowed, institutions may find
themselves accessing the secondary market for liquidity. These
market dynamics are also driving the growth of continuation vehicle
transactions whereby private equity sponsors are utilizing the
secondary market to capitalize these deals.
Franklin Templeton believes that secondary private equity looks
attractive as it provides several potential advantages for the
wealth channel. In particular, individual investors could benefit
from the shorter period before receiving distributions as well as
diversification of general partners, vintages, geographies and
industries.
“We are dedicated to being a trusted partner to our investors in
FLEX,” said Dave Donahoo, Head of U.S. Wealth Management
Alternatives. “This addition to the Alternatives by Franklin
Templeton product range builds on our robust line-up of
institutional capabilities delivered in perpetual wrappers for the
wealth community. We are excited to continue expanding the ways we
support our most strategic partnerships.”
FLEX is registered under the Investment Company Act of 1940 as a
closed-end tender offer fund and features lower minimum investments
than the private equity funds available to institutional investors
as well as 1099 tax reporting, monthly subscriptions and quarterly
liquidity.
With more than 40 years of experience in alternatives and nearly
400 alternative investment professionals around the world, Franklin
Templeton is one of the largest managers in alternative assets
globally. The firm’s alternatives assets represent 15% (US$250
billion) of Franklin Templeton’s $1.68 trillion in total assets
under management as of September 30, 2024. Its specialist
investment managers, each with deep domain expertise, provide a
diverse range of alternative asset capabilities including private
credit and real estate debt from Benefit Street Partners-Alcentra,
real estate equity from Clarion Partners, hedged strategies from
Franklin Templeton Investment Solutions and pre-IPO growth equity
investments from Franklin Venture Partners in addition to
Lexington’s offerings.
About Lexington Partners
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. Additional information can
be found at www.lexingtonpartners.com.
About Franklin Templeton
Franklin Resources, Inc. [NYSE:BEN] is a global investment
management organization with subsidiaries operating as Franklin
Templeton and serving clients in over 150 countries. Franklin
Templeton’s mission is to help clients achieve better outcomes
through investment management expertise, wealth management and
technology solutions. Through its specialist investment managers,
the company offers specialization on a global scale, bringing
extensive capabilities in fixed income, equity, alternatives and
multi-asset solutions. With more than 1,500 investment
professionals, and offices in major financial markets around the
world, the California-based company has over 75 years of investment
experience and approximately $1.6 trillion in assets under
management as of December 31, 2024. For more information, please
visit franklintempleton.com and follow us on LinkedIn, X and
Facebook.
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Discussions referenced herein are the opinion of the investment
manager and there is no assurance that any estimate, forecast or
projection will be realized.
This material is intended to be of general interest only and
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Lisa Tibbitts (904) 942-4451
Lisa.Tibbitts@franklintempleton.com
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