Franklin Templeton agrees to buy Lexington Partners for $1.75 billion
The asset manager is expanding into private equity with the acquisition of Lexington, which is a big player in the booming secondaries market, which involves buying maturing portfolios from PE investors.
Franklin Resources Inc. will buy Lexington Partners for $1.75 billion to expand into private equity as its mutual fund business struggles. The asset manager's shares surged on the news.
The deal will complement Franklin’s offerings in real estate, private credit and hedge fund strategies, Frank
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