Franklin Templeton’s $1.75 Billion Acquisition of Lexington Partners

Willkie Farr & Gallagher represented Franklin Templeton in the transaction, while Simpson Thacher represented Lexington Partners.

Franklin Templeton 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.

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

The Simpson Thacher team included Elizabeth Cooper, Ryan Williams, Christopher Scavone, Jule Walsh and Alisha Tupchong (M&A); Barrie Covit and Matthew Leighton (Private Funds – U.S.); Jonathan Goldstein and William Smolinski (Tax); Andrew Blau, Jamin Koslowe and Allison Sutherland (Executive Compensation & Employee Benefits); and Lori Lesser and Melanie Jolson (IP).

Involved fees earner: Andrew Blau – Simpson Thacher & Bartlett; Elizabeth Cooper – Simpson Thacher & Bartlett; Barrie Covit – Simpson Thacher & Bartlett; Jonathan Goldstein – Simpson Thacher & Bartlett; Melanie Jolson – Simpson Thacher & Bartlett; Jamin Koslowe – Simpson Thacher & Bartlett; Matthew Leighton – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Christopher Scavone – Simpson Thacher & Bartlett; William Smolinski – Simpson Thacher & Bartlett; Allison Sutherland – Simpson Thacher & Bartlett; Alisha Tupchong – Simpson Thacher & Bartlett; Jule Walsh – Simpson Thacher & Bartlett; Ryan Williams – Simpson Thacher & Bartlett; David Boston – Willkie Farr & Gallagher; Justin Browder – Willkie Farr & Gallagher; Colin Fulton – Willkie Farr & Gallagher; Geri Anne McEvoy – Willkie Farr & Gallagher; Samir Patel – Willkie Farr & Gallagher; Christopher Peters – Willkie Farr & Gallagher; Danielle Scalzo – Willkie Farr & Gallagher;

Law Firms: Simpson Thacher & Bartlett; Willkie Farr & Gallagher;

Clients: Franklin Templeton Investments; Lexington Partners Inc.;