Lexington Partners Gears up Borrowing for Next Secondary Fund

KKR & Co. lands financing for Asian Fund V and Obsidian Creek Capital adds leverage to film receivables fund

This week’s column focuses on Lexington Partners, which has been marketing the eleventh vintage of its flagship secondary fund for at least a year. The fund, Lexington Capital Partners XI, may soon be ready to close its first round of fundraising. It signed up for a credit line backed by investor commitments in March and added a second “Euro” affiliate as a borrower in late June.

Similarly, KKR & Co. obtained a subscription credit line for the fifth version of its Asia private equity fund, which is targeting a capital raise of $15 billion or more. And a little-known fund manager called Obsidian Creek Capital arranged financing to buy receivables backed by film and television revenues.

After that, there’s a table listing other funds that recently obtained subscription credit lines.