Original sentence: -based institutional investor.1994 – Lexington Partners purchased a portfolio of mezzanine fund interests from a bank, one of the first transactions of its type.1998 – Lexington Partners established CIP I, one of the first independent, discretionary co-investment programs with a leading U.2004 – Lexington Partners formed a dedicated secondary fund to acquire private equity interests that were less than 50% funded.2007 – Lexington Partners lead a secondary spin-out transaction from a hedge fund, a $200 million transaction to acquire 70% stake in 19 investments.Lexington also was among the first independent firms to create a discretionary equity co-investment in 1998...Lexington invests primarily as a fund of funds, purchasing interests in various investment funds, typically structured as limited partnerships.Lexington is a dedicated secondaries investor and like many of its peers has limited ability to make new commitments to private equity funds.Lexington regularly competes against dedicated secondary investors such as Coller Capital and Landmark Partners as well as secondary players that also have active fund of funds platforms (e.Lexington was founded by former investment professionals Brent Nicklas and Richard Lichter, who had previously worked together at Landmark Partners.Lexington's founders were among the early investors in the secondary market for private equity interests.Lexington’s limited partners include more than 240 leading corporate and public pension funds, sovereign investment authorities, insurance companies, financial institutions, endowments, foundations and family offices from more than 25 countries.Lexington’s secondary funds have committed to over 190 newly formed private equity funds while Lexington’s co-investment funds have committed to invest over $1.9 billion in 86 co-investments in the U.The firm also manages equity co-investment vehicles that invest alongside financial sponsors.While in certain instances this impacts the firm's desirability to general partners as a replacement limited partner, Lexington does make strategic commitments to newly formed private equity funds.and Europe
Edited sentence: Lexington competes against dedicated secondary investors such as Coller Capital and Landmark Partners as well as secondary players that also have active fund of funds platforms (e.Lexington invests primarily as a fund of funds purchasing interests in various investment funds, typically structured as limited partnerships.Lexington is a dedicated secondaries investor and as such has limited ability to make new commitments to private equity funds.Lexington was founded by former investment professionals Brent Nicklas and Richard Lichter of Landmark Partners, a competing secondaries firm.This has affected Lexington's desirability to financial sponsors or other general partners to serve as a replacement limited partner