Florida's State Board of Administration invested over $40 million in Lexington Partners, a private equity underwriter (PEU). Florida's public pension fund gets a 10% stake in Lexington. A person familiar with the deal said:
Lexington plans to use the money to help the firm expand, including opening a new office in Hong Kong.Carlyle Group co-founder predicted all major PEU's will be publicly traded within 2 to 3 years. CALPERS and Abu Dhabi Investment Authority could be big winners in a Carlyle Group or Apollo Management IPO.