Franklin Raises $875 Million for Private Equity Secondaries Fund

Franklin Templeton is starting a private equity secondaries fund, its first evergreen vehicle targeting wealthy investors outside the US.

The Luxembourg-domiciled fund raised $875 million from clients across Asia Pacific, Europe, Middle East, Africa, Canada and Latin America, according to an emailed statement Wednesday. Evergreen structures allow clients to periodically withdraw or contribute new capital, breaking from traditional closed-end structures that typically lock up money for fixed periods.

San Mateo, California-based Franklin Resources Inc. is co-managing the fund together with Lexington Partners, which it bought in 2021. Lexington is one of the biggest investors in so-called secondary transactions that involve ...