Citi to sell $1 bn of PE investments: Report

NEW YORK: Citigroup is nearing a deal to sell about $1 billion of private-equity investments to Lexington Partners, a transaction that would be one of the biggest ever for so-called secondary private-equity interests, says a media report.

Attributing to people familiar with the situation, The Wall Street Journal reported that Citi is near a deal to sell a portfolio of roughly USD 1 billion of private-equity investments to Lexington Partners.

New York-based Lexington is among the more prominent players in the niche secondary private-equity market, in which investors buy second-hand interests in private-equity holdings, typically at a discount to their face value.