Following , Franklin Templeton on 30 April 2025 announced the launch of the Franklin Lexington PE Secondaries Fund (Flex-I), a sub-fund of the Luxembourg-domiciled Franklin Lexington Private Markets Fund Sicav SA range. The fund, co-managed by Franklin Templeton and Lexington Partners, is the firm’s first evergreen fund for the wealth channel internationally.

“Our goal is to unlock access to high-quality private equity for international investors in the wealth channel. Following a similar launch in the US which has generated over $1.2bn in US investor subscriptions, Flex-I now comes to market with over $875m in assets under management from international investors,” commented Franklin Templeton’s head of alternatives EMEA wealth management George Szemere. “This exciting launch marks a pivotal moment for our private wealth expansion internationally and reinforces our commitment to becoming a leading player in the alternatives wealth channel." Franklin Templeton manages over $252bn in alternative assets as of 31 March 2025.

The fund will invest in a diversified portfolio of private equity investments acquired through secondary transactions and co-investments in new private equity transactions alongside leading sponsors, a press release explained. It will also have the flexibility to invest in private assets across asset types, such as buyout, growth, venture, credit, mezzanine, infrastructure, energy and other real assets.

“The secondary market remains undercapitalised despite a significant supply of deal flow, creating opportunities for investors to acquire attractive exposure,” said Wil Warren, partner and president of Lexington, a specialist investment manager of Franklin Templeton with expertise in private equity secondaries and co-investment funds. The secondary PE market has grown significantly and is projected to exceed $500bn over the next five years, noted the communiqué.