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Franklin Lexington PE Secondaries Fund (FLEX-I)
Key Statistics
Fund Size
€2,310M
Target Return
7.8%
Annualized Return
21.1%
Launch Year
2025
Min. Investment
€25,000
Availability
Open through selected distributors
Structure
SICAV SA (Part II UCI)
Product Category
Open-end
Domicile
Luxembourg
GP Type
Multi
Liquidity Level
Semi-liquid
Management Fee
1.25%
Carry
12.5% over 5% hurdle, 100% catch-up, high-water mark
Hurdle Rate
5%
High Water Mark
Yes
Catch-Up Mechanism
100% catch-up
ISIN
LU2947920828
Currencies
USD, EUR, GBP, CHF, SGD, JPY, AUD
Investor Eligibility
Non
Liquidity Options
Monthly subscriptions
Highlights
Key Information Document (KID) – EU Funds
KID Risk Indicator
5 out of 7
Annual Returns (KID Scenarios)
Stressed
-14.4%
Moderate
6.1%
Favorable
7.8%
Average Total Cost Level (KID)
5.2%
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Portfolio Composition
Performance Summary
E (acc) USD — Performance from 2025-03-07 to 2026-07-31
Performance Comparison
MTD
1.1%
Year to Date
7.8%
1-Year Return
19.5%
Annualized Since Inception
21.1%
Information about fund
FLEX-I at a Glance
The Franklin Lexington PE Secondaries Fund (FLEX-I) is a perpetually offered private equity secondaries fund launched on 7 March 2025, a sub-fund of Franklin Lexington Private Markets Fund SICAV S.A. — a Luxembourg Part II UCI regulated by the CSSF with Waystone Management Company (Lux) S.A. as AIFM. Private assets are managed by Lexington Advisors, part of Lexington Partners, the secondaries pioneer Franklin Templeton acquired in 2022; the combined Franklin Lexington strategy surpassed $3.5 billion within its first year.
Key Figures (31 July 2026)
Net Asset Value
$2.31B
FLEX-I, as of 31 July 2026
Since-Inception Return
21.1%
Annualized, E (acc) USD, from Mar 2025 — short track record
Minimum Investment
$25,000
Offered in ten currencies
Fees
1.25% + 12.5%
Over 5% hurdle, 100% catch-up, HWM
Total Cost Estimate
~5.2%/yr
2.55% ongoing + 2.15% est. performance fees (KID)
Risk Indicator
5 / 7
Recommended holding: 8 years
Terms & Liquidity
| Subscriptions | Monthly, fully funded |
| Redemptions | Quarterly with 30 days’ notice, capped at 5% of NAV per quarter (pro rata above the cap, excess carried forward) |
| Early Redemption | 2% deduction within 12 months |
| Strategy Mix | Buyout 67% / VC 20% / growth 9%; North America 77%, Europe 20% |
| Leverage | Capped at 35% aggregate net leverage to total assets |
| Netherlands | Marketed by FTIS S.Ã r.l. under its European passport, AFM-registered |
Secondary purchases allow the fund to buy seasoned, largely funded portfolios — often at a discount to net asset value — which is intended to mitigate the J-curve and blind-pool risk of primary private equity investing. The early but strong track record should be weighed against the high all-in cost load and the quarterly redemption gate.
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