Franklin Templeton

“Lexington Partners (Franklin Templeton) - US Fund of Funds, AUM ~$77B. Major institutional LP backing Lightspeed Venture Partners, New Enterprise Associates, and Index Ventures”

“'We need to make sure the story is clear: Private markets are illiquid. That's just it. You invest in private credit—it is illiquid.'”

“For most of 2026, legions of wealthy individuals have been trying to cash out of semiliquid funds, providing the first major stress test for products that make up a giant portion of the $1.8 trillion private credit market.”