Franklin Templeton has wrapped up its acquisition of alternative investment manager Lexington Partners.

The 1.75bn cash deal was first announced by the firm in November last year.

Founded in 1994, New York-headquartered Lexington manages secondary private equity and co-investment funds across the US, Europe, Latin America, and the Asia-Pacific region.

The firm has raised more than $55bn in aggregate commitments from over 1,000 institutional investors, allocating capital across over 4,500 secondary, co-investment and primary interests.

The firm has eight offices in Boston, New York, Menlo Park, Hong Kong, Luxembourg, London, São Paulo and Santiago.

As of 31 March 2022, it managed $57bnin total assets under management (AuM).

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Lexington will benefit from Franklin Templeton’s global infrastructure and ongoing investment in technology. The firm will continue to maintain its current brand as well as its differentiated investment strategy.

The addition of Lexington expands Franklin Templeton’s alternative asset strategies with more than $200bn in aggregate alternative assets under management.

The firm currently includes specialist investment managers focused on private real estate through Clarion Partners, alternative credit through Benefit Street Partners, hedge fund strategies through K2 Advisors and secondary private equity and co-investments via Lexington.

This January, Franklin Templeton concluded its previously announced takeover of quantitative asset management firm O’Shaughnessy Asset Management.

Last year, the firm teamed up with SC Ventures, the innovation arm of Standard Chartered, to launch a wealth, health, and lifestyle solution platform in Singapore.

In 2020, the firm finalised the $4.5bn acquisition of rival Legg Mason, creating a $1.4trn investment manager.