James Pitt, formerly a managing director of primary funds at AXA Private Equity, is reportedly joining the London office of US-based private equity firm Lexington Partners.
According to Financial News, Pitt will join Lexington Partners next month to launch a co-investment fund dedicated to Europe. At the London office, Pitt will report to partner Marshall Parke. Calls to Lexington Partners were not returned.
Pitt began his career as a management consultant at Arthur D. Little in London before working at Morgan Stanley as a senior member of the M&A and leveraged finance departments in London and New York. In 2000, he became managing director of European direct investments at US-based private equity firm Whitney & Co, before joining AXA Private Equity in 2002.
Lexington Partners’ co-investment division makes equity co-investments alongside buyout and growth capital sponsors in the US. The division currently has committed capital of $500 million ($415 million) and has, to date, invested in 48 companies alongside 44 financial sponsors. According to the firm, co-investment transactions are typically between $20 million and $100 million.
Lexington Partners is also active in the secondaries market and is understood to be currently raising a $3 billion secondary fund. Last February, Lexington Partners teamed up with AlpInvest Partners to acquire the private equity interests of Ohio-based utility DPL in a $1.2 billion deal.