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Franklin Lexington Private Markets Fund

  • Deeply experienced and resourced team: One of the most experienced secondary teams globally, led by Lexington's 24 partners who average 18 years together at the firm.
  • Focused on long-term growth: Seeks to deliver long-term capital appreciation across various market cycles.
  • Simple structure: Allows for monthly subscriptions, quarterly liquidity*, and 1099 reporting.

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NAV 1
$29.54
As of 09/30/2025
Total Net Assets
$1.64B
As of 09/30/2025 (Updated Monthly)
Since Inception Total Return
18.16
As of 09/30/2025

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* Franklin Templeton intends to recommend that the Fund conduct quarterly tender offers of up to 5% of the Fund’s net assets, subject to the approval of the Fund’s board in its sole discretion. There can be no assurance that the Fund will conduct tender offers in any particular period and shareholders may be unable to tender shares for repurchase for an indefinite period of time.
Skipped to Overview Section Content

Overview

Fund Facts

Fund description

Franklin Lexington Private Markets Fund provides simplified access to a diversified portfolio of private equity through secondaries, co-investments, and primaries, designed for investors seeking long-term growth opportunities.

Fund Inception Date
12/20/2024
Number of Transactions As of 09/30/2025 (Updated Monthly)
49
Number of Interests As of 09/30/2025 (Updated Monthly)
140
Number of Portfolio Companies As of 09/30/2025 (Updated Monthly)
1400

Sales Charges, Expenses & Fees

6
As of 05/01/2025
Management Charge
1.25%
Incentive Fee2
1.05%
Upfront Placement Fee3
N/A
Gross Expense Ratio4
4.79%
Net Expense Ratio5
4.76%

Identifiers

Fund Number
7191
Ticker
—
CUSIP Code
353767304

Average Annual Total Returns

View performance section for additional info As of 09/30/2025

Class I - Without Sales Charge (NAV)

  • —1 Year
  • —3 Years
  • —5 Years
  • —10 Years
  • 18.16%Since Inception
    12/20/2024

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Asset Allocation

As of 09/30/2025 (Updated Monthly)

Partnership62.49%
GP-Led28.16%
Co-investment9.34%

Additional Fund Info

Share Class Inception Date
12/20/2024
Morningstar Category
N/A
Lipper Classification
N/A
NAV Frequency
Monthly

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Why Private Equity

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Manager & insights

About the Team

Lexington Partners

Lexington Partners is a leading global alternative investment manager of secondary private equity and co-investment funds.

Lexington Partners Logo
[Wilson Warrens avatar]

Managed Fund Since 2024

[Clark Petersons avatar]

Managed Fund Since 2024

[Taylor Robinsons avatar]

Managed Fund Since 2024

[Peter Grapes avatar]

Managed Fund Since 2024

[Omar Al Jabris avatar]

Managed Fund Since 2024

Portfolio Manager Profile
Years of Experience
Manager Location

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Skipped to Performance Section Content

Performance

Monthly & Calendar Year Returns

As of 09/30/2025

2025
2024

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

Skipped to Pricing Section Content

Pricing

Pricing History

As of 09/30/2025 (Updated Daily)

Chart

Line chart with 10 data points.
The chart has 1 X axis displaying Time. Data ranges from 2024-12-31 00:00:00 to 2025-09-30 00:00:00.
The chart has 1 Y axis displaying [products.performance-value]. Data ranges from 26.32 to 29.54.
End of interactive chart.

Daily Fund Prices

As of 09/30/2025

Share Prices

As of 09/30/2025

NAV  1(Net Asset Value)
$29.54
NAV Change  1
—
NAV Change (%)  1
—

52-Week Range

Highest NAV
$29.54
Lowest NAV
$25.00
Skipped to Documents Section Content

Documents

Fund Literature
 Name Download Add to Cart
Factsheet - Franklin Lexington Private Markets FundDownload Document
Case Studies - Franklin Lexington Private Markets FundDownload Document
Flyer - Franklin Lexington Private Markets Fund Estimated Tender Offer ScheduleDownload Document
Pitchbook - Franklin Lexington Private Markets FundDownload Document
Regulatory Documents
 Name Download Add to Cart
Prospectus - Franklin Lexington Private Markets FundDownload Document
Annual Report - Franklin Lexington Private Markets FundDownload Document
Statement of Additional Information - Franklin Lexington Private Markets FundDownload Document
Cover Letter - November Tender OfferMailed hardcopies unavailable.Download Document
Franklin Lexington Private Markets Fund Letter of TransmittalMailed hardcopies unavailable.Download Document
Franklin Lexington Private Markets Fund Offer To PurchaseMailed hardcopies unavailable.Download Document
Notice of Withdrawal FormMailed hardcopies unavailable.Download Document
Fiscal Q1 Holdings - Franklin Lexington Private Markets FundDownload Document
Fiscal Q3 Holdings - Franklin Lexington Private Markets FundMailed hardcopies unavailable.Download Document
Case Studies - Franklin Lexington Private Markets FundDownload Document

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Risks

All investments involve risks, including possible loss of principal. Past performance is no guarantee of future results. Franklin Lexington Private Markets Fund (the "Fund") is subject to a high degree of risk; specific risk considerations are listed below.  

Liquidity Risks: The Fund should be viewed as a long-term investment, as it is inherently illiquid and suitable only for investors who can bear the risks associated with the limited liquidity of the Fund. Limited liquidity is provided to shareholders only through the Fund's quarterly repurchase offers for no more than 5% of the Fund's shares outstanding at net asset value. There is no guarantee these repurchases will occur as scheduled, or at all. Shareholders may not be able to sell their shares in the Fund at all or at a favorable price.

Redemptions/Tender Offers: Franklin Templeton intends to recommend that the Fund conduct quarterly tender offers of up to 5% of the Fund's net assets, subject to the approval of the Fund's board in its sole discretion. There can be no assurance that the Fund will conduct tender offers in any particular period and shareholders may be unable to tender any or all shares for repurchase for an indefinite period of time. Shareholders should not expect to be able to sell their shares regardless of how the fund performs. 

Private Market Investment Risks: The fund may be able to invest in private securities that are illiquid and thinly traded, which may limit the manager's ability to sell such securities at their fair market value or when necessary to meet the portfolio's liquidity needs. To the extent the fund invests in privately held companies they present certain challenges and involve incremental risks as opposed to investments in public companies, such as dealing with the lack of available information about these companies as well as their general lack of liquidity. There also can be no assurance that companies will list their securities on a securities exchange, as such, the lack of an established, liquid secondary market for some investments may have an adverse effect on the market value of those investments and on an investor's ability to dispose of them at a favorable time or price.

Concentration Risk: An investment should be considered long-term within a multi-asset portfolio and should not be viewed individually as a complete investment program.

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Important Information

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance. 

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

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Important data provider notices and terms available at www.franklintempletondatasources.com.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. 

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Footnotes

  1. Net Asset Value - the amount per share you would receive if you sold shares of the fund. NAV is determined by subtracting its liabilities from its assets. The fund's per-share NAV is then obtained by dividing NAV by the number of shares outstanding. 

  2. The incentive fee will be charged on a quarterly basis (and at certain other times). The incentive fee is equal to 12.50% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the sum of the Hurdle Amount and the Loss Recovery Account. Incentive Fees are accrued monthly and paid quarterly. For purposes of calculating Incentive Fees, such accruals are not deducted from net asset value. Because the Incentive Fee is speculative, no Incentive Fee is presented for the initial year of operations. Please refer to the prospectus for additional details regarding the incentive fee.

  3. No upfront sales load will be paid with respect to Class S Shares, Class D Shares, Class I Shares or Class M Shares, however, if you buy Class S Shares, Class D Shares or Class M Shares through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 3.0% cap on NAV for Class D Shares, a 3.0% cap on NAV Class S Shares and a 3.0% cap on NAV for Class M Shares. Financial intermediaries will not charge such fees on Class I Shares. Please consult your financial intermediary for additional information. 

  4. Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns.

  5. The net expense ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements and also incentive fees. The Manager has agreed to voluntarily waive its Management Fee through October 1, 2025. Unless otherwise extended by the Manager, the Management Fee payable by the Fund as of October 2, 2025 will be at the annual rate of 1.25%. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report please see the prospectus for additional details.

  6. A 2.00% Early Repurchase Fee payable to the Fund may be charged with respect to the repurchase of Shares at any time prior to the day immediately preceding the one-year anniversary of a Shareholder’s purchase of the Shares (on a “first in-first out” basis). The Early Repurchase Fee will be retained by the Fund for the benefit of the remaining Shareholders.