Performance

Review performance across multiple time frames and sources of return and capital appreciation.

Daily performance & data room

Total Returns

As of 09/30/2025

Chart

Bar chart with 5 bars.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 4.13 to 18.16.
End of interactive chart.
Month End
As of 09/30/2025		 YTD*
3 Months*
6 Months*
1 Year
Since Inception
12/20/2024
Class I - Without Sales Charge (NAV) (%) 12.23 4.13 8.88 — 18.16

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.

*Cumulative Total Returns

Expense Ratios (Gross/Net): Class I: 3.01% / 2.75%, Class D: 3.27% / 3.00%, Class S: 4.05% / 3.60%, Class M: 3.52% / 3.25%.

Different minimums may apply to clients of certain service agents. See the Fund's prospectus for additional information.

Portfolio

Asset Allocation

As of 09/30/2025 % of Lexington Private Assets

Chart

Chart with 3 data points.
End of interactive chart.

Featured Videos

Click on the video series below to explore more about Lexington Partners and the evolving private equity secondaries market.

Investment Team

Lexington serves as a sub-adviser to the Fund and is responsible for making investment decisions for the Fund’s investments in Private Assets. Lexington’s team of over 75 investment professionals are responsible for originating, researching, analyzing, negotiating, and closing attractive secondary and co-investment transactions for the Fund. More information about Lexington can be found at www.lexingtonpartners.com.

The personnel of Lexington who currently have primary responsibility for management of the Private Assets of the Fund’s portfolio are the members of the Evergreen Portfolio Committee. The Evergreen Portfolio Committee is composed of:

Wilson S. Warren

Partner and President

Clark D. Peterson

Partner

Taylor T. Robinson

Partner

Peter A. Grape

Managing Director

Omar Jabri

Managing Director

Connect with an expert

Your Franklin Templeton Alternatives Director can share insights about the Fund, discuss how the Fund can help you build a better portfolio and even guide you through the process of placing a trade at your firm.

Start the conversation


Thank you for contacting us.

Knowledge hub

Insight

Private Markets Insights: Private Equity Secondaries - A primary allocation

Private equity is at a turning point, with investors and advisors exploring the best ways to allocate across sub-strategies. There is a compelling case for private equity secondaries serving as the cornerstone of a core/satellite evergreen model.

Read now
Insight

Franklin Templeton Alternatives Education

Earn CE credit while exploring the opportunities with private equity, evaluate its stages (venture capital, growth equity and buyout) and examine why the current market environment requires a different playbook.

Read now
Insight

Unlocking opportunities: Understanding the growing secondary market

The global secondary market has grown over the past three decades primarily because of the increased supply of capital committed to private investment funds, according to Lexington Partners. They believe the backdrop for the secondary market continues to remain attractive.

Read now
Insight

Alternative Allocations: The democratization of private markets

While the evolution of registered funds has helped to democratize access to the private markets, they haven’t replaced the first-generation drawdown structure.

Read now
Go to knowledge hub

Documents

Name

Why private equity

Learn More
Why private equity

About Lexington Partners

Learn More
About Lexington Partners
Chat with an Expert

Footnotes:

1. 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.

2. The Fund is a closed-end tender offer fund.

3. Capital calls: Traditional private market funds and feeder funds are subject to capital calls as opportunities are sourced, and capital is deployed. Tender-offer funds do not have capital calls as money is invested upfront.

4. Other represents investments in vintages prior to 2019.

Key terms:

Secondaries: Private equity secondaries are transactions that offer liquidity solutions to owners of interests in private equity and other alternative investment funds.

Co-investment: Direct equity co-investment refers to an investment structure in which a private equity firm (General Partner) and direct co-investors collectively invest in portfolio companies.

Primaries: Investments are made directly in newly formed private equity funds to gain exposure to privately held companies.

Investment Risk:

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

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.

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 shares for repurchase for an indefinite period of time.

Leverage Risk: The use of leverage can increase the volatility of investment returns and subject a fund to magnified losses underlying investments decline in value. A fund with a higher leverage ratio will be more sensitive to volatility and more susceptible to losses due to declines in asset values, than a fund with a lower ratio.

Redemptions: There is no guarantee that an investor will be able to tender all or any of their requested fund shares in a periodic repurchase offer. Shareholders should not expect to be able to sell their shares regardless of how the fund performs.

Fund Distributions: Distributions are not guaranteed and are subject to change.

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.

Derivatives Risk: Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance.

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.

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.

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

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

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.

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliates companies. Prior to July 7, 2021, Franklin Templeton Distributors, Inc., and Legg Mason Investor Services, LLC served as mutual fund distributors for Franklin Templeton. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE. Reports and other information about the fund are available on the EDGAR Database on the SEC's Internet site at https://www.sec.gov/