Franklin Resources Inc. said Monday it agreed to pay $1.75 billion to acquire Lexington Partners L.P., a manager of secondary private equity and co-investment funds. "This acquisition will bolster Franklin Templeton's alternative asset capabilities, complementing its existing strengths in real estate, private credit, and hedge fund strategies, at a time when investors are increasingly allocating capital across the full spectrum of alternative asset offerings," the company said. Founded in 1994, Lexington has raised more than $55 billion in commitments and invested in more than 4,500 secondary, co-investment and primary interests, with $34 billion of assets under management currently.