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Franklin Templeton$BEN · filed: grew revenue 7.3% in FY2026 to $9.4BNew shipTrillion Score 427Fall Risk MediumNext year $8.9B–$10.9B sealedCheck ▾Close ▴
What Franklin Templeton filed
Grew revenue 7.3% in FY2026 to $9.4 billion, operating margin 12.5% against a 20.8% median for investment advice, equity 30.8% of assets, and dividend per share up 7 years running. Every figure links to the filing it came from on Franklin Templeton’s card. New ship: no warning signs. Trillion Score 427, #27 of 28 in its field; Fall Risk Medium (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2026-09-30 between $8.9B and $10.9B, an 80% range sealed on 10 Nov 2026 · receipt #b3ace8 · graded in public by the revenue in Franklin Templeton’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
**$3.5 billion** in twelve months positions Franklin Lexington as a top-ten secondaries buyer at a time when deal volume is falling and pricing still favors sellers.
$3.5 billion
in assets under management within its first year of…
$1.6 trillion
in total assets and entered the secondaries market through…
$70 billion
in secondaries capital deployed since 1990
$65 billion
in secondaries deal flow for the first half of…
Franklin Templeton's Lexington Private Equities Secondaries Strategy crossed $3.5 billion in assets under management within its first year of operation, a fundraising velocity that marks the firm as a meaningful new buyer in a market where sellers outnumber bids. The vehicle launched in early 2024 and hit the threshold before its first anniversary, collecting capital from institutional allocators in North America, Europe, and Asia-Pacific.
The Lexington platform acquired existing LP stakes in private equity funds and direct co-investment positions across venture, growth equity, and buyout vintages. Franklin Templeton disclosed the milestone during its earnings period but did not break out performance attribution or the discount-to-NAV range on acquired positions. The firm manages $1.6 trillion in total assets and entered the secondaries market through its 2024 acquisition of Lexington Partners, a specialist with $70 billion in secondaries capital deployed since 1990. The new strategy operates as a separate vehicle under the Lexington brand and targets a blend of LP portfolio sales and GP-led continuation funds.
The $3.5 billion raise matters because it arrived during a period when secondary transaction volume is compressing, not expanding. Jefferies reported $65 billion in secondaries deal flow for the first half of 2024, down 22 percent year-over-year, while average pricing held at 88 percent of NAV according to Greenhill data. That spread—falling volume, stable pricing—signals that LPs are selling selectively and that buyers with committed capital can still extract terms. Franklin Lexington's ability to gather assets at this pace suggests it is winning mandates from family offices and pension funds that prefer the liquidity profile of secondaries over new primary commitments, which now carry 5-to-7 year lock-up expectations in venture and growth strategies. The firm is also inheriting deal flow from Lexington's three-decade relationship network, which gives it access to off-market portfolio sales before they reach Evercore or Lazard's broader auction processes.
Operators and allocators should track three follow-on events. First, whether Franklin Lexington deploys the $3.5 billion into continuation vehicles or LP portfolio sales—continuation funds accounted for 54 percent of secondaries volume in 2023, and that ratio will indicate the firm's bias toward sponsor relationships versus pure NAV arbitrage. Second, the discount bands on Q1 2025 transactions, which will clarify whether pricing is tightening as dry powder concentrates among fewer buyers. Third, whether Franklin Templeton raises a follow-on vehicle in late 2025 or early 2026—capital formation cycles in secondaries typically run 18-to-24 months, and a second close would confirm that the Lexington integration is generating proprietary deal access rather than relying on Franklin's balance sheet.
The firm now holds enough capital to participate in $500 million-plus single-asset continuation funds, the threshold where Blackstone, Coatue, and HarbourVest compete for anchor positions. That scale matters because GP-led deals are increasingly structured to accommodate multiple buyers, and Franklin Lexington can now bid without syndication risk.
Branded by POPS4 · proof in 60 seconds
For the principal
If your office holds illiquid venture or buyout positions past their expected exit window, Franklin Lexington now has the capital to bid on portfolios above $100 million.
For the operator
Watch whether Franklin deploys into continuation vehicles or LP sales—that split will tell you if they're chasing NAV discounts or building GP relationships for future primary allocations.
For the house
We maintain named-account exposure to Blackstone Strategic Partners and HarbourVest secondaries; Franklin Lexington's scale now makes them a credible co-bidder on large continuation deals we track.
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