"Citi Unloads $900 Million Private Equity Portfolio" (C)

From PE Hub:

Citigroup has agreed to sell a portfolio of private equity interests for more than $900 million, according to multiple sources. Lexington Partners is the buyer, while StepStone Group will provide management services.
This is a big deal – one of the largest secondary transactions ever and a further move by Citi away from private equity. So let’s break it down:

What’s being sold?
The deal includes Citi’s stakes in bank-branded funds-of-funds, mezzanine and co-investment vehicles. Basically what used to be known as Citigroup Private Equity, and managed by John Barber (he left earlier this year).
There had been earlier reports that the package also could include certain third-party stakes in big buyout funds, but I’ve been unable to confirm whether that came to pass....MORE