Lexington Partners LP

Item 5: Fees and Compensation

Compensation and Fee Schedules

All investors and prospective investors in a Lexington Fund should review the Governing
Documents of the applicable Lexington Fund in conjunction with this brochure for complete
information on the fees and compensation payable with respect to such Lexington Fund. Different
Lexington Funds are subject to different advisory fees as compensation for the investment advisory
services rendered to the applicable Lexington Fund (each, an “Advisory Fee”), typically calculated
based on committed capital or the sum of the fair market value of portfolio investments and
reserves for portfolio investments, or capital contributions (including outstanding borrowings by
such Lexington Fund) for unrealized portfolio investments, with respect to such Lexington Fund,
in each case as set forth in the Lexington Funds’ Governing Documents. Lexington also receives
performance-based compensation from the Lexington Funds as described further in the section
titled “Performance-Based Fees and Side-by-Side Management”.

The precise amount, and the manner and calculation, of the Advisory Fees for each Lexington
Fund are established by Lexington and are set forth in such Lexington Fund’s Governing
Documents, which are received by each investor prior to making an investment in such Lexington
Fund. In certain circumstances, the Advisory Fees payable to Lexington by individual investors
in a Lexington Fund will vary among such investors (e.g., based on size and aggregation of
commitment, timing of admission or otherwise) and may be negotiable. Lexington also has
discretion in determining whether size-based commitments will be aggregated for purposes of
determining certain Advisory Fee rates, and treatment among investors is expected to vary.
Moreover, personnel and certain business associates and “friends and family” of Lexington or its
personnel (collectively, “Adviser Investors”) typically will not pay or bear any Advisory Fees with
respect to their direct or indirect investments in the Lexington Funds. Notwithstanding that
Adviser Investors will generally not pay or bear Advisory Fees, Adviser Investors will bear their
pro rata share of certain Lexington Fund expenses or such Adviser Investors’ pro rata portion of
such expenses will be allocated to Lexington.

 Discretionary assets under management include the Lexington Funds’ asset values and uncalled commitments as of
September 30, 2025, and additional investor commitments closed between October 1, 2025 and November 30, 2025.

Advisory Fees paid by a Lexington Fund are indirectly borne by investors in such Lexington Fund.
Investors and prospective investors in each Lexington Fund should note that similar advisory
services may (or may not) be available from other investment advisers for similar or lower fees
and that fees may differ among investors in the same Lexington Fund. All clients of Lexington
(and all Lexington Fund limited partners) are “qualified purchasers” as defined in Section 2(a)(51)
of the Investment Company Act and, therefore, Lexington has not included specific fee
information in this brochure.

Deduction of Fees; Timing of Payments; Termination

Lexington is authorized under the Governing Documents to charge and deduct Advisory Fees
directly from the Lexington Funds. Payments of Advisory Fees are generally made quarterly in
advance and in accordance with the terms of the Governing Documents of the applicable Lexington
Fund. As a general matter, Advisory Fees will be payable during term extensions unless otherwise
agreed with investors. Please refer to the Governing Documents of each of the Lexington Funds
for complete information on the timing of Advisory Fee payments.

Upon termination of any Lexington Fund’s advisory relationship with Lexington, any prepaid,
unearned fees will be promptly refunded to such Lexington Fund, and any earned, unpaid fees will
be due and payable.

Other Fees and Expenses

Consistent with the Governing Documents of the Lexington Funds, in addition to the Advisory
Fees and performance-based compensation payable to Lexington, each Lexington Fund (and
indirectly, the investors thereof) will incur and/or bear certain charges including, but not limited
to: fees, costs and expenses of any administrators (including administrators that perform anti-
money laundering or “know your customer” diligence and investor verification services in
connection with the ongoing participation of investors in the Lexington Funds), independent
appraisers, custodians, depositaries, attorneys, accountants, auditors, tax advisors, “tax matters
partners” or “partnership representatives,” consultants, brokers, agents, research-related data
providers, independent appraiser and valuation firms or experts or other professionals (including
advisors to Lexington); costs associated with preparing, printing, and distributing communications
and reports to investors and monitoring investor portfolio activity (including, without limitation,
accounting or financial management software and other expenses (including third party expenses)
incurred in connection with secure communications to the limited partners, the preparation of
financial statements, tax returns, Schedules K-1 and other accounting or similar administrative
functions); out-of-pocket costs and expenses, if any, incurred in connection with developing,
negotiating, structuring, monitoring, custodying, or, to the extent applicable, disposing of,
portfolio investments of the Lexington Fund (whether or not consummated), including, without
limitation, any financing, legal, tax, accounting, advisory, consulting, software or other
professional expenses in connection therewith, any liquidated damages, reverse termination fees
or similar payments, and expenses incurred in connection with organizing the Lexington Fund and
its related entities (including, for example, any entities used to acquire, hold, or dispose of any one
...

Item 7: Types of Clients

Types of Clients and Investment Vehicles

Lexington generally provides advice to pooled investment vehicles. Lexington also provides
advice to managed accounts (i.e., investment vehicles in which only Lexington and one or more
affiliates of a single third party invest). Investors in the Lexington Funds include, without
limitation, corporations, endowments, foundations, trusts, estates, sovereign wealth funds, banks
and other financial institutions, insurance companies, family offices, high net worth individuals
and public and private retirement and pension plans and profit sharing plans. As noted above,
Lexington also provides non-discretionary sub-advisory services to StepStone, an investment
adviser registered with the SEC.

In connection with the formation and management of certain Lexington Funds, Lexington or its
related entities establish certain vehicles (“Feeder Funds”) to address tax, legal, regulatory, and/or
other similar issues or requirements of certain investors in the Lexington Funds. Each Feeder Fund
is a limited partner (or equivalent) of a Lexington Fund and interests in such Feeder Fund are held
by the investors who participate in the Lexington Fund through such Feeder Fund. In addition,
Lexington forms other parallel funds, alternative investment vehicles and/or similar investment
vehicles to address tax, legal, regulatory, and/or other business considerations.

Investors are requested to refer to the Governing Documents of the applicable Lexington Fund for
complete details on any Feeder Funds or other investment vehicles established in connection with
such Lexington Fund and such Lexington Fund’s ability to make investments through any such
vehicles.

Minimum Investment Requirements

Lexington and its related entities generally require that each investor in the Lexington Funds be an
“accredited investor” as defined in Regulation D promulgated under the Securities Act. In
addition, Lexington and its related entities generally require that each investor in the Lexington
Funds be a “qualified purchaser” as defined in the Investment Company Act.

In general, the minimum investment commitment required of an investor to participate in a
Lexington Fund is $5,000,000; however, the general partner of each Lexington Fund has discretion
to increase or reduce the minimum investment commitment and such minimum investment
requirement does not apply to all Lexington Funds. Investors are requested to refer to the
Governing Documents of the applicable Lexington Fund for complete information on minimum
investment requirements for participation in such Lexington Fund.