David Outcalt
Partner
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- Full Name
- David B. Outcalt
- Title
- Partner (Co‑Investment Partners / CIP team)
- Firm
- Lexington Partners
- Firm Type
- Private equity — secondaries and co‑investments (an institutional GP, *not* an angel/seed investor; the "Angel Investor / Seed Round" tags in aggregator databases appear to be a misclassification)
- Investment Stage
- Later‑stage / buyout equity co‑investments alongside private equity sponsors
- Check Size
- Institutional; deployed from multi‑billion‑dollar co‑investment funds (see Notable Investments). Individual deal sizes are not publicly disclosed.
- Target Company Profile
- Established, sponsor‑backed private companies where Lexington invests as a co‑investor alongside leading buyout/PE managers
- Sector Focus
- Sector‑agnostic; follows the deal flow of the 200+ PE sponsors Lexington partners with
- Geographic Focus
- Global (primarily North America and Europe)
- Location
- New York, NY (399 Park Avenue)
Background
David B. Outcalt is a Partner at Lexington Partners, one of the world's largest independent managers of secondary private equity and co‑investment funds (with roughly $52 billion in committed capital raised since inception). He sits on the firm's Co‑Investment Partners (CIP) team, where he is primarily focused on the origination, evaluation, and execution of equity co‑investments made alongside private equity sponsors in buyout transactions.
Outcalt has spent effectively his entire career at Lexington. He joined as an associate in 1994, at the time the co‑investment and secondary business separated from Landmark Partners to form Lexington. Before that he was an analyst in the investment banking division of Bear Stearns. He is one of the long‑tenured partners leading the CIP program, a group whose average tenure at the firm is over 20 years.
He holds a BA in economics from Williams College and an MBA from the Wharton School of the University of Pennsylvania.
Note on identity: the stub data labeling Outcalt as an "Angel Investor" writing "Seed Round" checks does not match the verifiable record. The email domain (lexpartners.com) and the phone number (212‑754‑0411) both map to Lexington Partners, an institutional private equity firm. Founders should treat him as a large‑scale PE co‑investment partner rather than an early‑stage angel.
Investment Thesis & Focus
- Invests through Lexington's Co‑Investment Partners (CIP) program, making equity co‑investments alongside established private equity sponsors rather than leading primary rounds.
- The CIP strategy: since inception in 1998 it has raised roughly $15 billion of committed capital and invested over $10.5 billion across 600+ co‑investments alongside more than 200 leading sponsors.
- Deals are sourced from and executed alongside GP sponsors, so the "yes" is driven by conviction in the underlying buyout, the lead sponsor's quality, and the entry terms — not by a founder cold‑pitching a startup.
- Sector‑agnostic and global, tracking the pipeline of the buyout managers Lexington co‑invests with.
Notable Investments
- Lexington Co‑Investment Partners VI (CIP VI) — closed October 2025 at $4.6 billion, above its $4.0B target; one of the largest co‑investment funds ever raised.
- Lexington Co‑Investment Partners V (CIP V) — closed March 2021 at $3.2 billion (with ~$3.5B committed to the predecessor vintage).
- CIP program aggregate — 600+ co‑investments and $10.5B+ invested since 1998 across 200+ sponsor relationships.
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