Lexington Partners, one of the oldest investors in secondhand private-equity assets, has raised $22.7 billion for its latest fundraising effort.

The New York firm wrapped up Lexington Capital Partners X well above its $15 billion goal, with participation from a stable of institutional backers that include pension systems such as the Minnesota State Board of Investment, the Kentucky Teachers’ Retirement System and the New York City Employees’ Retirement System, according to pension disclosures. The three approved commitments of up to $100 million, roughly $50 million and more than $100 million, respectively.