Citigroup has agreed to sell a majority of its interest in a private-equity fund to Lexington Partners.

Citi would sell 80% of its $1.5 billion limited partnership interest in Metalmark Capital Partners II under the terms of the agreement, Citi and Lexington said Friday in a press release. Additional terms were not disclosed. Citi and Lexington, a New York investment management fund, expect the deal to close in the fourth quarter.

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