Many of the low voltage lighting systems have a listed Class 2 power supply, and if so, then 725.55(A) prohibits the placement of these conductors in a common raceway.I think you will find that this is not true. In fact, it is done all the time under the following conditions:
The conductors must be insulated with the same class of insulation. In practice that means that 12v or 24v conductors must have thhn 600v insulation if they are installed in a conduit with a 120v receptacle circuit.
Don is correct, if the low voltage conductors are classified as class 2 then they cannot go into a conduit with 120 volt power conductors regardless of their insulation rating. It is a common misconception that they can if the insulation values for all of the conductors are rated for the highest voltage then it is permissible. This is untrue since it would violate 725.55 as Don mentioned.The conductors must be insulated with the same class of insulation. In practice that means that 12v or 24v conductors must have thhn 600v insulation if they are installed in a conduit with a 120v receptacle circuit.