Lehman Brothers Private Equity Partners, a closed-end private equity fund of funds investment company, has announced the selection of a new name – NB Private Equity Partners – and the e
Lehman Brothers Private Equity Partners, a closed-end private equity fund of funds investment company, has announced the selection of a new name – NB Private Equity Partners – and the execution of a lock-up agreement for the shares owned by a Lehman Brothers affiliate.
The company’s board of directors has approved the change of name to NB Private Equity Partners to reflect the name of the investment manager, NB Alternatives Advisers, following the sale of the investment manager to Neuberger Berman Group.
Initial filings have been made with regulatory authorities, and the name and ticker symbol changes for the company are expected to be completed in around two weeks. In the meantime, the company will continue to operate as Lehman Brothers Private Equity Partners.
The company has also agreed a new lock-up agreement regarding the around 14.5 million shares purchased by Lehman Brothers in the initial public offering in July 2007. The shares were subject to a lock-up agreement due to expire on 18 July 2010.
Under the new agreement, the shares will remain locked-up until 18 July 2010, after which the investment manager has agreed, for a period of 18 months following its expiration, to use all reasonable efforts to assist Lehman Brothers in selling its shares in up to three marketed secondary transactions.
Lehman Brothers Private Equity Partners is a closed-end private equity fund of funds investment company listed on Euronext Amsterdam on 25 July 2007, raising a total of GBP542.1m.
LBPE holds a diversified portfolio of private equity fund investments and direct co-investments, diversified across private equity asset class, geography, industry, vintage year and sponsor, selected by the NB Alternatives group of Neuberger Berman.