The board of Lehman Brothers Private Equity Partners, a closed-end private equity fund of funds investment company, has expressed its satisfaction at the sale of Lehman Brothers’ investmen
The board of Lehman Brothers Private Equity Partners, a closed-end private equity fund of funds investment company, has expressed its satisfaction at the sale of Lehman Brothers’ investment management division, including its substantial private equity business, to Bain Capital and Hellman & Friedman in partnership with the existing management.
The sale of the bankrupt investment bank’s asset management business to the two private equity firms – which remains subject to regulatory and investor approval – includes Lehman Brothers Private Fund Advisers, the investment manager for the Euronext Amsterdam-listed fund of funds, and certain of its affiliates.
The announcement of the sale brings to an end two weeks of uncertainty about the fate of Lehman’s private equity business after its parent sought bankruptcy protection and its constituent businesses were put up for sale.
The Lehman Brothers Private Equity Partners board of directors says the sale will create a focused, independent investment management company that is ‘poised to be a leading provider of world-class traditional and alternative investment products and services’.
The board believes the acquisition by Bain Capital and Hellman & Friedman will provide the management team of Lehman Brothers Private Fund Advisers a strong platform from which to continue managing the fund’s private equity portfolio.
Listed on Euronext Amsterdam on July 25, 2007, raising a total of USD542.1m, Lehman Brothers Private Equity Partners 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.
