A Luxembourg investment partnership has agreed to purchase two private-equity funds from the Lehman Brothers Holding Co. bankruptcy estate.
Reinet Fund S.C.A., a wholly owned subsidiary of Reinet Investments S.C.A. in the Grand Duchy of Luxembourg, will buy the funds from Lehman Brothers Merchant Banking and commit to $230 million to the funds over a three-and-a-half-year period, the firm said.
No further details were provided on the value of the transaction.
The two funds are currently known as Lehman Brothers Merchant Banking Partners IV LP and Lehman Brothers Merchant Banking Partners IV (Europe) LP.
The funds are being purchased from the bankrupt New York financial firm’s private-equity division.
To date, the funds have made investments totaling $800 million in aggregate, and further commitments by limited partners to invest in the funds equal $1 billion, according to a statement from Reinet.
The transaction is expected to have to material impact on the net-asset value of the parent company, the statement said.
Lehman is based in New York.
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