Lehman offloads two private-equity funds

A Luxembourg investment partnership has agreed to purchase two private-equity funds from Lehman Brothers Holdings Inc.’s bankruptcy estate. Reinet Fund SCA, a wholly owned subsidiary of Reinet Investments SCA in the Grand Duchy of Luxembourg, will buy the funds from Lehman Brothers Merchant Banking and commit $230 million to them 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 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, and $1 billion has been committed to the funds by limited partners, according to a statement from Reinet. The transaction is expected to have no material impact on the net asset value of the parent company, according to the statement.