Deals

The UK private equity firm has made its debut Spanish and solar investments with the acquisition of stakes in three photovoltaic plants in a secondaries transaction.

Euronext-listed fund of funds Lehman Brothers Private Equity Partners is changing its name to NB Private Equity Partners and will help its bankrupt parent company unload 14.5 million shares in secondary transactions beginning in mid-2010.

A management group from Lehman Brothers Venture Partners will spin-out to become Tenaya Capital, which will have $750m in capital and 45 portfolio companies. HarbourVest completed a synthetic secondary transaction as part of the spin-out.

Secondaries specialist Coller Capital was the largest investor in the listed fund of funds’ recent rights issue, having picked up 50 million shares. The investment was made from Coller's fifth fund, which is around 55% deployed; the firm is expected to raise up to $6bn for Fund VI later this year.

AAC Capital Partners, the former ABN AMRO buyout team, has secured €950m for further acquisitions from investors including Goldman Sachs, the CPPIB, AlpInvest and Adams Street.

The £15bn UK charity is particularly interested in direct secondary deals as it manages and rebalances its alternatives portfolio, Peter Pereira Gray, Wellcome deputy chief investment officer, said at the PERE Forum in New York yesterday.

The $37bn university endowment will make substantial cutbacks to its private equity portfolio, which one secondary investor calls a 'sophisticated' move to sell before other LPs do the same.

Goldman Sachs, Coller Capital and Lexington Partners are reportedly among the groups considering bids for Lehman Brothers’ investments in US and European private equity funds.

The UK technology secondaries specialist will become the new manager of the €36m Lynx Capital Ventures fund, formerly operated by London-based Bear Stearns Asset Management.

The private equity secondaries firm has purchased its first portfolio made up exclusively of Latin American companies from Buenos Aires, Argentina-based Pegasus Capital. The transaction is the first for Paul Capital’s São Paulo office.