GP-Leds

The firm’s secondary team, which has committed 75% of its $2.9bn Fund VII, has jointly funded the spin-out of a German VC group whose new media portfolio includes some high profile companies like Groupon.

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.