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Deutsche Bank set to sell private equity unit for E1.5bn20/02/2003. Source: AltAssets. 
 Following months of uncertainty, German Deutsche Bank is set to finalise a deal to sell a large chunk of its private equity portfolio in a management buy-out.
The E1.5bn sale is expected to be backed by a group of investors including NIB, the Canada Pension Plan Investment Board, Ontario Teachers Pension Plan and the Brenninkmeijer family.
Ted Virtue and Graham Clempson, CEO and European managing partner respectively, are leading the buy-out, according to the Financial Times.
It is also likely that Deutsche will announce a new head of private equity, Axel Wieandt, who will be responsible for E3bn of Deutsche's remaining private equity assets.
Many large investment banks have found themselves looking at bruised balance sheets following massive losses made on private equity investments in the late 90s, and are now looking to reduce their exposure to the asset class.
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