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Lehman Brothers closes private equity fund of funds on $1.5bn18/06/2007. Source: AltAssets. 
 New York-headquartered investment bank Lehman Brothers has raised $1.5bn for its latest private equity fund of funds vehicle, Lehman Crossroads Fund XVIII. The new fund seeks to invest in leveraged buy-out, venture capital and special situations funds in the Americas, Europe and Asia. It is also allowed to commit up to 20 per cent of its capital to co-investment and secondary transactions.
Lehman Crossroads Fund XVIII includes more than $130m from Lehman Brothers and its employees.
John Buser, managing director and head of the fund of funds team, said, 'Over 40 investment professionals are focused on the deployment of Fund XVIII's capital into primary, secondary and co-investments.'
Lehman Crossroads Fund XVIII has already committed to more than 50 private equity funds, the firm said in a statement.
The new fund brings Lehman Brothers' total private equity funds now under management to approximately $19bn.
Lehman Brothers' Investment Management Division encompasses three global businesses: private equity, private investment management, and the asset management business.
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