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Lehman Brothers raises $500m in fund of funds IPO18/07/2007. Source: AltAssets. 
 Lehman Brothers Private Equity Partners has announced the successful IPO of its shares on Euronext Amsterdam. The company has achieved its target of raising $500m through a placing of 50 million shares at $10 per share.
In addition, LBPE has granted the Sole Global Coordinator an over-allotment option of up to $50 million, or 5 million shares.
The proceeds of the IPO will be committed to a diversified portfolio of private equity fund investments and certain direct private equity investments selected by Lehman Brothers' private equity business.
LBPE expects to acquire a portfolio of private equity assets diversified across private equity asset class, geography, industry, vintage year and sponsor for an aggregate purchase price of approximately $260.5m, and assume related unfunded commitments aggregating approximately $354.1m.
In addition to bearing the IPO costs, Lehman Brothers has undertaken to subscribe to $145m of LBPE shares in the IPO, which will be subject to a three-year lock-up.
Lehman Brothers' private equity business, started in 1984, has assets under management of approximately $20bn and consists of 17 different fund strategies across six asset classes: merchant banking, venture capital, real estate, fund of funds, credit and infrastructure.
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