The private equity arm of failed US investment bank Lehman Brothers, Lehman Brothers Private Equity Partners, has executed a new lock-up agreement for the shares owned by an affiliate and now operates under the new name NB Private Equity Partners.
The agreement relates to 14.5 million shares of LBPE which were purchased by Lehman Brothers in the IPO in July 2007. In connection with the IPO, the shares were subject to a lock-up agreement due to expire on 18 July 2010.
Under the terms of the new agreement, for a period of 18 months following the lock-up expiration, the investment manager will use all reasonable efforts to assist Lehman Brothers in selling its shares in up to three marketed secondary transactions.
The new moniker reflects the name of the investment manager, NB Alternatives Advisers, following the sale of the investment manager to Neuberger Berman Group. The name and ticker symbol changes for LBPE, which will become NBPE, are expected to be completed in approximately two weeks.
LBPE is a closed-end private equity fund of funds investment company listed on Euronext Amsterdam on 25 July 2007, raising a total of $542.1 million. LBPE holds a diversified portfolio of private equity fund investments and certain direct co-investments, diversified across private equity asset class, geography, industry, vintage year and sponsor, selected by the NB Alternatives group of Neuberger Berman.
D.C.