Former Lehman listed FoF joins LPEQ

NB Private Equity, an Amsterdam-listed fund of funds, has joined a European organisation of listed private equity vehicles a month after it changed its name.

Listed fund of funds NB Private Equity Partners (NBPE) – until recently Lehman Brothers Private Equity – has joined listed private equity group LPEQ brining its member count to 15.

The fund changed its name to LBPE last month to “symbolise a break from its parent company [Lehman]”, after its management was adopted by Lehman subsidiary Neuberger Berman Alternatives.

NB Alternatives’ managing director, Peter Von Lehe, said the LPEQ platform would help its investors to “get the message out” about the returns available for listed private equity.

LPEQ chairman and HgCapital chief, Ian Armitage, welcomed NBPE in statement which said that private equity has never been more valuable given the scarcity of debt for business funding.

The group’s membership has gone up by 50 percent in the past year with the addition of five new firms: Dinamia Capital Privado; Conversus Capital; Deutsche Beteiligungs; Princess Private Equity; and NBPE.

NBPE, which was listed on the Euronext Amsterdam in July 2007, was worth $417 million on 31 March 2009. Lehman has been in the process of selling its private equity, venture capital and real estate funds since filing for bankruptcy in September, and NBPE may be sold in secondary transactions as part of this process next year, according to remarks made by Von Lehe last month. Lehman acquired a 28 percent stake in the funds for $145 million in 2007, and is tied into ownership until 2010.