Hellman & Friedman related stories
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Lehman buyout arm to spin outLehman Brothers Merchant Banking will partially spin out as an independent firm, while the failed bank will retain ownership of a portion of the funds. Limited partners in Lehman’s most recent buyout fund have been given the option to reduce unfunded commitments by 25%.
- LPs gear up for Lehman asset sell-off
LPs in Lehman's private equity funds have retained Kirkland & Ellis and private equity advisor StepStone to guide them through the auction of Lehman's venture and private equity funds. The bank hopes to close deals in the first quarter of 2009.
- Carlyle declines to bid for Neuberger
The global buyout firm had objected to the $2.15bn bid submitted by Bain Capital and Hellman & Friedman and said the bankruptcy auction process was driving away alternative bidders.
- Lehman group wins Neuberger auction
A management group from Lehman Brothers beat out a $2.15bn bid from Bain Capital and Hellman & Friedman for the bank's investment management division, which includes infrastructure and some private equity businesses.
- Pennsylvania delays follow-on commitments
The $29.3bn Pennsylvania State Employees’ Retirement System has put off approving commitments to two private equity and two venture funds, including Hellman & Friedman’s latest vehicle. The pension reported an investment return of -14.4% through the third quarter.
- Asia Alternatives closes second FoF on $950m
The San Francisco- and Hong Kong-based firm has closed its second fund $100m higher than its initial target, but slightly shy of the $1bn close anticipated. The fund will focus on fund investments in China, Japan, Korea and India.
- New York pension commits $110m to minority-led funds
The New York State Common Retirement Fund has for the first time backed female-founded Asia Alternatives as well as African American-led GenNx360 Capital. The pension estimates a 20% loss since April.
- Carlyle says $2bn Neuberger bid too low
The Washington, DC-based firm wants to outbid Bain and Hellman & Friedman for Lehman’s investment management unit, but has said provisions in the sales agreement including a $110m break-up fee will have a chilling effect on additional bidders.
- Lehman Brothers Real Estate not part of Neuberger deal
Lehman's private equity real estate arm is not part of the $2.1bn deal by Bain Capital and Hellman & Friedman to acquire the investment bank's prized asset management business, Neuberger Berman. Lehman's private equity funds of funds and secondaries units will be sold.
- Lehman’s $30bn PE and RE portfolio still up for grabs
As British bank Barclays snaps up Lehman’s core investment banking businesses, the fate of the bankrupt bank’s investment management division including its private equity and real estate portfolio has yet to be sealed.