US-based private equity firm Lexington Partners has acquired a tranche of Lucent Technologies’ corporate pension fund’s venture and buyout holdings, reports the Daily Deal.
Lucent, which has undertaken a major restructuring program following eight consecutive quarterly losses, is reported to have received $575m for 81 limited partnership interests in 56 private equity funds. The price is believed to include Lucent's capital commitments to funds that it has not paid down.
The buyer is Lexington Partners, a US secondary buyout specialist which in late 2000 completed the secondary purchase of Chase Capital Partners' limited partner interests for $1bn alongside Hamilton Lane.
The auction was managed by Credit Suisse First Boston and is Lucent’s second private equity asset sale since January, when it sold the majority of its corporate venture portfolio for about $100m to UK secondary specialist Coller Capital.
The firm independently manages secondary funds with $2.6bn in committed capital and co-manages six secondary funds with committed capital of $1.2bn. The firms independently managed funds make investments in buyout, venture capital, mezzanine and international limited partnerships.