Pension Funds, Endowments Not The Only LPs Unloading Interests
Harvard, Columbia and University of Virginia don’t get to have all the fun. There’s another type of secondary sellers: Feeder funds. Plenty of the bulge bracket investment banks manage private equity funds-of-funds for their wealthy client investors, and those clients want out of their commitments. JP Morgan is one name rumored to be shopping a number of interests in private equity feeder funds. Lehman Brothers Neuberger Berman, is another. Lehman’s fund management business and its wealth management businesses are actually owned by different entities now—Neuberger manages the feeder funds, but Barclays has the wealth management operation.
9 January 2009•2 mins read
