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Business Briefing / Wall Street

Lehman to spin off venture unit

February 25, 2009|Times Wire Reports

Lehman Bros. Holdings Inc. said it planned to spin off its venture capital unit to an investment group that would include managers of the business for an undisclosed price.

Lehman said the venture capital operation would be renamed Tenaya Capital.

The business, with $750 million under management, will be taken over by a group of managers and Boston-based private equity firm HarbourVest Partners. Thomas Banahan, former managing director of Lehman's venture business, will head the new unit.

Lehman, which filed the biggest bankruptcy in U.S. history in September, is liquidating its remaining assets to pay off creditors.

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