Lehman's $3.4B Property Fund To Seek New Sponsor

Law360, New York (October 20, 2008, 12:00 AM EDT) -- A $3.4 billion fund set up by Lehman Brothers Holdings Inc.'s private equity team to invest in global real estate is reportedly looking for a new partner to take over the 20 percent stake owned by the failed investment bank, or the fund's managers may have to pony up $780 million to purchase Lehman's interest themselves.

Although the private equity unit that manages the fund is legally separate from the investment bank that filed for bankruptcy in September, the fund is run by bank staff who...
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