New York – February 24, 2009 (LAWFUEL) – Debevoise & Plimpton LLP advised HarbourVest Partners, LLC in the sale by Lehman Brothers Holdings Inc. (LBHI) of its Lehman Brothers Venture Partners business (LBVP) to a group comprised of the current management team and funds managed by HarbourVest Partners, LLC for an undisclosed amount.
LBHI will transfer both general partner and limited partner stakes in the transaction and receive both cash consideration and certain other performance-related payments tied to the ongoing success of the funds. As of the closing of the transaction, LBVP has changed its name to Tenaya Capital and will have approximately $750 million under management and approximately 45 portfolio companies.
HarbourVest Partners, LLC is a leading global private equity investment firm. Debevoise & Plimpton LLP is a leading international law firm with offices in New York, Washington D.C., London, Paris, Frankfurt, Moscow, Hong Kong and Shanghai.
The Debevoise team is led by partners Andrew L. Bab and David J. Schwartz and includes partner Adele M. Karig, counsel Jane Engelhardt and associates Yehuda Y. Halpert, Timothy S. Long and Jaesuk Yoo.