Lehman Preps Fund of Hedge Funds

Apr 15 2008 | 10:14am ET

Lehman Brothers is raising a fund to invest in hedge fund management firms, following in the footsteps of Goldman Sachs.

New York-based Lehman will invest $1 billion of the roughly $3 billion it hopes to raise for the fund, Reuters reports. The new vehicle, which will be managed from New York and London, will take stakes in “good-quality” hedge fund firms.

Last year, Goldman launched its Petershill private equity fund with US$500 million. The fund, managed from London by Jonathan Sorrell, has taken stakes in three hedge fund managers, including Winton Capital Management.

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