NEW YORK - Lehman Brothers Holdings Inc (LEHMQ.PK) is close to selling two of its real estate private equity funds to real estate investment firm PCCP, a spokeswoman for Lehman said on Friday.
The two funds, Lehman Brothers Real Estate Mezzanine Partners I and II, have more than $2 billion in assets and were formed in 2005 and 2007.
News of the potential sale of the funds was earlier reported by the Wall Street Journal, and later confirmed to Reuters by Lehman's spokeswoman.
U.S. investment bank Lehman filed for bankruptcy protection in September 2008, after trying to finance too many assets with too little capital.
It has been selling various assets since then, including the sale of its prized asset management unit Neuberger Berman a year ago to a team consisting of Neuberger's management.
Deals it has struck so far include selling its merchant banking unit to Luxembourg-based investment company Reinet InvestmentsREIT.LU, controlled by South African billionaire Johann Rupert, and management.
It also agreed to sell its venture capital business to a group led by the unit's management team and investment firm HarbourVest Partners, and struck a separate deal to sell its Lehman Brothers CDO Opportunity funds to asset manager Zais Group LLC.
Lehman is still to complete deals to sell the remaining private equity-related assets, Real Estate funds II and III, and European Mezzanine Partners 2003.
PCCP has more than $4 billion in assets under management, according to its website.