To this end
The fund expects to purchase a portfolio for an aggregate purchase price of approximately US$237.8m, and assume related unfunded commitments aggregating approximately US$365.4m.
Lehman Brothers will join a select few who have listed fund-of-funds in Europe: Pantheon International Participations, Bear Stearns Asset Management, Robeco Private Equity, F&C Investments, AIG Private Equity, Shape Capital, Castle Private Equity, Princess Private Equity Holding and Partners Group Global Opportunities Fund are all examples.
Listed fund-of-funds can have a hard time attracting new investors. The market is discounted to cash, i.e. the NAV of the stock is discounted from day one, so for investors it makes more sense to invest in an existing fund, one with assets already. Hence LBPE attempts to overcome this obstacle by investing straight away.