Lehman Brothers has closed its fifth venture fund with $365 million (€263 million) in commitments, including a $75 million contribution from the US investment bank.
The oversubscribed fund, which had a $300 million target, will invest in growth-stage technology companies and be managed by a team based in Menlo Park, California and Boston, Massachusetts.
The fund’s limited partners were not disclosed, though investors in the bank’s past venture funds have included the Canada Pension Plan Investment Board and Pennsylvania Public School Employees Retirement System.
One of the firm’s recent venture capital successes was Shoretel’s initial public offering in June. The internet telephony company, of which Lehman owned approximately 23 percent, raised $83 million from the offering and was valued at $433 million, according to Silicon Valley blog Venturebeat.
Lehman Brothers Venture Partners was founded in 1995 and manages $900 million in capital.
Lehman’s venture capital arm is a part of the bank’s 23-year-old private equity business, which includes merchant banking, real estate, credit, infrastructure and fund of funds.