While many institutional investors are exiting their troubled private equity holdings, Johann Rupert, the South African billionaire, joined forces with managers from Lehman Brothers Merchant Banking Partners to buy it out of the bank.
The rebirth of LBMB, which came close to collapse after Lehman's bankruptcy last October, highlights how private equity's long-term financing can help it survive tough conditions.
Last night votes were being counted from 320 investors in LBMB, which is expected to have about $3.4bn of assets under management, mostly in the US and Europe. It is expected to secure the necessary majority to survive under new owners.
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