ETF News

UPDATE 1-Lehman in deal to sell venture capital unit

* Buyers are management, HarbourVest

* Unit to be renamed Tenaya

NEW YORK, Feb 24 (Reuters) - Lehman Brothers Holdings Inc LEHMQ.PK said on Tuesday it struck a deal to sell its venture capital business to a group led by the unit's management team and investment firm HarbourVest Partners. The price was not disclosed.

The unit will be renamed Tenaya Capital and will have $750 million under management and about 45 portfolio companies.

Lehman Brothers filed for bankruptcy protection in September after trying to finance too many risky assets with too little capital. It has been selling various assets since then, including December’s sale of its prized asset management unit Neuberger Berman to a team consisting of Neuberger’s management. (Reporting by Megan Davies; editing by John Wallace)