Lehman Venture Capital Firm Spinoff
Tenaya Capital is a new venture capital firm that is a spin off from the infamous bankrupt firm Lehman Brothers Holdings Inc. In 2009 Tenaya raised its first fund as an independent firm, and it now aims to raise $300 million for Tenaya Capital VI LP. The fund plans to make mid to late-stage venture investments in technology companies. Lehman's venture team founded Tenaya capital, and brought with it $750 million in assets to manage as well as stakes in 47 technology companies.
These existing funds that were transferred to the new company are currently generating an 11% to 23% gross internal rate of return. Tenaya has already witnessed a few liquidity events in its short lifetime, inclkuding last summer's IPO of Green Dot Corp. and the sale of chipmaker Wintegra Inc. to broadband semiconductor company PMC-Sierra Inc. Tenaya currently holds small stakes in video game rental service GameFly Inc and travel company Kayak Software Corp, which are both in line to IPO.