Big funds invade each other's space

Lehman Brothers is about to close a $1.5 billion private equity fund, which will only co-invest, to not unduly anger their private equity fund clients. Citigroup is also closing soon a similar $2.5 billion co-investment fund. I guess the home runs that Goldman Sachs and Merrill Lynch were hitting were too much to stomach. For their part, private equity funds are increasingly forming their own hedge funds.

> Here's The New York Times article.