Lehman Brothers Holdings, which filed for bankruptcy protection in September, on Tuesday said it would spin off its venture capital business into an independent entity run by its current management team and partly funded by HarbourVest Partners, a private equity fund-of-funds.

The sale will free up cash for Lehman’s creditors and rid the Lehman estate of its stakes as a general partner and limited partner in the business. Lehman, which did not disclose the deal’s price, said it was entitled to future payments tied to the venture capital unit’s performance.