Switzerland-based bank Credit Suisse and secondaries fund Willowridge Partners are buying Nortel Networks’ stakes in 20 venture capital funds for nearly $23m, according to a court filing Thursday seen by news provider Dow Jones Daily Bankruptcy Review.
Canada-based Nortel began investing in venture capital funds in 1997, in part to gain access to early-stage communications technology, Dow Jones said after seeing its court papers, but the company filed for bankruptcy protection last year and has been selling its assets.