Advisory Business Lehman Brothers Private Fund Advisers, LP (“LBPFA” or the “Registrant”) provides investment advice to private investment funds. LBPFA is an indirect, wholly owned subsidiary of Lehman Brothers Holdings Inc. (“LBHI”) and a related person to numerous LBHI subsidiaries. LBHI is an international financial services firm headquartered in New York. On September 15, 2008, LBHI announced that it filed a petition under Chapter 11 of the U.S. Bankruptcy Code with the United States Bankruptcy Court for the Southern District of New York. Certain subsidiaries, including LBPFA, and other U.S. asset management subsidiaries, were excluded from the Chapter 11 filing. The Board of Directors of LBHI authorized the filing of the Chapter 11 petition in order to protect its assets and maximize value. LBHI emerged from bankruptcy on March 6, 2012. LBPFA was not subject to the bankruptcy case of its parent. https://www.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=560861