Lehman Brothers Holdings' venture capital arm will spin out into an independent firm, the latest move in the bankrupt New York securities firm's plan to shed assets and raise cash to pay back creditors.

The new firm will change its name from Lehman Brothers Venture Partners to Tenaya Capital and will have $750m under management. The unit holds stakes in 47 technology companies, from shoe Web site Zappos.com to online billing system Zuora Inc. It has offices in Boston and Silicon Valley.