Complex sentence: Lehman rebuilt its private equity investment team in the mid- 1990s and by 1997 the group raised LBMB's second fund, Lehman Brothers Merchant Banking II, with $2.0 billion of investor commitments.
Split into simpler sentences: Lehman rebuilt its private equity investment team in the mid- 1990s and by 1997 LBMB was in position to raise a new fund. The group raised LBMB's second fund, Lehman Brothers Merchant Banking II, with $2.0 billion of investor commitments.