The units from its Bank of Scotland Integrated Finance (BOSIF) division will be transferred to a new joint venture company named Cavendish Square Partners LP.
Lloyds will have a 30 per cent stake in Cavendish Square, with the remaining 70 per cent owned by Coller Capital.
Coller's majority stake has been valued at Â£332 million, on the basis that the entire portfolio is worth in the region of Â£480 million.
Included in the investment are stakes in companies such as shirtmaker TM Lewin and Vue Cinemas.
The current BOSIF management team in charge of the assets is to be retained as part of the agreement, to ensure continuity in the day-to-day running of the portfolio.
Truett Tate, Lloyds Group executive director for wholesale, said: "Through this transaction, we are crystallizing value in these investments whilst retaining an interest in the investee companies with which we have had positive relationships for several years.
"This deal will ensure that we share in any future upside of our investments."
He added that he believes the way the agreement has been structured will provide "stability and support" for the affected investee companies.
Last year, Lloyds - which has received bailout funding from the British government - was ordered by the European Commission to divest itself of assets as part of rules designed to safeguard competition, reports BBC News.
In the past 12 months, the bank has focused on ridding itself of units deemed not to be crucial to its core operations.
More than Â£750 million has been raised in the period from the sale of six business divisions.
The bank is still 41 per cent owned by the British taxpayer as a result of the money it received from the government during the financial crisis.
By Tony Aynsley