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Bailey McCann, Opalesque New York: Neuberger Berman has closed its fourth and largest secondaries fund to date on $2.5 billion. The fund beat its $2 billion target after under a year in market. SOF IV, which launched in April 2016, is the successor to NB Secondary Opportunities Fund III LP, which closed in 2013 and had commitments of $2.0 billion.
SOF IV has a global mandate and will pursue secondary opportunities in private equity funds, direct investments, co-investments and structured private equity opportunities.
The fund will make investments between $20 and $500 million.
New York-based Neuberger Berman manages approximately $40 billion in assets spread across private equity and secondaries investments. The broader $225 billion firm manages portfolios for institutions and advisors across all asset classes. Known investors in the new secondaries vehicle include the City of Milwaukee Employes' Retirement System which invested $25 million in early 2016 and the Oregon State University Foundation which invested just over $1.9 million.
This is the second fund close for the firm in a few months. In October, Neuberger closed its second private credit fund on $750 million. That fund invests in the junior debt of private equity-backed companies, including unitranche loans, second lien loans, and mezzanine debt securities.
Neuberger Berman manages approximately $2.3 billion of committed capital focused on investing in the credits of private-equity bac...................... To view our full article Click here
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