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Laxman Pai, Opalesque Asia: Asset management giant Neuberger Berman has raised more than $300m for the final close of the first NB Specialty Finance Fund.
Neuberger Berman Specialty Finance (NBSF), an alternative credit offering of the $357 billion asset manager, said that it attracted committed capital from a global investor base that includes insurance companies, pension funds, asset managers, RIAs, and family offices.
The Fund's objective is to complement more traditional private debt strategies by seeking to generate attractive current income via short duration transactions. Fintech companies are often at the center of the group's efforts and direct relationships, said a press release.
The group generally targets investment partnerships primarily focused on consumer and small business related receivables and structures the transactions through a mix of forwarding flow agreements, secured credit facilities, and equity investments, it said.
"Following several successful alternative credit strategy launches over the past several years, Neuberger Berman recruited Peter Sterling, an industry veteran with nearly 20 years of experience, to establish and grow NBSF in 2018. The group has leveraged the team's venture, entrepreneurial, and banking networks to secure proprietary deal flow across traditional banks, non-banks and fintech originators," the release said.
Peter Sterling, Head of NB Specialty Finance said, "As private credit offerings continu...................... To view our full article Click here
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