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Neuberger Berman racks up $4.9bn for fifth secondary fund

Tuesday, September 20, 2022

Laxman Pai, Opalesque Asia:

Neuberger Berman Group, a private, independent, employee-owned investment management firm, closed its fifth global private equity secondary fund, the NB Secondary Opportunities Fund V (SOF V ) at $4.9 billion, far exceeding its target of $3 billion.

According to a press release from the New York-based investment manager, SOF V is the successor to NB Secondary Opportunities Fund IV, which had commitments of $2.5 billion.

SOF V's diverse investor base includes corporate and public pension plans, sovereign wealth funds, endowments, foundations, insurance companies, family offices, and high net worth individuals. Investors are global, including from North America, Europe, Asia, and Latin America.

Investors in the fund include Vermont State Retirement Systems, Montpelier; Alaska Retirement Management Board, Juneau; and Milwaukee City Employes' Retirement System.

Tristram Perkins, Global Co-Head of Secondaries, said, "We are grateful to both existing and new investors for the confidence they have placed in our team and the support they have shown us. We are excited by the market opportunity, which continues to grow rapidly across both traditional LP and complex GP-led secondaries. We remain focused on delivering long-term results for our limited partners."

The fund will be led by the same senior leadership team as SOF IV, consisting of Peter Bock, Ethan Falkove, Frank Guglielmo, Boriana Karastoyanova, Victor Ko, Philip......................

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