Neuberger Berman Raises $2 Billion for Third Global Private Equity Secondary Fund
November 11, 2013
Alexander Samuelson, 212.476.5392, Alexander.Samuelson@nb.com
Anji Stewart, +44 (0)20 3214 9013, Anji.Stewart@nb.com
NEW YORK, November 11, 2013 – Neuberger Berman Group LLC, one of the world's leading employee-controlled money managers, is pleased to announce the final close of NB Secondary Opportunities Fund III LP ("SOF III"), Neuberger Berman's third global private equity secondary fund. SOF III closed at $2 billion, surpassing its target of $1.6 billion. SOF III is the successor to NB Secondary Opportunities Fund II LP, which had commitments of $1.7 billion.
SOF III seeks to achieve superior risk-adjusted returns through the purchase of seasoned private equity investments from investors seeking liquidity. SOF III has a global mandate and will pursue secondary opportunities in private equity funds, direct investments, co-investments and structured private equity opportunities.
SOF III's investment team is led by Brian Talbot, Tristram Perkins, Ethan Falkove and Benjamin Perl. The team has significant secondary experience and a proven track record dating back to 1991. The investment team leverages a large pool of talent within Neuberger Berman's private equity group, which includes approximately 70 investment professionals in the U.S., Europe and Asia, and 130 investor services professionals.
SOF III's diverse investor base includes corporate and public pension plans, endowments, foundations, insurance companies, family offices and high net worth individuals. Investors are based globally, in regions including North America, Europe, Latin America and Asia.
"We are delighted with the overwhelming support for SOF III from both existing and new investors," said Brian Talbot, global head of secondary investing. "Investors like our strategy of leveraging the global sourcing and due diligence capabilities of a leading asset management firm and our focus on middle market transactions," added Tristram Perkins, managing director.
About Neuberger Berman
Neuberger Berman is a private, independent, employee-controlled investment manager. It partners with institutions, advisors and individuals throughout the world to customize solutions that address their needs for income, growth and capital preservation. Neuberger Berman has more than 1,900 employees worldwide, with approximately 450 investment professionals, offering an investment culture of independent thinking. Founded in 1939, the company provides solutions across equities, fixed income, hedge funds and private equity, and had $227 billion in assets under management as of September 30, 2013. For more information, please visit our website at www.nb.com.