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Press Release

Railpen Awards Securitised Credit Mandate to Neuberger

London, August 6, 2025 – Railpen, one of the largest pension funds in the UK, has awarded a securitised credit mandate to Neuberger Berman – a private, independent, and employee-owned investment manager. It builds on an existing strategic partnership between the two firms and will provide Railpen with additional exposure to liquid securitised credit.

The mandate, structured as a Qualifying Investor Alternative Investment Fund (QIAIF) within the Neuberger Berman Investment Funds II plc umbrella, primarily invests in securitised debt securities – including collateralised loan obligations (CLOs), asset-backed securities (ABS) commercial mortgage-backed securities (CMBS) and mortgage-backed securities (RMBS).

The portfolio will be co-managed by Joe Lynch, senior portfolio manager for multisector fixed income, Pim van Schie, senior portfolio manager for structured credit, and Jose Pluto, portfolio manager for securitised products. Neuberger manages over $50bn in securitised credit globally.

Railpen, which manages around £34bn of assets on behalf of over 350,000 members, is committed to investing securely and sustainably. The continued partnership with Neuberger reinforces Railpen’s commitment to securing its members’ future.

The mandate adds to an existing partnership between Railpen and Neuberger, which saw a £2bn multi-asset credit strategy launch in July 2024. The additional allocation to securitised credit will increase this partnership to above £3bn.

Ed Jones, Head of UK Institutional client business at Neuberger, says: “This extension of our relationship with Railpen is a testament to the successful collaboration we have built, both operationally and through our investment approach. We are pleased to continue this partnership through the new securitised credit solution.”

Craig Heron, Director of Public Markets at Railpen, says: “Neuberger’s deep expertise in credit helps Railpen to deliver long-term value for our members. In today’s complex investment environment, it is essential to work with partners who not only bring strong technical capabilities but also understand the evolving needs of institutional investors. I’m pleased that Kunaal Vora and the team at Railpen were able to deliver this addition to the partnership with Neuberger.”

About Neuberger

Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $538 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger's investment philosophy is founded on active management, fundamental research and engaged ownership. The firm has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information, including www.nb.com/disclosure-global-communications for information on awards. Data as of June 30, 2025.

About Railpen

Railpen Limited acts as the administrator of the railways pensions schemes, and Railpen Pension Investments Limited (RPIL) as the investment manager and they are responsible for the management of around £34bn. They run the railways pension schemes on behalf of their parent, the Railways Pension Trustee Company Limited (RPTCL).

RPIL is authorised and regulated by the Financial Conduct Authority (FCA).

Media Contacts:

Fiona Kehily, +44 (20) 3214 9087, Fiona.Kehily@nb.com

Emma Barry, +44 7880 4878, Emma.Barry@railpen.com