1 Neuberger Berman was ranked 10 out of 300 Private Equity firms in Private Equity International's PE 300 ranking in 2021. https://www.privateequityinternational.com/pei-300/The Private Equity International (“PEI”) 300 is based on the amount of capital raised from non-affiliated institutional investors by private equity firms over the past five years (January 1, 2015 – March 31, 2020) for direct investments including diversified private equity, buyouts, growth equity, venture capital and turnaround or control-oriented distressed investment capital. Capital raised is capital definitively committed to a private equity direct investment program with a final or official interim close after January 2015. The full amount of capital committed to a fund is counted if a close occurred after January 2015 and the full amount of an interim close is included if the close occurred recently (even if no official announcement has been made). Co-investment, separate account, and GP capital raises are included. Firms must have at least $1.4 billion in order to be eligible for the ranking. The ranking is not a performance ranking, does not track the value of assets under management at any given point in time, nor does it constitute investment recommendations. NB Private Equity did not pay a fee to participate in this ranking. Awards and ratings referenced do not reflect the experiences of any Neuberger Berman client and readers should not view such information as representative of any particular client’s experience or assume that they will have a similar investment experience as any previous or existing client. Awards and ratings are not indicative of the past or future performance of any Neuberger Berman product or service.
2 Average annual retention over from 2017 through December 2022 of Senior Investment Professionals (Managing Directors and Principals) within NB Private Markets. Computed as number of departures over total number of senior investment professional senior team only. Subject to Neuberger Berman’s policies and procedures, including certain information barriers within Neuberger Berman that will, from time to time, limit communications between the NB Private Markets team and the public side investment and ESG teams.
3 The Asset Management Awards are designed to recognize outstanding achievement in the UK/European institutional and retail asset management spaces. The Asset Management Awards’ judging is undertaken by a group of judges with expertise across the UK/European institutional and retail asset management spaces. Each judge reviews submitted entry material and then scores the entries out of a total of score of 10 providing their reasoning as to why they have submitted that score. Two judges analyze each category and the firm with the highest overall score wins that category. Votes are verified by Insurance Asset Management’s editorial team. The award does not constitute an investment recommendation. NB Private Equity did not pay a fee to participate. Awards and ratings referenced do not reflect the experiences of any Neuberger Berman client and readers should not view such information as representative of any particular client’s experience or assume that they will have a similar investment experience as any previous or existing client. Awards and ratings are not indicative of the past or future performance of any Neuberger Berman product or service.
4Private Equity Wire, a specialist industry publication in Europe launched these awards to showcase excellence among industry participants. The publication partnered with Bloomberg to create a clearly defined methodology for selecting the award winners. Shortlists were created by Bloomberg from a fund manager universe including all funds managed by European-domiciled GPs with a minimum fund size of $100 million. Asset band grouping thresholds were based on individual fund sizes – not overall GP assets under management in a category. Funds were grouped according to category and vintages from 2013 to 2018 and ranked on the basis of their net IRR. GPs with more than one fund ranked among the top performers across multiple vintages within any category were shortlisted. Winners from each category were then decided by majority vote from the publication’s readers. The award does not constitute an investment recommendation. NB Private Equity did not pay a fee to participate. Awards and ratings referenced do not reflect the experiences of any Neuberger Berman client and readers should not view such information as representative of any particular client’s experience or assume that they will have a similar investment experience as any previous or existing client. Awards and ratings are not indicative of the past or future performance of any Neuberger Berman product or service.
5For illustrative and discussion purposes only. PRI grades are based on information reported directly by PRI signatories, of which investment managers totaled 3,404 for 2021, 1,924 for 2020, and 1,119 for 2019 . Note that scores for the 2021 reporting cycle cannot be compared to previous years due to the change in PRI assessment methodology. Unlike previous years, the indicator scores are assigned one of five performance bands (from 1 to 5 stars) instead of six performance bands (from A+ to E). All PRI signatories are eligible to participate and must complete a questionnaire to be included. The underlying information submitted by signatories is not audited by the PRI or any other party acting on its behalf. Signatories report on their responsible investment activities by responding to asset-specific modules in the Reporting Framework. Each module houses a variety of indicators that address specific topics of responsible investment. Signatories’ answers are then assessed and results are compiled into an Assessment Report. Neuberger Berman pays a fee to be a member of PRI and the grades are only available to PRI members. Ratings referenced do not reflect the experiences of any Neuberger Berman client and readers should not view such information as representative of any particular client’s experience or assume that they will have a similar investment experience as any previous or existing client. Awards and ratings are not indicative of the past or future performance of any Neuberger Berman product or service. Moreover, the underlying information has not been audited by the PRI or any other party acting on its behalf. While every effort has been made to produce a fair representation of performance, no representations or warranties are made as to the accuracy of the information presented, and no responsibility or liability can be accepted for damage caused by use of or reliance on the information contained within this report. Information about PRI grades is sourced entirely from PRI and Neuberger Berman makes no representations, warranties or opinions based on that information.
6European Pensions, a leading publication for pension funds across Europe, launched these awards to give recognition to and honor the investment firms, consultancies and pension providers across Europe that have set the professional standards in order to best service European pension funds over the past year. Judging is undertaken by a group of judges with expertise across the European pension fund space. Each judge reviews submitted entry material and then scores the entries out of a total of score of 10 providing their reasoning as to why they have submitted that score. Two judges analyze each category and the firm with the highest overall score wins that category. Votes are verified by the European Pensions’ editorial team. The award does not constitute an investment recommendation. NB Private Equity did not pay a fee to participate. Awards and ratings referenced do not reflect the experiences of any Neuberger Berman client and readers should not view such information as representative of any particular client’s experience or assume that they will have a similar investment experience as any previous or existing client. Awards and ratings are not indicative of the past or future performance of any Neuberger Berman product or service.
7The ESG integration processes described apply solely to the Private Equity Investment Portfolios and Co-investment Platform and Private Equity Secondary Platform ("NB Private Equity").
8Subject to Neuberger Berman’s policies and procedures, including certain information barriers within Neuberger Berman that are designed to prevent the misuse by Neuberger Berman and its personnel of material information regarding issuers of securities that has not been publicly disseminated.
All information is as of September 30, 2023 unless otherwise indicated. Firm history and timelines includes the history and business expansions of all firm subsidiaries, including predecessor entities and acquisition entities. Investment professionals referenced include portfolio managers, research analysts/associates, traders, and product specialists and team-dedicated economists/strategists.
This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. Investing entails risks, including possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.
Firm data, including employee and assets under management figures, reflect collective data for the various affiliated investment advisers that are subsidiaries of Neuberger Berman Group LLC (the “firm”). Firm history and timelines includes the history and business expansions of all firm subsidiaries, including predecessor entities and acquisition entities. Investment professionals referenced include portfolio managers, research analysts/associates, traders, and product specialists and team dedicated economists/strategists.
This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions.
ESG-RELATED DISCLOSURES
The use of ESG factors could result in selling or avoiding investments that subsequently perform well or purchasing Investments that subsequently underperform.
NB Private Markets consists of the following investment strategies that are classified as ESG-Integrated by the Neuberger Berman ESG Product Committee: Private Equity Investment Portfolios and Co-investment Platform, Private Equity Secondary Platform, Almanac ARS Funds, Private Credit Platform, Marquee, NB Insurance-Linked Strategies Platform, Renaissance, Athyrium, and NBAIM Fund-of-Funds Platform. Unless explicitly noted, the ESG integration processes described herein apply solely to the Private Equity Investment Portfolios and Co-investment Platform and Private Equity Secondary Platform (“NB Private Equity”).
This material is intended as a broad overview of the portfolio managers’ style, philosophy and process and is subject to change without notice. Many of the-firm level processes described herein are subject to Neuberger Berman’s policies and procedures, including certain information barriers within Neuberger Berman that are designed to prevent the misuse of material information between the NB Private Markets teams and the public side investment and ESG teams.
NEUBERGER BERMAN NET ZERO MATRIX™ DISCLAIMER
In 2022, Neuberger Berman (“NB”) engaged Ortec Finance (“Ortec”) to assist in the production of the Neuberger Berman Net Zero Matrix™ powered by Ortec Finance ClimateALIGN (“the Matrix”). The resource is intended as an educational tool to engage with GPs to understand net zero alignment and decarbonization pathways with portfolio companies. The Matrix is comprised of information from Ortec and a variety of other sources. Specifically, Ortec ClimateMAPS and Ortec ClimateALIGN comprise key portions of the Matrix. Ortec ClimateMAPS seeks to capture exposure to systemic, economic and financial climate risks. Ortec ClimateALIGN purports to monitor alignment with net zero goals by 2050, based on sector and region. Ortec also contributes emissions data from public sources. Please see the Ortec Finance Disclaimer for additional information.
Please note that the Matrix relies on information provided by Ortec and other third-party sources. Neither Neuberger Berman nor its affiliates make any representation or assume any responsibility as to the accuracy or completeness of such information. Please also note that the assumptions referenced above represent key components of the Matrix and any change in these assumptions may produce materially different results. It should also be noted that much of the information depends on publicly available ESG data, and the same information may not be available for private companies. As such, there should be no reliance placed on the Matrix in making any investment decision. The Matrix is presented for illustrative and educational purposes only and is not intended as a promise or prediction of performance.
Ortec Finance ClimateALIGN Methodology
Ortec Finance’s ClimateALIGN methodology leverages E3ME, an advanced macro-economic model by Cambridge Econometrics, coupled with Ortec Finance’s own internal model OFS, a robust and realistic stochastic financial model, to power its ClimateMAPS scenarios. Built on 500+ sector-region modeled combinations that cover the entire economy and planet, Ortec Finance’s granular climate scenarios provide insight based on a sectoral decarbonization approach (SDA) to allow for distinct decarbonization pathways per sector-region combination.
The ClimateALIGN methodology builds on Ortec Finance’s methodological contribution to OS-Climate’s Portfolio Alignment tool, this tool is in line with standards and best practices set by the Task Force on Climate-Related Financial Disclosures (TCFD)’s Portfolio Alignment Team (PAT) and the Glasgow Financial Alliance for Net Zero (GFANZ). OS-Climate is a membership-based organization including a breadth of stakeholders such as the Net Zero Asset Owner Alliance. By building on top of an open-source methodology, ClimateALIGN leverages pre-competitive market collaboration and transparency to accelerate portfolio alignment analytics in the financial sector. ClimateALIGN’s underlying methodology incorporates both a company’s historical carbon footprint / emissions and a company’s ambitions / targets to reduce emissions in the future.
The “Neuberger Berman” name and logo, including without limitation “Neuberger Berman Net Zero Matrix,” are registered service marks of Neuberger Berman Group LLC.
