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Press Release

Italian Pension Fund Consortium Extends Private Equity Mandate With Neuberger Berman

Luxembourg, November 2, 2023 - Neuberger Berman, a private, independent, employee-owned investment manager, has agreed on a further capital commitment of €115 million from four Italian defined contribution (DC) pension funds – Foncer, Fondo Gomma Plastica, Pegaso and Previmoda, to be allocated to private equity funds. These four pension funds are part of the consortium of funds that in 2019 launched a project called ‘Project Iris’ or ‘Progetto Iride’, which, after a public tender, appointed Neuberger Berman as the manager to run a joint private equity mandate, originally totalling €216 million.

The additional commitments will be invested in buyout and growth strategies through Alternative Investment Funds (AIFs). The program will focus on Europe with also the goal to attain a significant exposure to companies headquartered in Italy. At least 70% of the additional capital will have to be allocated to AIFs that at the time of subscription, are classified as article 8 or 9 as per the Sustainable Finance Disclosure Regulation (‘SFDR’). Neuberger Berman will be able to invest in its own or third-party funds via the primary or secondary markets with the aim of maximising returns.

Alberto Salato, head of Southern Europe at Neuberger Berman, says: “The extension of our mandate with the pension funds that participated in ‘Progetto Iride’ rewards us for an attractive performance in line with the set objectives and our efficiency in managing the complex technical aspects including investment execution and reporting.

“Success is also based on the depth and breadth of Neuberger Berman’s private markets platform built over more than 35 years’ of private markets experience. Neuberger Berman managed more than $120 billion in private markets commitments as of June 2023, of which more than $50 billion in custom private markets programs.”

About Neuberger Berman

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. Neuberger Berman’s investment philosophy is founded on active management, engaged ownership and fundamental research, including industry-leading research into material environmental, social and governance factors. Neuberger Berman is a PRI Leader, a designation awarded to fewer than 1% of investment firms. With offices in 26 countries, the firm’s diverse team has over 2,750 professionals. For nine consecutive years, Neuberger Berman has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). The firm manages $439 billion in client assets as of September 30, 2023. For more information, please visit our website at

Media Contacts:

Fiona Kehily, +44 (20) 3214 9087,