Neuberger Berman Achieves Significant Asset Based Milestone With Over $1.6 Billion Fundraise for Specialty Finance Fund III

London, February 21, 2025 – Neuberger Berman, a private, independent, employee-owned investment manager, is pleased to announce the final close of NB Specialty Finance Fund III (the “Fund”). The Fund successfully raised over $1.6 billion, exceeding its original $1 billion target. NB Specialty Finance Fund III is already 45% deployed.

The NB Specialty Finance team manages a high yield, short duration strategy within asset based finance. Primary sectors include receivables, small business, consumer and hard assets. The global team has a physical presence in New York, Redwood City, London and Tel Aviv, sourcing the vast majority of its investments directly through its network of sponsors, seasoned corporate management teams and innovative entrepreneurs.

Peter Sterling, Head of NB Specialty Finance, said of the Fund, “The asset based finance market has experienced incredibly strong growth driven by regulation, innovation and evolving borrower needs. While the opportunity set continues to expand, we strive to remain highly selective and apply the discipline from the decades of experience across our team.” Peter Sterling led the founding of the group back in 2018 and today the group manages a portfolio of over $4 billion across 50+ portfolio companies and various investment vehicles.

The Fund’s global investor base is comprised of more than 40 institutions across the globe including public and private pensions, insurance companies, foundations and RIAs from the United States, Canada, the Middle East and East Asia.

“We are deeply grateful for the trust and confidence our investors continue to place in Neuberger Berman’s Specialty Finance group. It is particularly rewarding to see the majority of institutional investors in NB Specialty Finance Fund II committing to this Fund underscoring the growing appeal of this dynamic asset class,” said Peter Sterling.

About Neuberger Berman

Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $508 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. The firm’s leadership in stewardship and sustainable investing is recognized by the PRI based on its consecutive above median reporting assessment results. Neuberger Berman 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. Data as of December 31, 2024.

Media Contact:

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