A Sub-fund of NB Alternative Funds SICAV S.A.
Providing Access to Private Equity Co-Investments
NB Direct Private Equity Fund 2023 ELTIF
This is a marketing communication. Please refer to the prospectus/ Information document of the Alternative Investment Fund (“AIF”) and to the Key Information Document (“KID”) before making any final investment decisions.
Access to Private Equity Opportunities
Invest in private equity opportunities traditionally limited to large, institutional investors
Direct Investment In Private Companies
Focus on direct investments (co-investments) that offer faster capital deployment than traditional private equity funds and aims to achieve attractive economics
Simplified Structure
Streamlined implementation and administration, with lower initial investment and eligibility requirements
Available to Advised Retail Investors as well as Professional Investors
Long-Term Investment: Initial term of eight years from its final closing date, which can be extended by the board of directors for up to three (3) one (1) year periods, the maximum term thus being eleven (11) years as from the final closing date of the Fund
Minimum Holding Period: 8 years - Investors have no redemption rights and the holding period of the Fund is fixed until the end of the term
Limited Liquidity: In certain circumstances, investments may become less liquid or illiquid due to a variety of factors including adverse conditions affecting a particular issuer, counterparty, or the market generally, and legal, regulatory or contractual restrictions on the sale of certain instruments. Intended for investors who have a long-term investment horizon
Long-Term and Illiquid Nature: Intended for investors who have a long-term investment horizon. The investments made by the Fund are long term in nature
Distributions: The Shares shall be non-distributing in the early years of the Sub-Fund’s term, meaning that investment proceeds received by the Sub-Fund in the first few years of the Sub-Fund’s term will be retained and reinvested by the Sub-Fund. This means that you may not receive a distribution from the Sub-Fund during the first few years of your investment. Once sufficient distributable cash is available, and such amounts are no longer reinvested, distributions will be distributed in accordance with the Prospectus
Hedging: The Sub-Fund is permitted to use financial derivative instruments for hedging purposes only
Long-Term Investment: Initial term of eight years from its final closing date, which can be extended by the board of directors for up to three (3) one (1) year periods, the maximum term thus being eleven (11) years as from the final closing date of the Fund
Minimum Holding Period: 8 years - Investors have no redemption rights and the holding period of the Fund is fixed until the end of the term
Limited Liquidity: In certain circumstances, investments may become less liquid or illiquid due to a variety of factors including adverse conditions affecting a particular issuer, counterparty, or the market generally, and legal, regulatory or contractual restrictions on the sale of certain instruments. Intended for investors who have a long-term investment horizon
Long-Term and Illiquid Nature: Intended for investors who have a long-term investment horizon. The investments made by the Fund are long term in nature
Distributions: The Shares shall be non-distributing in the early years of the Sub-Fund’s term, meaning that investment proceeds received by the Sub-Fund in the first few years of the Sub-Fund’s term will be retained and reinvested by the Sub-Fund. This means that you may not receive a distribution from the Sub-Fund during the first few years of your investment. Once sufficient distributable cash is available, and such amounts are no longer reinvested, distributions will be distributed in accordance with the Prospectus
Hedging: The Sub-Fund is permitted to use financial derivative instruments for hedging purposes only
An Introduction to the Fund
In this short video José Luis González Pastor, Managing Director, Neuberger Berman Private Equity summarises some of the Fund’s key features.
Simplified Fund Structure
Addressing Common Barriers for Investors Accessing Private Equity
ELTIF
TRADITIONAL PE FUND1
Low
From €25,000 dependent on share class and jurisdiction. Available to professional and advised retail investorsi2
MINIMUMS &
ELIGIBILITY
ELIGIBILITY
High
Typically from $500,000 and for certified institutional investors / professional investors only
None
Subscription funded upfront with single initial investment
CAPITAL CALLS
Multiple
Uncertain timing, difficult for cash flow planning
Shorter duration
8 years from the final closing, with up to three consecutive one-year extensions at the discretion of the Fund’s Board
SHORTER DURATION
None
10-14-year terms with possible extensions and no liquidity
Extensive
Diversified across geography, industry and multiple high-quality lead sponsors
DIVERSIFICATION
Limited
Single Manager Lead only
Offering and investment rules differ significantly from country-to-country.
Investors who subscribe in a currency different from their local currency should note that the costs may increase or decrease as a result of currency and exchange rate fluctuations.
Attractive Investment Strategy
Pure Private Equity play – full exposure to direct equity investments. Majority of exposure to be invested in co-investments.
The Fund intends to provide access to private equity and other alternative asset class investments for professional and advised non-professional investors, through selected intermediaries. The Fund has a target of approximately 20+ investments, mainly allocated in Europe and North America and the remainder to rest of the world, to a lesser extent. The Fund will not be limited with respect to the range or types of industries, sectors, companies, geographic regions or transactions in which it may invest. The underlying assets will be owned by the Fund. Investors will own shares in the Fund and will have no direct ownership of the underlying assets.
The Fund intends to provide access to private equity and other alternative asset class investments for professional and advised non-professional investors, through selected intermediaries. The Fund has a target of approximately 20+ investments, mainly allocated in Europe and North America and the remainder to rest of the world, to a lesser extent. The Fund will not be limited with respect to the range or types of industries, sectors, companies, geographic regions or transactions in which it may invest. The underlying assets will be owned by the Fund. Investors will own shares in the Fund and will have no direct ownership of the underlying assets.
Award-Winning Private Equity Manager*
Why Partner with Neuberger Berman?
Neuberger Berman’s Unique Place in the PE Ecosystem
Anthony Tutrone, Global Head of NB Alternatives, discusses how NB Private Markets' broad range of strategies and capabilities help investors meet their private equity needs.
NB Private Markets Advantage
Integrated Platform Providing Access to Leading Private Equity Managers
$120bn
In Capital Commitments3
PLATFORM
35+
Years of Investing
5
Star Ratings by UN PRI for private equity ESG Integration4
21+
Years of average experience of Senior Investment Team5
PEOPLE
98%
Employee Retention Rate6
300+
Dedicated Private Markets Professionals
7,180+
Underlying Private Companies7
PARTNERSHIP WITH GPsPARTNERSHIP
710+
Private Equity Fund Investments8
380+
Private Equity Fund Advisory Board Seats9
About Private Equity
What Is Private Equity?
(2:54)
What Is a Co-investment?
(2:54)
Key Senior Investment Team Professionals
Supported by a broader platform of 300+ private markets professionals who actively work on the Fund
Anthony D. Tutrone
Managing Director
Kent Chen, CFA
Managing Director
Paul Daggett
Managing Director
José Luis González Pastor
Managing Director
Anthony D. Tutrone, Managing Director
Anthony Tutrone is the Global Head of NB Alternatives and a Managing Director of Neuberger Berman. He is a member of all Neuberger Berman Private Equity’s Investment Committees. Anthony is also a member of Neuberger Berman's Partnership, Operating, and Asset Allocation Committees. Prior to Neuberger Berman, from 1994 to 2001, Anthony was a Managing Director and founding member of The Cypress Group, a private equity firm focused on middle market buyouts that managed approximately $3.5 billion of commitments. Anthony began his career at Lehman Brothers in 1986, starting in Investment Banking and in 1987 becoming one of the original members of the firm’s Merchant Banking Group. This group managed a $1.2 billion private equity fund focused on middle market buyouts. He has been a member of the board of directors of several public and private companies and has sat on the advisory boards of several private equity funds. Anthony earned an MBA from Harvard Business School and a BA in Economics from Columbia University.
Kent Chen, CFA, Managing Director
Kent Chen, CFA is a Managing Director of Neuberger Berman and leader of the firm’s private equity efforts in the Asia Pacific region. Kent joined Neuberger Berman in May 2015 from the Hong Kong Monetary Authority (HKMA) after 17 years of central banking career in various positions including Deputy Chief Representative of the HKMA’s New York Office and Advisor to the Executive Director for China at the International Monetary Fund in Washington D.C. From 2008, Kent helped to establish the HKMA’s private equity program, comprising of global buyout, Asia private equity and global energy investments. Before joining the HKMA in 1998, he was Head of China Research at Daiwa Securities in Hong Kong covering the Chinese stocks market with a focus on infrastructure, energy and power equipment stocks. Kent has been awarded the Chartered Financial Analyst designation and earned an MPA from Columbia University, MBA from University of Hull and BS in Economics from University of London.
Paul Daggett, Managing Director
Paul Daggett, CFA is a Managing Director of Neuberger Berman and a senior member of the Private Investment Portfolios and Co-investments team. He is also a member of the Private Investment Portfolios and Co-investments Investment Committee. Paul joined Neuberger Berman in 2004 focusing on investments in private equity and venture capital funds and direct co-investments in venture capital, growth equity and buyout transactions. Paul sits on the Limited Partner Advisory Boards of a number of venture capital and private equity fund relationships and has Board of Directors Observer seats for a number of direct venture and growth capital investments on behalf of Neuberger Berman Funds. Prior to joining Neuberger Berman, Paul worked in the European Equity Derivatives Group at JPMorgan Chase & Co. He holds an MBA from the Cox School of Business at Southern Methodist University and a BEng, with honors, in Aeronautical Engineering from the University of Bristol. Paul is a Fellow of the Institute of Chartered Accountants in England and Wales (FCA) and holds the Chartered Financial Analyst designation.
José Luis González Pastor, Managing Director
Jose Luis Gonzalez Pastor is a Managing Director of Neuberger Berman in the Private Equity team and a senior member of the firm's Private Investment Portfolios group where he leads fund investments and direct co-investments. Prior to joining the firm in 2012, Mr. González worked at Qualitas Equity Partners, a Spanish Private Equity Fund focused on the Iberia middle-market. Before that, Mr. González worked as Investment Banking Analyst at DC Advisory Partners (formerly known as Atlas Capital Close Brothers and currently Daiwa Securities). Mr. González received an MBA with honors from The Wharton School of the University of Pennsylvania and a MA with honors in International Studies at the Lauder Institute of the University of Pennsylvania. Mr. González graduated with a BA in Business Administration and a LLB in Law from Universidad Pontificia Comillas (ICADE).
Michael Kramer
Managing Director
David Morse
Managing Director
Joana Rocha Scaff
Managing Director
Jonathan Shofet
Managing Director
Michael Kramer, Managing Director
Michael Kramer is a Managing Director of Neuberger Berman. He is a member of the Co-Investment, Credit Opportunities, Marquee Brands and Private Investment Portfolios investment committees, as well as a member of the Board of Directors for Marquee Brands. Michael is currently a board observer for By Light Professional IT Services, which is a portfolio company of our dedicated co-investment funds. Before joining Neuberger Berman in 2006, Michael was a vice president at The Cypress Group, a private equity firm with $3.5 billion under management. Prior thereto, he worked as an analyst at PaineWebber Inc. He holds an MBA from Harvard Business School and a BA, cum laude, from Harvard College.
David Morse, Managing Director
David Morse is a Managing Director of Neuberger Berman, and is the Global Co-Head of Private Equity Co-Investments. He is also a member of Co-Investment, Private Debt and Private Investment Portfolios Investment Committees. Mr. Morse is currently a Board Observer of Behavioral Health Group, C.H. Guenther, CSC, and ProAmpac, all of which are portfolio companies of our dedicated co-investment funds. Mr. Morse joined Lehman Brothers in 2003 as a Managing Director and principal in the Merchant Banking Group where he helped raise and invest Lehman Brothers Merchant Banking Partners III L.P. Prior to joining Lehman Brothers, Mr. Morse was a founding Partner of Hampshire Equity Partners (and its predecessor entities). Founded in 1993, Hampshire is a middle-market private equity and corporate restructuring firm with $825 million of committed capital over three private equity funds. Prior to Hampshire, Mr. Morse worked in GE Capital’s Corporate Finance Group providing one-stop financings to middle-market buyouts. Mr. Morse began his career in 1984 in Chemical Bank’s middle-market lending group. Mr. Morse holds an MBA from the Tuck School of Business at Dartmouth College and a BA in Economics from Hamilton College. Mr. Morse is a member of the M.B.A. Advisory Board of the Tuck School, a member of the Alumni Council of Hamilton College, and a member of the Board of Trustees of the Berkshire School.
Joana Rocha Scaff, Managing Director
Joana Rocha Scaff is a Managing Director of Neuberger Berman, Head of Europe Private Equity and a member of the Private Investment Portfolios, Co-Investment, and Secondary Investment Committees. She is also a member of Neuberger Berman’s ESG Advisory Committee. Ms. Rocha Scaff has over 20 years of experience in financial markets, the majority of which in private equity investing and prior to that in investment banking. She has been with the firm since 2005. Prior to NB Private Equity, Ms. Rocha Scaff worked in the investment banking division of Lehman Brothers, and prior to that at Citigroup Global Markets and Espirito Santo Investment Bank. She advised on corporate transactions including M&A, financial restructurings and public equity and debt offerings in the United States, Europe and Brazil. Ms. Rocha Scaff received her M.B.A. from Columbia Business School and her B.A. in Business Management and Administration from the Universidade Catolica of Lisbon. Ms. Rocha Scaff is the current Chair of the LP Committee of the BVCA – British Private Equity Association and a member of the Limited Partner Advisory Committee of multiple European private equity funds.
Jonathan Shofet, Managing Director
Jonathan D. Shofet is the Global Head of the Firm’s Private Investment Portfolios and Co-Investments (“PIPCO”) group and is a Managing Director of Neuberger Berman. He is a member of the PIPCO and Credit Opportunities Investment Committees. Prior to joining Neuberger Berman in 2005, Mr. Shofet was a member of the Lehman Brothers Private Equity division, focusing on equity investments primarily in the technology, communications and media sectors. Prior to that, Mr. Shofet was a member of the Lehman Brothers Investment Banking division, where he focused on public and private financings, as well as strategic advisory in the real estate, technology and utility sectors. Mr. Shofet has been, or currently sits, on the Limited Partner Advisory Boards of a number of funds including those managed by Amulet Capital, Beacon Capital, Castlelake, Cerberus, Clearlake Capital, Comvest Partners, DFW Capital, Oak Hill Capital, Platinum Equity, Thomas H. Lee Partners and Vector Capital. He has also been a Board Observer for several private companies. Mr. Shofet holds a B.A. from Binghamton University, where he graduated summa cum laude, Phi Beta Kappa.
Brien Smith
Managing Director
David Stonberg
Managing Director
Peter von Lehe
Managing Director
Jacquelyn Wang
Managing Director
Brien Smith, Managing Director
Brien Smith is a Managing Director of Neuberger Berman and the Chief Operating Officer of the Neuberger Berman Private Equity Division. He is a member of the investment committees for the Private Investment Portfolios, Co-Investment and Private Debt programs. Brien is a member of Neuberger Berman’s Operating Committee. He is also a member of the firm’s Investment Risk and Operational Risk Committees. Prior to joining Neuberger Berman in 2001, he worked in the middle market private equity firm Mason Best Company, L.P., and its affiliates. He began his career at Arthur Andersen & Co. Brien is a life member of the Red McCombs School of Business Advisory Council at the University of Texas at Austin. He also currently serves on the board of the Texas Exes Alumni Association and chairs its Investment Committee. He serves and has served on a number of other boards of directors. He received a Master’s in Professional Accounting and a BBA from the University of Texas at Austin.
David Stonberg, Managing Director
David Stonberg, Managing Director, is Neuberger Berman's Deputy Head of NB Alternatives and the Global Co-Head of Private Equity Co-Investments. He is also a member of the Private Investment Portfolios and Co-Investments Investment Committees, as well as the Renaissance, Secondary, Real Estate Secondary, Strategic Capital and Credit Opportunities Investment Committees. Before joining the firm in 2002, David held several positions within Lehman Brothers' Investment Banking Division, including providing traditional corporate and advisory services to clients, as well as leading internal strategic and organizational initiatives for Lehman Brothers. David began his career in the Mergers and Acquisitions Group at Lazard Frères. He holds an MBA from the Stern School of New York University and a BSE from the Wharton School of the University of Pennsylvania.
Peter von Lehe, Managing Director
Peter von Lehe, JD, is the Head of Investment Solutions and Strategy and is a Managing Director of Neuberger Berman. He is also a member of the Athyrium, Co-Investment, Private Investment Portfolios, Marquee Brands and Renaissance Investment Committees, as well as a member of the NB Insurance-Linked Strategies Underwriting Committee and a Chairman of NB Reinsurance Ltd. Mr. von Lehe sits on the Limited Partner Advisory Boards of a number of investment relationships globally on behalf of Neuberger Berman funds. Previously, Mr. von Lehe was a Managing Director and Deputy Head of the Private Equity Fund of Funds unit of Swiss Reinsurance Company. At Swiss Re, Mr. von Lehe was responsible for investment analysis and product structuring and worked in both New York and Zurich. Before that, he was an attorney with the law firm of Willkie Farr & Gallagher LLP in New York focusing on corporate finance and private equity transactions. He began his career as a financial analyst for a utility company, where he was responsible for econometric modeling. Mr. von Lehe received a BS with Honors in Economics from the University of Iowa and a JD with High Distinction, from the University of Iowa College of Law. He is a member of the New York Bar.
Jacquelyn Wang, Managing Director
Jacquelyn Wang is a Managing Director of Neuberger Berman and a senior member of the private equity investment team. She is also a member of the Private Investment Portfolios and Co-Investment Investment Committee. Jacquelyn joined Neuberger Berman in 2007, focusing on direct co-investments, primary fund investments and secondary investments. Prior to joining Neuberger Berman, she worked in Corporate Development at Verizon Communications focused on corporate M&A. Previously, Jacquelyn worked at Spectrum Equity Investors, where she was responsible for sourcing, executing and evaluating buyout and growth equity investments in media, technology and telecom. She began her career in the investment banking division of Lehman Brothers advising on corporate transactions in the communications and media industries. Jacquelyn received an MBA from The Wharton School of the University of Pennsylvania and a BA with honors from The Johns Hopkins University.
Patricia Miller Zollar
Managing Director
Elizabeth Traxler
Managing Director
Patricia Miller Zollar, Managing Director
Patricia Miller Zollar is a Managing Director of Neuberger Berman and a leader of the Firm’s Private Investment Portfolios practice. She is a member of the Co-Investment and Private Investment Portfolios Investment Committees. Additionally, Ms. Zollar sits on the Limited Partner Advisory Boards of a number of funds. Before rejoining Neuberger Berman in 2004, Ms. Zollar was a vice president in the Asset Management Division of Goldman Sachs. Ms. Zollar began her career as a Certified Public Accountant in the Audit Division of Deloitte & Touche. She received her MBA from Harvard Business School and her BS, with highest distinction, from North Carolina A&T State University, where she is Chairperson Emeritus of the Board of Trustees and the recipient of an honorary Doctorate degree. Ms. Zollar is a member of the Executive Leadership Council, the Harvard Business School Alumni Board and was a former member of the executive board of the National Association of Investment Companies. She serves as Vice Chairman of The Apollo Theater and a member of the Investment Committee of the Robert Wood Johnson Foundation’s Board of Trustees and the Neuberger Berman Foundation Board of Trustees.
Elizabeth Traxler, Managing Director
Elizabeth Traxler is a Managing Director of Neuberger Berman and a senior member of the Private Investment Portfolios and Co-Investments team. She is also a member of the Private Investment Portfolios & Co-investments Investment Committee and Secondary Investment Committees, as well as Neuberger Berman's Asset Allocation and Investment Risk Committees. Prior to joining Neuberger Berman in 2008, Ms. Traxler was at Wachovia Capital Partners (now known as Pamlico Capital), where she focused on making direct growth equity and buyout investments across a broad range of industries. Ms. Traxler also worked at Wachovia Securities in the Leveraged Capital Group, which provided senior and mezzanine debt for private equity-backed transactions. She is currently an Advisory Board member for a number of private equity funds, a member of the Kellogg Private Equity Advisory Council and a member of the Pension Fund Leadership Council of Ownership Works. Ms. Traxler received an MBA from the Kellogg School of Management at Northwestern University and a BA, cum laude, in Economics from Vanderbilt University.
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