Neuberger Berman Private Credit Business Grows to $4.2 Billion as $1.7 Billion Private Debt Fund III Closes

Media Contacts:

Alexander Samuelson, 212 476 5392, Alexander.Samuelson@NB.com

New York, April 23, 2019 — Neuberger Berman, a private, independent, employee-owned investment manager, is pleased to announce the final close of NB Private Debt Fund III LP (the “Fund”). The Fund closed at $1.7 billion, surpassing its target of $1.5 billion. The Fund, which launched in October 2017, is the successor to NB Private Debt Fund II LP, which had commitments of $750 million. The Fund seeks to invest in first lien, unitranche, and second lien loans of US middle-market companies backed by private equity firms.

Including the Fund, Neuberger Berman Private Credit manages approximately $4.2 billion of committed capital with credit strategies focused on debt origination and opportunistic investing in secondary markets. Neuberger Berman Private Credit focuses on private equity-backed, North American issuers with $20 to $100 million of cash flow. Susan Kasser and David Lyon co-head the private credit business at Neuberger Berman. Additional information about Neuberger Berman’s private credit platform can be found here.

“At the close of our latest fund, we are honored by the continuing support of our investors and are grateful for their trust in our team,” said Susan Kasser. “We’re excited about the opportunities that we continue to identify in the private markets that have helped us build our strong and lasting relationships with investors.”

NB Private Debt Fund III LP’s global investor base is comprised of more than 60 institutions, including public and private pensions, insurance companies, and foundations from the United States, Canada, Europe, Korea, Japan, and South America.

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 and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 23 countries, Neuberger Berman’s team is more than 2,100 professionals. For five consecutive years, the company 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). Tenured, stable and long-term in focus, the firm has built a diverse team of individuals united in their commitment to delivering compelling investment results for our clients over the long term. That commitment includes active consideration of environmental, social and governance factors. The firm manages $323 billion in client assets as of March 31, 2019. For more information, please visit our website at www.nb.com.

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