Thursday, 28 July 2016
Last updated 1 hour ago
Nov 11 2013 | 11:13am ET
Neuberger Berman Group has closed its third global private equity secondary fund at $2 billion, surpassing its $1.6 billion target.
The NB Secondary Opportunities Fund III is the successor to the NB Secondary Opportunities Fund II, which had commitments of $1.7 billion.
SOF III seeks to achieve superior risk-adjusted returns through the purchase of seasoned private equity investments from investors seeking liquidity. SOF III has a global mandate and will pursue secondary opportunities in private equity funds, direct investments, co-investments and structured private equity opportunities.
SOF III is led by Brian Talbot, Tristram Perkins, Ethan Falkove and Benjamin Perl, a team with significant secondary experience and a track record dating back to 1991. The investment team draw on the talent of Neuberger Berman’s private equity group, which includes approximately 60 investment professionals in the U.S., Europe and Asia and 115 investor services professionals.
Investors in the new fund include corporate and public pension plans, endowments, foundations, insurance companies, family offices and high-net-worth individuals. Investors are based globally, in regions including North America, Europe, Latin America and Asia.
“We are delighted with the overwhelming support for SOF III from both existing and new investors,’’ said Talbot, global head of secondary investing, in a statement.“Investors like our strategy of leveraging the global sourcing and due diligence capabilities of a leading asset management firm and our focus on middle market transactions,” said Tristram Perkins, managing director.
Neuberger Berman is a private, independent, employee-controlled investment manager with more than 1,900 employees worldwide and, as of September 2013, $227 billion in assets under management.