Neuberger Berman Raises $450M For CLO Risk Retention Pool

Jul 27 2017 | 5:45pm ET

Global investment manager Neuberger Berman has held a final close for its latest CLO risk retention vehicle, raising approximately $450 million of committed capital.   

The new pool, named Neuberger Berman Loan Advisers, the company has partnered with its investors to provide strategic capital to its CLO management business in order to comply with US and EU CLO risk retention rules, the firm said in a statement. Neuberger Berman and predecessor firms have served as collateral manager on 24 CLOs since 2004.

“We are very excited to be able to partner with a number of our key investors on our CLO management business going forward,” said Brad Tank, CIO of fixed income said in the statement. “Our CLO management platform is an integral part of our $42 billion non-investment grade credit business. Neuberger Berman Loan Advisers allows us to continue to be an active CLO issuer over the next several years while at the same time providing our investors an opportunity to invest in the platform alongside us.”

Neuberger Berman’s fixed income business has $123 billion in assets under management across global investment grade, global non-investment grade, emerging markets, opportunistic/unconstrained, and municipals. The company as a whole was founded in 1939 and manages $271 billion in equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. 

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