Neuberger Berman has held a final close of NB Secondary Opportunities Fund III LP (“SOF III”) at $2 billion, surpassing its target of $1.6 billion. SOF III is the successor to NB Secondary Opportunities Fund II LP which closed in 2008 with total commitments of $1.7 billion.
Limited partners in SOF III includes 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.
SOF III invests in secondary opportunities in private equity funds, direct investments, co-investments and structured private equity opportunities. The new fund’s investment team is led by managing directors Brian Talbot, Tristram Perkins, Ethan Falkove, and senior vice president Benjamin Perl.
“We are delighted with the overwhelming support for SOF III from both existing and new investors,” said Mr. Talbot, global head of secondary investing for Neuberger Berman. “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,” added Mr. Perkins.
Neuberger Berman is a private, independent, employee-controlled investment manager. Founded in 1939, the company invests in equities, fixed income, hedge funds and private equity, and had $227 billion in assets under management as of September 30, 2013. Neuberger Berman is headquartered in New York (www.nb.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 11-12-13