Investment manager Neuberger Berman has closed its latest fund, NB Strategic Co-Investment Partners III LP (NBCIP III). NBCIP III was oversubscribed, closing at its hard cap of $1.5 billion and surpassing its target of $1.25 billion.
Limited partners in NBCIP III include just over 30 institutions including public pension plans, foundations, corporate pension plans, and financial companies. These limited partners are based globally, including Asia, Europe, Latin America and North America.
“We are delighted with the client response to our new fund and their support for our investment approach of serving as a strategic partner to leading private equity firms,” said David Stonberg, managing director and Global Co-Head of Private Equity Co-Investments.
Neuberger Berman Private Equity (NBPE) invests approximately $2 billion on average annually in private equity funds and direct investments. Areas of specific interest include (i) private equity fund investments in the primary and secondary markets, (ii) direct equity co-investments and debt investments in private equity owned companies and (iii) certain specialty strategies. NBPE has a team of approximately 100 investment professionals and has offices in the US, Europe, Asia and South America.
NBCIP III is managed by six senior professionals of Neuberger Berman who have responsibility for a total of $4.8 billion of equity co-investments. “We will seek to invest in a diverse range of portfolio company investments across multiple industries, geographies, enterprise value sizes, transaction types, vintage years and high-quality lead managers,” said David Morse, managing director and Global Co-Head of Private Equity Co-Investments.
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. Neuberger Berman managed $237 billion in client assets as of September 30, 2015. The firm has offices in 18 countries and is headquartered in New York (www.nb.com).
© 2016 PEPD • Private Equity’s Leading News Magazine • 1-21-16