Neuberger Berman Group was able to raise USD 2 billion for its third global private equity secondary fund. The fund, NB Secondary Opportunities Fund III initially had a fundraising target of USD 1.6 billion. The NB Secondary Opportunities Fund II, its predecessor, was able to gather capital commitments of USD 1.7 billion.
The aim of the third fund is to attain superior returns by buying seasoned private equity investments from investors who are looking for liquidity. The new fund will look for secondary opportunities in direct investments, private equity funds, structured private equity and co-investments.
The management team of the Secondary Opportunities Fund is comprised of Brian Talbot, Ethan Falkove, Tristram Perkins and Benjamin Perl. Their experience in secondary markets dates back to 1991. The team will capitalize on the wide talent pool in the private equity group of Neuberger Berman. That pool includes 70 investment professionals working throughout the US, Asia and Europe. The company also has 130 investment services professionals.
The firm's Global Head of Secondary Investing Brian Talbot said they were happy at the overwhelming support given by existing and new investors for the third fund. Managing Director Tristram Perkins added, "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."
Asset management firm Neuberger Berman is a private, independent and employee-controlled company. It has a workforce of 1,900 employees around the world. Established in 1939, the firm said it offers and investment culture of independent thinking. As of September this year, it had USD 227 billion of assets under management. It works with advisors, institutions and individuals around the world to provide solutions that would address their income, capital preservation and growth needs. Its offers a range of solutions across fixed income, equities, private equity and hedge funds.
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