Neuberger Berman has announced the final close of the NB Secondary Opportunities Fund IV LP (SOF IV), Neuberger Berman’s fourth global private equity secondary fund, closing at US$2.5bn, surpassing its target of US$2bn.
SOF IV, which launched in April 2016, is the successor to NB Secondary Opportunities Fund III LP, which had commitments of US$2bn.
In a statement released today, the private, independent, employee-owned investment manager, said that SOF IV has a global mandate and will pursue “secondary opportunities in private equity funds, direct investments, co-investments and structured private equity opportunities”.
SOF IV’s investment team is led by Brian Talbot, Tristram Perkins, Ethan Falkove and Benjamin Perl. The investment team at Neuberger Berman’s has more than US$40bn across its private equity platform, which includes approximately 110 investment professionals in the US, Europe, Asia and South America.
Diverse investor base
SOF IV’s diverse investor base includes corporate and public pension plans, endowments, foundations, insurance companies, family offices and high net worth individuals with investors from North America, Europe, Latin America and Asia.
Tristram Perkins, global co-head of Neuberger Berman’s secondary investing group, said: “Investors appreciate our ability to leverage the global investment sourcing, due diligence and valuation resources of a US$255bn asset management firm, as well as our focus on the secondary middle market and the growing opportunity in GP-led secondary transactions.”
Neuberger Berman was founded in 1939 as a private, independent, employee-owned investment manager and manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 19 countries, it has more than 1,900 professionals and manages US$255bn in client assets as of 30 September, 2016.