NB Renaissance Partners (NBRP), the Neuberger Berman’s arm dedicated to private equity investments in Italy, has closed its Annex Fund after achieving its target size of €300m.
NBRP currently manages €920m from both local and international investors across its two funds, the NBRP Annex Fund and the NB Renaissance Partners Fund launched in 2015 by €620m.
NBRP invests in 13 Italian mid-sized companies with the objective of supporting their growth and internationalisation through the acquisition of majority or minority stakes.
NBRP managing director Marco Ferrina said: “We are thrilled to have seen such strong interest for the NBRP Annex Fund, from both existing and new investors, taking us quickly to our target size of €300 million and bringing the total platform dedicated to private equity investments in Italy to €920 million in less than two years since the inception of NBRP.”
Fabio Cané, also managing director at the firm, commented:“We believe there are many excellent Italian companies which, with the right partner, the appropriate financing and a skilled management team, can consolidate their leadership position in the global markets.”
“We are delighted that the NBRP Funds can support the development of Italian mid-size companies and we believe that NBRP Annex Fund represents another important step to position NBRP as a leading Italian private equity platform partnering with mid-size companies,”added NBRP managing director Stefano Bontempelli.
Neuberger Berman managed $271bn (€232.5bn) in assets as of 30 June 2017.