Neuberger Berman has final close on $1.1b global co-invest fund
Neuberger Berman Group has reached a final close of $1.1 billion on its second global co-investment fund, NB Strategic Co-Investment Partners Fund II (NBCIP II). The original target was $750 million.
According to a release, the vehicle is looking to build up a portfolio of strategic co-investments primarily in buyouts and growth financings across various sectors, globally and in Asia. It has already made nine investments totaling $185 million. Neuberger Berman has around 60 investment professionals across its 15 office worldwide, six of which are in Asia.
NBCIP II counts more than 25 institutional clients among its LPs, including public pension plans, global asset managers, endowments and foundations, corporate pension plans, and insurance companies. A substantial number of its investors have re-upped after investing in NBCIP I.
"We estimate Fund II will have in excess of 30 portfolio company investments across multiple industries, geographies, enterprise value sizes, transaction types, vintage years and premier lead managers," said David Morse, managing director and co-head of the team.
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