Neuberger Berman raises $720m
Investment management firm Neuberger Berman Group has raised $720 million for its private equity fund-of-funds, NB Crossroads 2010.
The fund invests in private equity vehicles, globally and in Asia, and will also make co-investments alongside GPs.
Neuberger employs a team of around 175 PE specialists, several of which are based in Hong Kong.
"We see attractive investment opportunities in private equity in the coming years, but it is important to be selective," said Tony Tutrone, the firm's global head of alternatives.
John Buser, managing director, added: "Our global investment team conducts extensive due diligence on numerous private equity fund and co-investment opportunities, enabling us to select the most attractive private equity investments." Buser and Tutrone both sit on Neuberger's fund of funds investment committee.
NB Crossroads 2010 has already invested in 19 funds and made seven co-investments, as well as purchasing 15 secondary commitments.
In total Neuberger currently manages about $17bn in alternative assets for institutional and individual investors.
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