Australian LPs miss out on Neuberger Berman fund-of-funds
Neuberger Berman announced a final close of $720 million for its NB Crossroads 2010 fund-of-funds last week, but Australian investors were conspicuous by their absence. Not one Australian LP subscribed to the latest vehicle, which Neuberger attributes to investors’ dislike for the double layer of fees fund-of-funds charge for access to their GPs.
"It's what you hear from Australian investors all the time," says Brock Williams (pictured), who manages the new fund's Asia Pacific allocation. "Theirs is a market which is very fee sensitive, but they're...
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