Neuberger Berman raises $2.5 bln for fourth secondary fund

Neuberger Berman has closed its fourth secondary fund at $2.5 billion, beating its initial $2 billion target.

NB Secondary Opportunities Fund IV LP, which launched in April 2016, will focus on secondary opportunities in private equity funds, direct investments, co-investments and structured private equity opportunities.

SOF IV’s limited partners include corporate and public pension plans, endowments, foundations, insurance companies, family offices and high-net worth individuals in North America, Europe, Latin America and Asia.

The firm’s previous secondary fund closed at $2 billion in November 2013. No data was available on the fund’s performance.

Founded in 1939, Neuberger Berman currently manages $255 billion in client assets as of September 30, 2016.

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