Neuberger Berman scraps $250 mln SPAC

NB Capital Acquisition Corp, a blank-check company from Neuberger Berman, pulled its plans to go public after nearly three years.

NB Capital did not say why it scrapped the deal, saying only that it had “abandoned the initial public offering of securities,” an Aug. 27 letter to the SEC said.

The company filed for an IPO in October 2015. NB Capital was seeking $250 million and listed Citigroup as its bookrunner, a November 2015 SEC filing said.

Anthony Tutrone, head of Neuberger Berman Private Equity, was CEO of NB Capital Acquisition.

NB Capital planned to leverage its private equity relationships as well as its network of operating executives and PE experience to find companies in which to invest, according to an SEC filing.

Neuberger Berman had $304 billion of assets under management as of June 30. This includes $69 billion in alternatives, which encompass PE.

NB Private Equity makes primary and secondary fund investments as well as equity co-investments, according to its website.

In 2017, NB Private Equity Credit Opportunities Fund closed on $1.1 billion. The fund focuses mostly on secondary deals, investing in the debt of PE-backed companies, Buyouts reported.

Dyal Capital, part of Neuberger Berman PE, has emerged as a major investor in PE firms. Dyal has acquired minority stakes in several buyout shops including Vector CapitalCerberus Capital ManagementSound Point Capital, KPS Capital, H.I.G. CapitalSilver Lake and Vista Equity.

Most recently, Golub Capital, one of the biggest middle-market lenders, sold a chunk of the firm to Dyal, Buyouts said earlier this month.

Executives for Neuberger Berman couldn’t be reached for comment.

Action Item: Call Anthony Tutrone at +1 212-476-9000