Neuberger Berman wraps up fund at $1.1 bln

Neuberger Berman has closed its private equity credit opportunities fund at $1.1 billion.

NB Private Equity Credit Opportunities Fund LLP will focus mostly on secondary deals, investing in the debt of private equity-backed companies.

The fund’s limited partners include public and private pensions, insurance companies and foundations from North America, Europe and Japan.

Early this year, the company, which was founded in 1939, raised $2.5 billion for its fourth secondary fund, as reported by PE HUB.

Currently, Susan Kasser and David Lyon co-manage Neuberger Berman’s private credit business.

According to the company, Neuberger Berman presently manages about $3.1 billion of committed capital.

A group of business people reaching for falling money. Photo courtesy of FatCamera/iStock/Getty Images