Neuberger Berman wraps up second private debt fund at $750 mln

Investment manager Neuberger Berman closed its second private debt fund at $750 million.

NB Private Debt Fund II will target North American companies that have an EBITDA of $25 million to $250 million. So far, it has deployed 28 percent of capital into 15 companies.

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

Neuberger Berman raised more than $620 million for its debut private debt fund in September 2015. No data was available on the fund’s performance.

According to the firm, Neuberger Berman is managing about $2.3 billion in commitments in its private credits business, which include the fund.

Founded in 1939, Neuberger Berman has offices in 19 countries and manages $255 billion in client assets, as of September 30, 2016.

Photo courtesy of iStock/ RomoloTavani