- Predecessor funds raised $2 bln in 2013 and $1.7 bln in 2008
- New York firm may soon close NB Secondary Opportunities Fund IV LP
- Target of new fund unclear
Neuberger Berman is close to wrapping up fundraising for its fourth secondary fund, about three years after its predecessor drew in $2 billion, sources said.
While an exact investment target for the pool remained unclear, NB Secondary Opportunities Fund IV LP is expected to draw sufficient commitments to close in the near future, the sources said.
The firm would most likely target $2 billion, since it raised that amount for Fund III, a placement agent in the industry estimated. Overall, LP demand for secondary funds remains healthy, the placement agent said.
Neuberger Berman in May disclosed the formation of NB Secondary Opportunities Fund IV LP in a filing with regulators. The filing didn’t provide a target for the fund or any details about potential commitments.
The fund comes after NB Secondary Opportunities Fund III drew in $2 billion in 2013, beating its $1.6 billion target. NB Secondary Opportunities Fund II drew in $1.7 billion in 2008.
Executives on the Neuberger secondary team include Brian Talbot, global head of secondary investing, along with Tristram Perkins, Ethan Falkove and Benjamin Perl.
A spokesman for Neuberger Berman declined to comment.
All told, Neuberger Berman’s secondary strategy has managed $4.4 billion since its formation, the firm said on its website.
Action Item: Read about Neuberger Berman’s secondary program: www.nb.com/pages/public/en-us/secondary-platform.aspx
Formula One – F1 – Italian Grand Prix 2016 – Monza, Italy – 04/9/16 – Mercedes’s Nico Rosberg of Germany crosses the finish line to win the race. Photo courtesy Reuters/Andrej Isakovic