The Universities Superannuation Scheme has expanded its private equity investment programme by acquiring a USD135m interest in the Neuberger Berman Secondary Opportunities Fund II from the Lehman Brothers Estate.
With this acquisition USS becomes the largest investor in the USD1.77bn fund raised in July 2008.
“We welcome USS as a limited partner in our latest fund,” says Brian Talbot, managing director and global head of secondary private equity at Neuberger Berman. "USS is a sophisticated investor and well respected in the private equity community. The fact that USS was interested in assuming such a large commitment to our fund is a strong vote of confidence in our team and strategy."
“This investment gives us a fantastic opportunity to gain more exposure to the secondary private equity returns with a highly experienced team, and strengthen our relationship with NB Alternatives,” adds Mike Powell (pictured), head of alternative assets at USS. “The transaction was led by our co-investment team at USS, an area of increasing focus as we continue to expand our private equity investment programme."
Along with Talbot, the fund is run by managing directors Ethan Falkove and Tristram Perkins.
Following the USS transaction, the Lehman Brothers Estate retains an approximately USD50m interest in the fund.
