The Luxembourg-domiciled euro denominated structure closed with EUR 260 million of commitments on 27 March, surpassing its EUR200 million target.
Neuberger Berman launched the Crossroads funds of funds platform in the early 1980s, with the aim of constructing diversified private equity portfolios across asset classes, strategies and geographies.
The new fund, NB Euro Crossroads 2018, invests concurrently with the international fund; together they have commitments of over USD1 billion.
Investors include pension funds, insurance companies and family offices from continental Europe and the Nordics. “We identified demand in Europe for a Luxembourg domiciled euro denominated structure,” said Dik van Lomwel, head of EMEA and Latin America.
Managed by Joana Rocha Scaff, head of Europe Private Equity, and Philipp Patschkowski of the Private Investments Portfolio Group at Neuberger Berman, the vehicle consists of third party private equity funds on a primary and secondary basis and direct co-investments.
It is diversified across four asset classes: small and mid-cap buyout, large-cap buyout, growth & venture capital, and special situations.
“The integration of ESG factors is also an important consideration for clients. As demonstrated by our A+ UNPRI rating, we work closely and successfully with our dedicated ESG investing team to maintain our leadership in this space,” said Patschkowski.
