Neuberger Berman closes Private Debt Fund III at USD1.7bn
Neuberger Berman has held the final close of NB Private Debt Fund III at USD1.7 billion, surpassing its target of USD1.5 billion.
The Fund, which launched in October 2017, is the successor to NB Private Debt Fund II, which had commitments of USD750 million. The Fund seeks to invest in first lien, unitranche, and second lien loans of US middle-market companies backed by private equity firms.
Including the Fund, Neuberger Berman Private Credit manages approximately USD4.2 billion of committed capital with credit strategies focused on debt origination and opportunistic investing in secondary markets. Neuberger Berman Private Credit focuses on private equity-backed, North American issuers with USD20 to USD100 million of cash flow. Susan Kasser and David Lyon co-head the private credit business at Neuberger Berman. Additional information about Neuberger Berman’s private credit platform can be found here.
“At the close of our latest fund, we are honoured by the continuing support of our investors and are grateful for their trust in our team,” says Susan Kasser. “We’re excited about the opportunities that we continue to identify in the private markets that have helped us build our strong and lasting relationships with investors.”
NB Private Debt Fund III LP’s global investor base is comprised of more than 60 institutions, including public and private pensions, insurance companies, and foundations from the United States, Canada, Europe, Korea, Japan, and South America.