Neuberger Berman has launched its first interval fund focused on private asset-based credit, as alternative managers increasingly tap the retail channel amid a more challenging institutional fundraising environment, according to a report by Bloomberg.
The NB Asset-Based Credit Fund will invest more than 80% of its portfolio in asset-backed lending opportunities, either directly originated by Neuberger or acquired from specialty finance providers, according to regulatory filings.
The closed-end vehicle will offer limited quarterly liquidity through periodic repurchase offers. It will target short-duration credit exposures across receivables, small business and consumer loans, hard assets, and public asset-backed securities. The fund will be managed by Neuberger’s specialty finance team and will maintain a weighted average duration of approximately 18 months.
There are many opportunities that lie outside the traditional corporate lending or securitised box, and we can provide a customised solution that meets the financing needs of our partners, said Peter Sterling, Managing Director and Head of Specialty Finance at Neuberger Berman.
Interval funds have gained traction as a retail-friendly structure offering periodic liquidity while providing access to illiquid private markets. At least 25 such vehicles have launched in 2025, including offerings from TCW, Apollo, Capital Group, and KKR, according to Bloomberg.
Neuberger Berman’s specialty finance platform, which launched in 2018, now manages over $4bn in assets. In February, the firm closed its third specialty finance fund on more than $1.6bn and announced a deal to acquire up to $1bn in point-of-sale loans from consumer lender ClarityPay over the coming years.
