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Neuberger Berman raises USD1.1bn for second global PE co-investment fund

Money manager Neuberger Berman Group has held final close of NB Strategic Co-Investment Partners Fund II (NBCIP II), its second global private equity co-investment fund.

NBCIP II was oversubscribed, closing on USD1.1bn and surpassing its target of USD750m.

NBCIP II seeks to achieve superior risk-adjusted returns by investing directly into attractive deals alongside premier private equity firms in their core areas of expertise. It seeks to build a high-quality, diversified portfolio of strategic co-investments primarily in buyouts and growth financings on a global basis across multiple industries. NBCIP II has made nine investments to date for approximately USD185m and continues to experience strong deal flow.

NBCIP II is managed by six senior professionals with significant experience and a proven track record in private equity as co-investors. The Neuberger Berman team also manages NB Strategic Co-Investment Partners Fund I (NBCIP I), which closed in 2006 with USD1.6bn of investor commitments. The investment team leverages a large pool of talent within Neuberger Berman’s private equity group, which includes approximately 60 investment professionals in the US, Europe and Asia, and 115 investor services professionals.

NBCIP II’s global investor base of more than 25 institutional clients includes public pension plans, global asset managers, endowments and foundations, corporate pension plans, and insurance companies.  Investors are based globally, including Asia, Europe, Latin America and North America. A substantial number of these clients previously invested in NBCIP I.

"We are delighted with client response to NB Strategic Co-Investment Partners Fund II LP and their support for our investment approach of serving as a strategic partner to lead private equity firms,” says David Stonberg, managing director and co-head of the team managing NBCIP I and II.

"We estimate Fund II will have in excess of 30 portfolio company investments across multiple industries, geographies, enterprise value sizes, transaction types, vintage years and premier lead managers," adds David Morse, managing director and co-head of the team. 

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