Neuberger Berman Group has held the final close of NB Secondary Opportunities Fund III (SOF III), its third global private equity secondary fund, which closed at USD2bn, surpassing its target of USD1.6bn.
SOF III is the successor to NB Secondary Opportunities Fund II, which had commitments of USD1.7bn.
SOF III seeks to achieve superior risk-adjusted returns through the purchase of seasoned private equity investments from investors seeking liquidity. SOF III has a global mandate and will pursue secondary opportunities in private equity funds, direct investments, co-investments and structured private equity opportunities.
SOF III's investment team is led by Brian Talbot, Tristram Perkins, Ethan Falkove and Benjamin Perl.
SOF III's diverse investor base includes corporate and public pension plans, endowments, foundations, insurance companies, family offices and high net worth individuals. Investors are based globally, in regions including North America, Europe, Latin America and Asia.
"Investors like our strategy of leveraging the global sourcing and due diligence capabilities of a leading asset management firm and our focus on middle market transactions," says Perkins.