Neuberger Berman closes first specialty finance fund

As the crush of private debt deals continue to hit the market, the New York-based firm Neuberger Berman announced the close of its first private financing fund with over $300 million in commitments. The NB Specialty Finance Fund closed in early August with capital from insurance companies, pension funds, asset managers, RIAs and family offices. Approximately 60% of the fund's capital comes from the Americas and the balance from Asia. The new fund’s objective is to complement more traditional private debt strategies by seeking to generate attractive current income via short duration transactions, according to a firm announcement. "As private credit offerings continue to innovate, we strive to be at the forefront of these rapidly evolving products,” said Peter Sterling, who heads up NB Specialty Finance as an alternative credit unit of $357 billion Neuberger Berman. “The group's ability to provide multiple financing solutions along with the firm's large-scale infrastructure has been incredibly helpful in this marketplace." Based in the San Francisco bay area, Sterling was recruited by Neuberger Berman in 2018 from Coastland Capital. Since then his group has leveraged the team’s venture entrepreneurial and banking networks to secure proprietary deal flow across traditional banks, non-banks and fintech originators. This new fund will be deployed by an investment team based in San Francisco and New York. The firm’s origination partners have access to the team's network across the venture capital and banking industries as well as Neuberger Berman's broader financing capabilities across strategy groups.

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