Neuberger Berman raises $2.1bn for co-investment fund

Neuberger Berman’s private equity co-investment strategy closed well above its target at over $2.1 billion in commitments. Overseen by a team of over 50 investment professionals, the NB Strategic Co-Investment Partners IV LP will be a diversified portfolio of direct co-investments in buyout and growth equity transactions alongside high-quality private equity sponsors. The investment group includes a senior team that has worked together for over a decade. “We are enormously grateful to our investors for their support and trust,” said David Stonberg, global co-head of the co-investment business at Neuberger Berman. “Our experienced global investment team, differentiated sourcing and execution capabilities allows Neuberger Berman to be a preferred partner in private equity.” “From our very first days, our model has been to a highly responsive, value added co-investor who exists to facilitate the execution of our GP partners’ objectives while allowing them to execute on their singular vision for a given portfolio company,” said David Morse, who is also global co-head of the co-investment business at the firm. This latest fundraise showcases the rapid growth within NB’s co-investment strategy, which officials said has deployed over $11.5 billion into direct co-investment transactions since its 2005 inception. Overall, Neuberger Berman manages more than $90 billion in private equity capital commitments. The investors in this latest fund include pension plans, insurance companies, financial institutions, endowments, foundations and family offices. The global investor base includes allocators in North America, Europe, Latin America, Asia and the Middle East.

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