Neuberger Berman, a private, independent, employee-owned investment manager, is pleased to announce the successful close of its second private equity European Long-Term Investment Fund (NB ELTIF 2022). The fund, which held its first close in February 2022, closed after eight months on 31 October, bringing the total fund size to €210m, above the initial €150m target, with commitments from clients in 15 different jurisdictions.
The successful fundraise demonstrates the growth of Neuberger Berman’s global private equity investment strategy and the manager’s active role in the market. The NB ELTIF 2022 invests across a range of private equity asset classes, primarily investing in buyouts and opportunistically investing in special situations, growth capital and credit investments. In the last 16 months, capital raised in Neuberger Berman’s European-based retail-oriented funds amounts to approximately €575m.
“We are excited by the breadth of investment opportunities that will be available to the fund in the coming years. The strategy is designed to make long-term capital growth through building a diversified portfolio of direct private equity co-investments. With many investors pausing their private markets programs due to drops in value of public markets investments and higher costs to finance with reduced availability, we received more than 10 opportunities per week to co-invest alongside premier sponsors in 2022. That is a jump from our prior record last year at 8 opportunities per week.”José Luis González Pastor, managing director at Neuberger Berman
As of 31 October 2022, the NB ELTIF 2022 has already committed about 20% of the fund to 13 direct investments (co-investments), and incorporates ESG analysis in every investment risk/opportunity assessment.
“The NB ELTIF 2022 close is testament to our strong private equity expertise where we are seeing significant demand from intermediaries. We are grateful for the continued support of our existing investors and their trust in our team as they look for diversified and reliable sources of return. As an industry leader in private equity solutions, we are excited about the opportunities that we continue to identify on behalf of our clients”.José Cosio, head of intermediary – global ex US.
Investing in the fund is subject to risk, including market conditions, no assurance of investment return, legal, tax, and regulatory risks, use of leverage, borrowings, highly competitive market for investment opportunities, reliance on key management personnel, potential conflicts of interest, limited liquidity and long-term nature risk.