Neuberger Berman Announces Final Close of Second European Long-Term Investment Fund

London, November 30, 2022 – 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.

José Luis González Pastor, managing director at Neuberger Berman, notes: “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.”

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.

José Cosio, head of intermediary – global ex US, comments: “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.”

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.

About Neuberger Berman

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 26 countries, Neuberger Berman’s diverse team has over 2,600 professionals. For eight consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). Neuberger Berman is a PRI Leader, a designation, since last assessed, that was awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. In the 2021 PRI Assessment, the firm obtained the highest possible scoring for its overarching approach to ESG investment and stewardship, and integration across asset classes. The firm manages $408 billion in client assets as of September 30, 2022.

Neuberger Berman is a leading global private equity and credit investor that seeks to deliver strong investment results for our clients. Our team is driven to build attractive private equity portfolios by partnering with lead private equity firms and investing in unique opportunities. Our culture is rooted in the pursuit of investment insight and continuous innovation on behalf of clients.

For more information, please visit our website at www.nb.com.

Media Contacts:

Fiona Kehily, +44 (20) 3214 9087, Fiona.Kehily@nb.com