Neuberger Berman Private Debt Closes on More Than $620 Million Fund

Sep 9 2015 | 2:15pm ET

Neuberger Berman announced the closing of NB Private Debt Fund, which seeks to invest in the debt of private equity-backed companies, including uni-tranche loans, second lien loans, and mezzanine debt securities of companies in both the primary issuance and secondary market.

The Fund closed on more than $620 million of limited partner commitments. The Fund's global investor base is comprised of more than 25 institutions, including public and private pensions, insurance companies and foundations from North America, Europe and Japan. Including the Fund, the Private Debt team at Neuberger Berman manages approximately $1.5 billion of committed capital across a platform of multiple investment vehicles.

"We are grateful for the ongoing support of our investors," Susan Kasser, Head of NB Private Debt stated.

The Fund employs a flexible investment strategy including a wide range of company sizes and securities while seeking to invest in established, profitable companies in recession resistant industries, based in North America, with EBITDA of $20 million to $250 million. The Fund's average investment size is between $25 and $75 million. 

At the final close, the Fund was 52% invested in 22 companies.

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