Neuberger Berman raises $1.1bn for co-investments

NB Strategic Co-Investment Partners Fund II has completed nine transactions, investing roughly $185m alongside private equity fund managers.

Neuberger Berman Group has closed its NB Strategic Co-Investment Partners Fund II on $1.1 billion, north of its $750 million target.

Fund II will make primarily buyout and growth investments alongside other private equity funds in a variety of sectors. The fund has invested about $185 million in nine transactions to date. Fund II attracted commitments from more than 25 limited partners, including the Montana Board of Investments and Colombian pension fund administrator AFP Protección, according to Private Equity International’s Research & Analytics division.

“We estimate Fund II will have in excess of 30 portfolio company investments across multiple industries, geographies, enterprise value sizes, transaction types, vintage years and premier lead managers,” managing director at Neuberger Berman David Morse said in a statement.

Fund II is managed by six senior investment professionals at Neuberger Berman who also manage NB Strategic Co-Investment Partners Fund I, which collected $1.6 billion in 2006. 

Neuberger Berman’s alternatives arm NB Alternatives specialises in fund of funds, secondaries, and co-investment vehicles and also offers advisory services to institutional investors.

Neuberger Berman was unavailable for comment at press time.