Neuberger Berman has closed the NB Private Debt Fund, which invests 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 over USD620 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 (NB Private Debt) manages approximately USD1.5 billion of committed capital across a platform of multiple investment vehicles.
"We are grateful for the ongoing support of our investors," says Susan Kasser (pictured), Head of NB Private Debt.
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 USD20 million to USD250 million. The Fund's average investment size is between USD25 and USD75 million. At the final close, the Fund was 52 per cent invested in 22 companies.
