Investment manager Neuberger Berman has raised over $1.6bn (£1.26bn) at the final close of its NB Specialty Finance Fund III, exceeding its original $1bn target.
The Neuberger Berman specialty finance team manages a high yield, short duration strategy within asset-based finance. The fund is already 45 per cent deployed.
Primary sectors include receivables, small business, consumer and hard assets. The global team has a physical presence in New York, Redwood City, London and Tel Aviv, sourcing most of its investments directly through its network of sponsors, seasoned corporate management teams and innovative entrepreneurs.
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“The asset-based finance market has experienced incredibly strong growth driven by regulation, innovation and evolving borrower needs,” said Peter Sterling, head of specialty finance. “While the opportunity set continues to expand, we strive to remain highly selective and apply the discipline from the decades of experience across our team.”
The group, which Sterling helped to set up in 2018, manages a portfolio of over $4bn across more than 50 portfolio companies and various investment vehicles.
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The fund’s global investor base is comprised of more than 40 institutions across the globe including public and private pensions, insurance companies, foundations and RIAs from the US, Canada, the Middle East and East Asia.
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