US investment firm Neuberger Berman has raised $7.3bn (£5.5bn) at the final close of its fifth private debt fund.
NB Private Debt V invests primarily in senior secured, first-lien, and unitranche loans to US companies owned by private equity sponsors. The fund’s investor base includes global institutions from North America, South America, Europe, the Middle East and Asia.
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“We are deeply grateful for our investors’ ongoing trust and support,” said Susan Kasser, head of Neuberger Berman private debt. “Capital preservation is our first priority. Since inception, our annualized default and loss rates remain low, at just 0.02 per cent and 0.01 per cent, respectively, as our assets under management continue to grow.”
The $7.3bn figure includes leverage, according to the firm.
Neuberger Berman’s private debt business now manages $24.3bn across its funds, while the broader alternatives platform oversees $169bn of capital.
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“Our private markets platform is built to support the private equity ecosystem, not compete with it,” said Anthony Tutrone, head of Neuberger Berman alternatives. “As the needs of our investors and general partners evolve, we’re scaling our connectivity and capabilities, with private debt remaining a core engine of that growth.”
Kirkland & Ellis served as legal counsel to the fund.
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