Neuberger Berman, a private, independent, employee-owned investment manager, has launched its third private equity European Long-Term Investment Fund (NB Direct Private Equity 2023 ELTIF) following the successful fundraise of the second private equity ELTIF in 2022.
The company’s latest launch further expands Neuberger Berman’s global private equity offering giving more accessibility to qualified individual and professional investors and their advisors. The fund has a minimum investment starting from EUR 25,000 for investors across Europe with a 100% private equity co-investment strategy.
The new fund will invest across a range of private equity asset classes and will target investments allocating mainly to Europe and North America. The portfolio is diversified across industries, enterprise value sizes, value creation strategy and high-quality lead managers and will leverage the expertise of Neuberger Berman’s multi award-winning private equity team which employs 280+ private market professionals over ten global locations.
As an industry leader in private markets with an integrated platform and attractive market position, Neuberger Berman currently also manages two other private equity ELTIF funds with several other vehicles aimed at the global intermediary market. The Neuberger ELTIF 2022 raised a total of €210m which was above target and demonstrates the continued growth of Neuberger Berman’s global private equity investment strategy.
José Luis González Pastor, managing director at Neuberger Berman, notes: “The launch of our third ELTIF shows our continued commitment to providing the highest quality of direct private equity investments to our clients. Our first ELTIF, from 2021, is already fully committed with a portfolio of 27 investments and our second ELTIF has already invested in 17 companies. The portfolios have exposure to high growth companies in sectors such as healthcare, education, IT, services or consumer, among others"
José Cosio, head of intermediary – global ex US, comments: “We are grateful for the continued support from our clients and their trust in our team. Private equity has become a significant diversifier for many of our clients, both in discretionary and advisory portfolios, and this new fund will follow in the footsteps of our previous launches, allowing a new generation of savers to access private equity’s differentiated return profile in an efficient way.”
Investing in the fund is subject to risk, including market conditions, no assurance of investment return, legal, tax and regulatory risks, use of leverage, borrowings, highly competitive market for investment opportunities, reliance on key management personnel, potential conflicts of interest, limited liquidity and long-term nature risk.
