NEW YORK, Feb. 18, 2025 /PRNewswire/ — Neuberger Berman, a private, independent, employee-owned investment manager, proudly announces the successful final close of NB Specialty Finance Fund III LP (the “Fund”). The Fund has raised over $1.6 billion, surpassing the initial target of $1 billion. Currently, 45% of NB Specialty Finance Fund III is already deployed.
The NB Specialty Finance team employs a high-yield, short-duration strategy primarily focused on asset-based finance. Key sectors include receivables, small businesses, consumer finance, and hard assets. The global team maintains a presence in New York, Redwood City, London, and Tel Aviv, sourcing most investments directly through a robust network of sponsors, experienced corporate management teams, and innovative entrepreneurs.
Peter Sterling, Head of NB Specialty Finance, commented on the Fund, “The asset-based finance market has seen remarkable growth driven by regulatory changes, innovation, and evolving borrower demands. As opportunities continue to expand, we remain highly selective and disciplined, leveraging decades of team experience.” Peter Sterling was instrumental in establishing the group in 2018, which now oversees a portfolio exceeding $4 billion across more than 50 portfolio companies and various investment vehicles.
The Fund’s global investor base includes over 40 institutions worldwide, comprising public and private pension funds, insurance companies, foundations, and RIAs from the United States, Canada, the Middle East, and East Asia.
“We are immensely grateful for the trust and confidence our investors place in Neuberger Berman’s Specialty Finance group. It’s particularly fulfilling to see the majority of institutional investors from NB Specialty Finance II committing to this Fund, highlighting the growing attractiveness of this dynamic asset class,” stated Peter Sterling.
About Neuberger Berman
Founded in 1939, Neuberger Berman is an employee-owned, private, independent investment manager with over 2,800 employees across 26 countries. The firm manages $508 billion in equities, fixed income, private equity, real estate, and hedge fund portfolios for a diverse range of global institutions, advisors, and individuals. Neuberger Berman’s investment approach is centered on active management, fundamental research, and engaged ownership. In 2024, the firm was recognized as the #1 Best Place to Work in Money Management by Pensions & Investments for firms with more than 1,000 employees, achieving its fourth top ranking—the highest in the category. Overall, the firm has ranked #1 or #2 for 11 consecutive years. Visit www.nb.com for more information. Data as of December 31, 2024.
All information regarding Neuberger Berman is as of December 31, 2024, unless otherwise specified and is subject to change without prior notice. Firm data, including employee counts and assets under management, reflects collective information from various affiliated investment advisers that are subsidiaries of Neuberger Berman Group LLC. The history/timeline of the firm encompasses all subsidiary histories, including prior entities and acquisitions.
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