Neuberger Berman Raises $750 Million for Second Private Credit Fund

Ropes & Gray served as counsel to Neuberger Berman in connection with the raise of NB Private Debt Fund II LP. The fund, which closed on $750 million of limited partner commitments, is Neuberger Berman’s second private credit fund and will seek to invest in the junior debt of private equity-backed companies, including unitranche loans, second lien loans, and mezzanine debt securities. The closing of the fund was announced on October 20.

Ropes & Gray also served as counsel to Neuberger Berman on its first private debt fund, which closed in September 2015 with over $620 million of limited partner commitments.

Neuberger Berman is a private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. Including the second fund, Neuberger Berman manages approximately $2.3 billion of committed capital focused on investing in the credits of private- equity backed companies in both the primary issuance market and through secondary purchases.

The Ropes & Gray team advising Neuberger Berman included private investment funds partners Peter Laybourn (Boston) and Jay Milkes (New York), private investment funds associate GangQiao (John) Wang (Boston).