NEUBERGER BERMAN PRIVATE MARKETS ACCESS FUND SURPASSES $1 BILLION IN ASSETS, DRIVEN BY STRONG ADVISOR AND INSTITUTIONAL DEMAND
NEW YORK, June 18, 2024 /PRNewswire/ -- Neuberger Berman, an employee-owned, private, independent investment manager, announced its NB Private Markets Access Fund LLC ("NB Access Fund" or the "Fund") has reached a significant milestone, surpassing $1 billion in net assets. Launched in January 2021, the NB Access Fund has grown consistently, highlighting both financial advisor and institutional investor demand for a differentiated, registered, evergreen private equity fund focused on direct private equity investments managed by an experienced and dedicated private equity team.
The NB Access Fund provides a broader universe of investors access to Neuberger Berman's private equity co-investments and GP-led secondary private equity solutions. The Fund invests in institutional-quality direct investments alongside leading private equity managers. As of April 30, 2024, the portfolio includes 68 private equity investments alongside 55 unique, lead private equity sponsors.
With over 35 years of investing experience in private market and a deep understanding of evergreen strategies (managing over $7+ billion across 20 such vehicles), Neuberger Berman leverages its team of 410+ private market investment professionals globally to enhance deal flow, due diligence, and general partner relationships through its integrated platform of primary, secondary, and direct private equity investments. Building on more than 70 years of experience with registered funds, Neuberger Berman designed the Fund with an accessible structure that seeks to address the common challenges investors face with traditional private equity investments.
The Fund's structure reduces the operational complexity associated with traditional private equity investments and has benefits to investors including (i) lower investment minimums ($50,000) and eligibility requirements than most private equity funds, (ii) monthly closings that are fully funded upfront with no ongoing capital calls, (iii) liquidity via quarterly tender offers, (iv) simplified form 1099 tax reporting, and (v) a transparent fee structure with monthly reporting.
The Fund is available through various intermediaries and financial advisors, who play a key role in educating investors and properly allocating private markets assets within their clients' portfolios.
"Given our focus on long-term capital appreciation and focus on value creation, we believe that the Fund's portfolio is well positioned for future growth", said Maura Reilly Kennedy, Managing Director, Neuberger Berman. "Financial advisors and institutions are recognizing the value of evergreen structures in private equity, particularly those that focused on direct investments. The NB Access Fund delivers the benefits of a diversified, direct focused portfolio in a flexible, investor-friendly format."
About Neuberger Berman
Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $474 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman's investment philosophy is founded on active management, fundamental research and engaged ownership. UNPRI named the firm a Leader, a designation awarded to fewer than 1% of investment firms for excellence in environmental, social and governance practices. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last ten years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of March 31, 2024.
About Neuberger Berman Private Markets
Neuberger Berman Private Markets is a leading global private equity investor with over 35 years of experience and has managed over $115 billion of commitments since inception through March 31, 2024 across primary funds, co-investments, secondary investments, private credit and specialty strategies. Its dedicated team of over 410 private markets professionals has a global presence with offices in the United States, Europe and Asia as of June 1, 2024. Neuberger Berman Private Markets has committed over $30 billion over the past three years across primaries, co-investments and secondaries. For more information, please visit our website at www.nb.com.
Statements made in this release that look forward in time involve risks and uncertainties. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other investment companies focused on private markets, changes in government policy or regulation, inability of the Fund's investment adviser and sub-adviser to attract or retain key employees, inability of the Fund to implement its investment strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.
An investor should consider the NB Private Markets Access Fund's investment objectives, risks and fees and expenses carefully before investing. This and other important information can be found in the Fund's prospectus, which an investor can obtain by calling 617.619.4690 or by emailing [email protected] or visiting the Fund's website at https://www.nb.com/accessfund. Please read the prospectus carefully before making an investment.
SOURCE Neuberger Berman
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