Neuberger Berman Group raises $1.7bn

The New York-based asset manager held a final close of its third private debt fund.

Neuberger Berman Group closed its third debt fund, NB Private Debt Fund III, at $1.7 billion. The fund exceeds its target of $1.5 billion and surpasses its predecessor, NB Private Debt Fund II, which closed in October 2016 at $750 million. Committed capital will be used to invest in mezzanine debt throughout the United States managed by private equity firms.

Fund investors include over 60 insurance companies, foundations and pensions based in Europe, the United States, Canada, South America, Japan and Korea.

Neuberger Berman manages $323 billion in assets as of 31 March. The firm currently oversees $4.2 billion of private credit capital that will be used to invest in origination and opportunistic debt in secondary markets.