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Neuberger Berman Raises $750 Million for Second Private Credit Fund

Practices: Private Funds, Tax, Executive Compensation & Employee Benefits, Credit Funds

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 associates GangQiao (John) Wang (Boston) Jeanna Simeone (Boston) and tax & benefits counsel Sabrina Glaser (New York).

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