Neuberger Berman has raised $1.05bn (€1bn) for its real estate private equity ‘secondaries’ fund, surpassing its $800m target.
The amount raised for NB Real Estate Secondary Opportunities Fund II (RESOF II) fund also exceeded the $712m raised for the previous fund.
RESOF II, like its predecessor, focuses on acquiring interests in mature real estate funds for liquidity, recapitalising funds and co-investing with established managers. The fund targets the middle market globally, with a concentration on the US and Europe.
Scott Koenig, head of Neuberger’s real estate secondaries business, said: “We are excited by the long-term opportunity in real estate secondaries and are humbled by the number of new and existing clients that have entrusted us with their precious capital for this strategy.
“Our goal is to construct a well-diversified portfolio of seasoned assets acquired at attractive prices via the still-expanding secondary market. We think this offers investors the potential for compelling risk-adjusted returns and provides a differentiated way to access the real estate asset class.”
Ted Rykowski, MD at Neuberger Berman, said: “We believe RESOF II benefits from the disciplined, dedicated approach to secondary investing that Neuberger’s secondaries platform has refined over decades.
“With a growing team and supported by the resources and relationships of Neuberger’s broader private markets platform, we believe we are well-positioned to source, underwrite and execute high-quality real estate secondary investments globally on behalf of our clients.”
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