Wednesday, September 9, 2020

Neuberger Berman Specialty Finance Team Announces Close Of First Fund With Over $300 Million In Commitments

NEW YORK, Sept. 9, 2020 -- Neuberger Berman, a private, independent, employee-owned asset manager, today announced the close of the NB Specialty Finance Fund ("Fund"). Neuberger Berman Specialty Finance ("NBSF"), an alternative credit offering of the $357 billion asset manager, closed the Fund on August 7, 2020.   


The Fund, NBSF's first, has closed with over $300m of committed capital from a global investor base that includes insurance companies, pension funds, asset managers, RIAs, and family offices. The Fund's objective is to complement more traditional private debt strategies by seeking to generate attractive current income via short duration transactions. Fintech companies are often at the center of the group's efforts and direct relationships. The group generally targets investment partnerships primarily focused on consumer and small business related receivables and structures the transactions through a mix of forward flow agreements, secured credit facilities, and equity investments.


Following a number of successful alternative credit strategy launches over the past several years, Neuberger Berman recruited Peter Sterling, an industry veteran with nearly 20 years of experience, to establish and grow NBSF in 2018.  The group has leveraged the team's venture, entrepreneurial, and banking networks to secure proprietary deal flow across traditional banks, non-banks and fintech originators.


Commenting on the close, Peter Sterling, Head of NB Specialty Finance said, "As private credit offerings continue to innovate, we strive to be at the forefront of these rapidly evolving products.     The group's ability to provide multiple financing solutions along with the firm's large scale infrastructure has been incredibly helpful in this marketplace."


The Fund will be deployed by an investment team based in San Francisco and New York. NBSF's origination partners have access to the team's network across the venture capital and banking industries as well as Neuberger Berman's broader financing capabilities across strategy groups. Approximately 60% of the Fund's capital comes from the Americas and the balance from Asia.


About Neuberger Berman Specialty Finance


NB Specialty Finance seeks to partner with originators to gain exposure to primarily consumer, small business and other short duration receivables. NBSF was established in 2018.


About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 24 countries, Neuberger Berman's diverse team has 2,300 professionals. For six consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). The firm was awarded an A+ in every category in the latest 2020 Principles for Responsible Investment (PRI) report for our approach to ESG integration across asset classes. The firm manages $357 billion in client assets as of June 30, 2020. For more information, please visit our website at www.nb.com.


All Neuberger Berman information is as of June 30, 2020 unless otherwise indicated and is subject to change without notice. Firm data, including employee and assets under management figures, reflects collective data for the various affiliated investment advisers that are subsidiaries of Neuberger Berman Group LLC. Firm history/timeline includes the history of all firm subsidiaries, including predecessor entities and acquisitions.  


PRI grades are based on information reported directly by PRI signatories, of which investment managers totaled 1,924 for 2020, 1,119 for 2019, 1,120 for 2018 and 935 for 2017. All signatories are eligible to participate and must complete a questionnaire to be included. The underlying information submitted by signatories is not audited by the PRI or any other party acting on its behalf. Signatories report on their responsible investment activities by responding to asset-specific modules in the Reporting Framework. Each module houses a variety of indicators that address specific topics of responsible investment. Signatories' answers are then assessed and results are compiled into an Assessment Report. The Assessment Report includes indicator scores, summarizing the individual scores achieved and comparing them to the median; section scores, grouping similar indicator scores together into categories (e.g. policy, assurance, governance) and comparing them to the median; module scores, aggregating all the indicator scores within a module to assign one of six performance bands (from E to A+). Awards and ratings referenced do not reflect the experiences of any Neuberger Berman client and readers should not view such information as representative of any particular client's experience or assume that they will have a similar investment experience as any previous or existing client. Awards and ratings are not indicative of the past or future performance of any Neuberger Berman product or service. Moreover, the underlying information has not been audited by the PRI or any other party acting on its behalf. While every effort has been made to produce a fair representation of performance, no representations or warranties are made as to the accuracy of the information presented, and no responsibility or liability can be accepted for damage caused by use of or reliance on the information contained within this report. Information about PRI grades is sourced entirely from PRI and Neuberger Berman makes no representations, warranties or opinions based on that information.


This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions.  The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2020 Neuberger Berman Group LLC. All rights reserved.


Media Contacts:


Alexander Samuelson, 212 476 5392, [email protected]


SOURCE Neuberger Berman



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