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NB raises $1bn from Japanese, Korean LPs

Neuberger Berman is in market with its 20th fund of funds and closed its third dedicated secondaries fund last year.

Neuberger Berman Private Equity has collected more than $1 billion from Japanese and Korean limited partners, according to a statement.

“We would like to express our gratitude to our high-quality group of institutional investors that partnered with us on various private equity investment opportunities over the past 10 years,” head of East Asia Ryo Ohira said. “We also continue to be committed to introduce a more diverse range of private equity strategies to the most sophisticated investors in the region while seeking superior long-term return and the highest level of localized and customized investor services.”

Neuberger Berman declined to comment on how much of the capital raised from the Asia LPs is allocated to secondaries investments but the firm is in market with its twentieth fund of funds. NB Crossroads Fund has a $750 million target and will make primary and secondary investments as well as co-investments.

Last year the firm closed its third dedicated secondaries fund on its $2 billion hard-cap. The fund raised capital from a diverse group of LPs, roughly half of which were new.

Neuberger Berman has more than $31 billion in alternative assets as of 30 June.