Fundraising

San Antonio Fire & Police re-ups with Neuberger Berman

The $2.7bn pension, which has previously invested in secondaries through funds managed by Landmark Partners, backed NB Alternatives' predecessor fund.

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San Antonio Fire and Police Pension Fund has re-upped in Neuberger Berman‘s latest secondaries fund with a $15 million commitment.

The Texas pension’s board of trust approved the investment in Neuberger Berman Secondary Opportunities Fund IV (SOF IV), a spokesman confirmed.

The pension had committed $15 million to the firm’s predecessor, the 2012-vintage $2 billion Secondary Opportunities Fund III, according to PEI data. SOF IV’s target was unclear.

SOF IV has already received a $25 million commitment from City of Milwaukee Employees Retirement System and a $50 million commitment from Alaska Retirement Management Board, according to PEI data.

Neuberger Berman benefits from limited competition because it focuses on mid-market single asset purchases and proactive deal sourcing, according to an Alaska Retirement Management Board memo from May.

The NB Alternatives Group of Neuberger Berman manages around $34 billion and includes its fund of funds, secondaries and co-investments businesses as well as its fund of hedge funds business.

San Antonio pension manages $2.7 billion in assets and allocated 5 percent of its total investments to strategies including secondaries, buyout, fund of funds, mezzanine/debt, distressed and venture capital as of September last year, according to PEI data.