NEW YORK, Feb. 1, 2021 /PRNewswire/ -- Neuberger Berman, a private, independent, employee-owned investment manager, announced that it has become a signatory to the Institutional Limited Partners Association's (ILPA) Diversity in Action Initiative.
The Diversity in Action Initiative seeks to promote diversity, equity and inclusion (DEI) in the private equity industry. By joining the group of limited partners and general partners as a signatory, Neuberger Berman reinforces its commitment to advancing DEI within its own organization and the private equity industry more broadly.
"We are proud to be a part of the Diversity in Action Initiative," said Anthony Tutrone, Global Head of NB Alternatives. "Equity, inclusion and diversity are a fundamental part of our culture and long-term strategy at Neuberger Berman, and the ILPA's framework is deeply aligned with our own goals."
ILPA's Diversity in Action Initiative asks participants to take concrete DEI actions spanning talent management, investment management and industry engagement. At Neuberger Berman, these actions are a continuation of ongoing efforts to foster an equitable, inclusive, and diverse environment.
Neuberger Berman Private Equity's focus on equity, inclusion and diversity can be evidenced in its diverse team: 53% of US Private Equity employees are women or minorities, 49% of US new hires in the last three years were minorities and 57% of senior level US new hires were minorities. The team also seeks to promote diversity within the private equity industry. When investing with other private equity firms, as part of its due diligence process, the firm performs a diversity analysis including analyzing the potential general partner's commitment to DEI principles. Neuberger Berman Private Equity has also managed a strategy ("NorthBound") dedicated to partnering with overlooked and underserved emerging managers since 2007.
Neuberger Berman Private Equity is a key sponsor of many conferences, events and organizations promoting diversity within the industry. It is also a member of both the National Association of Investment Companies ("NAIC"), the largest network of diverse-owned private equity firms and hedge funds, as well as the Thirty Percent Coalition, to support board diversity in the U.S.
"The ILPA's Diversity in Action Initiative provides a unique opportunity to collaborate with our peers to build a more inclusive private equity industry," said Maura Reilly Kennedy, Managing Director, Neuberger Berman Private Equity. "We hope the initiative will continue to grow and that our actions will encourage others to join in the effort."
The principles of equity, inclusion and diversity are embedded in Neuberger Berman's corporate culture through fostering an environment in which all people are respected and have an equal opportunity to flourish and be their best selves. In addition, the firm believes having disparate voices strengthens their ability to deliver attractive outcomes for their clients and makes the firm a better organization and place to work.
Neuberger Berman is an equal opportunity and affirmative action employer and recognizes that the firm's continued success rests in their ability to attract, develop and retain talented and diverse (i.e., perspectives, experiences, backgrounds) professionals.
The firm also applies the same rigorous standards to how they measure investment performance and client engagement to how they drive accountability throughout the organization by creating a proprietary Neuberger Berman Equity, Inclusion & Diversity Index. The Index, which is updated annually, is the average of two sub-indices: the Diversity Index, which measures progress towards the firm's goal of reflecting the broader college-educated population and the Equity & Inclusion Index which compares employee engagement across different employee populations aiming for there to be no difference in experience and access to opportunities.
For more information about ILPA and the Diversity in Action initiative please visit www.ILPA.org
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 over 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). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $405 billion in client assets as of December 31, 2020. For more information, please visit our website at www.nb.com.
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