Neuberger Berman Next Generation Connectivity Fund Announces $1.5 Billion Initial Public Offering

NEW YORK, May 26, 2021 /PRNewswire/ -- Neuberger Berman Next Generation Connectivity Fund Inc. (the "Fund"), a newly organized closed-end fund, announced today the initial public offering of its shares of common stock. The Fund began trading today on the NYSE under the symbol "NBXG." The Fund has raised $1.5 billion in proceeds, agreeing to sell 75,000,000 shares of common stock at a price of $20.00 per share.  In addition, the Fund has granted the underwriters an option to purchase up to 10,766,733 additional shares of common stock at the public offering price. If the underwriters exercise their option to buy additional shares in full, which may or may not occur, the Fund will have raised approximately $1.715 billion.  The offering is expected to close on May 28, 2021, subject to customary closing conditions.

"We believe the development and deployment of the digital infrastructure that will serve as the backbone for new technologies presents an enormous investment opportunity. The fifth generation (5G) and future generations of mobile networks , and their unique ability to enable device-to-device communication, has the potential to unlock tremendous commercial opportunities, including the expanding use of autonomous vehicles, increasing the productivity and automation of factories, and improving connected health care, such as remote care and surgery," said Hari Ramanan, CIO, Neuberger Berman Research Funds, and one of the Fund's portfolio managers.

In pursuit of its investment objectives of capital appreciation and income, the Fund will invest, under normal market conditions, at least 80% of its total assets in equity securities issued by U.S. and non-U.S. companies, in any market capitalization range, that are relevant to the theme of investing in "NextGen Companies." The Fund considers "NextGen Companies" to be companies that, in its adviser's view, demonstrate significant growth potential from the development, advancement, use or sale of products, processes or services related to the fifth generation (5G) mobile network and future generations of mobile network connectivity and technology.  The Fund's adviser is Neuberger Berman Investment Adviser LLC and the adviser's experienced investment team, located in the U.S. and Asia, manage over $10 billion in next generation connectivity assets, including the proceeds of this offering.

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 25 countries, Neuberger Berman's diverse team has over 2,300 professionals. For seven 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 $402 billion in client assets as of March 31, 2021. For more information, please visit our website at www.nb.com.

A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction. An offer will be made only by means of the prospectus. An investor should carefully read the Fund's prospectus, which includes a discussion of investment objectives, risk factors, fees and expenses, before investing. A copy of the final prospectus relating to the offering may be obtained from the Fund at 877.628.2583 or contact your financial advisor.

Certain statements in this press release constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Fund, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward- looking statements. As a result, no assurance can be given as to future results, levels of activity performance or achievements, and neither the Fund nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.

All Neuberger Berman information is as of March 31, 2021, 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. 

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. © 2021 Neuberger Berman Group LLC. All rights reserved.

Media Contacts: Alex Samuelson, 212 476 5392, [email protected]

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