Neuberger Berman opportunistic capital solutions fund closes with $1.95 billion of commitments

Expertise of Neuberger Berman and CC Capital Brings Together Public and Private Market Acumen

NEW YORK, March 16, 2022 /PRNewswire/ -- Neuberger Berman, a private, independent, employee-owned investment manager, is pleased to announce that the Neuberger Berman Opportunistic Capital Solutions Fund ("NBOKS" or "Fund") held its final close with $1.95 billion of commitments. The Fund is co-sponsoring a series of SPACs with private investment firm CC Capital, led by Chinh Chu. The unique skillsets of Neuberger Berman and CC Capital combine to create a "next generation" SPAC platform.

The CC Neuberger SPACs utilize Neuberger Berman's public market acumen and CC Capital's substantial private market expertise to identify and bring public "quality growth" companies that are currently private via the U.S. SPAC market. The CC Neuberger SPAC structure is differentiated by providing companies access to scaled anchor and backstop capital which enhances the likelihood of deal closure. NBOKS has entered into a $200 million forward purchase agreement with each co-sponsored SPAC. Additionally, NBOKS has entered into equity backstop facility agreements to invest up to $300 million across the CC Neuberger SPACs, on a first-come first-serve basis, to offset potential SPAC shareholder redemptions. For its limited partners, NBOKS shares in SPAC-sponsor economics, which reduces the per-share cost basis, providing downside protection

"Our partnership improves on the SPAC model by offering private companies the opportunity to go public with the buyside," said Charles Kantor, Managing Director at Neuberger Berman. "The market for sourcing attractive investment opportunities remains competitive. We believe that the powerful combination of Neuberger Berman and CC Capital provides for significant differentiation, and we remain excited about our approach providing committed capital, extensive due diligence resources, capital markets expertise, and 'private equity style' value creation."

As of February 28, 2022, the CC Neuberger SPAC platform has completed one de-SPAC transaction with E2open (ticker: "ETWO"), a premier supply chain software asset, and has announced a second de-SPAC transaction with the pending Getty Images business combination. The platform's third publicly traded SPAC vehicle, CC Neuberger Principal Holdings III, is currently searching for a suitable acquisition target.

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 2,400 professionals. For eight 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 $460 billion in client assets as of December 31, 2021. For more information, please visit our website at nb.com.

The year 2020 represents the first year that asset managers became eligible for PRI Leader designation, which formerly included asset owners only. The new designation was awarded to only 20 of the 2100+ investment manager PRI signatories. The Leaders' Group showcases signatories at the cutting edge of responsible investment, and highlights trends in what they are doing. PRI uses signatories' reporting responses and assessment data to identify those that are doing excellent work in responsible investment – across their organizations and with a focus on a given theme each year. The 2020 theme is climate reporting. Information about PRI Leader is sourced entirely from PRI and Neuberger Berman makes no representations, warranties or opinions based on that information.

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Media Contacts:

Alex Samuelson, Neuberger Berman, 212 476 5392, [email protected]

SOURCE Neuberger Berman