NEUBERGER BERMAN SURPASSES TARGET TO RAISE $1 BILLION FOR REAL ESTATE SECONDARY OPPORTUNITIES FUND II

NEW YORK, Feb. 26, 2025 /PRNewswire/ -- Neuberger Berman, a private, independent, employee-owned investment manager, is pleased to announce the final close of NB Real Estate Secondary Opportunities Fund II LP ("RESOF II"), the firm's second commingled real estate private equity secondary fund. RESOF II closed at $1.05 billion, including GP and employee commitments, surpassing its target of $800 million. It is the successor to NB Real Estate Secondary Opportunities Fund LP, which had total investor commitments of $712 million.

Like its predecessor fund, RESOF II primarily seeks to acquire interests in mature real estate funds from limited partners desiring liquidity, as well as to recapitalize seasoned real estate funds and investments alongside incumbent third-party managers.  RESOF II invests globally, with a focus on the U.S. and Europe.  The fund targets the middle market, where the team believes it can exercise greater selectivity.  The team further employs a value-oriented approach emphasizing "bottom-up" asset-by-asset underwriting rather than "top-down" portfolio analysis. 

Commenting on the closing, Scott Koenig, Head of Neuberger's Real Estate Secondaries business, said, "We are excited by the long-term opportunity in real estate secondaries and are humbled by the number of new and existing clients that have entrusted us with their precious capital for this strategy.  Our goal is to construct a well-diversified portfolio of seasoned assets acquired at attractive prices via the still-expanding secondary market.  We think this offers investors the potential for compelling risk-adjusted returns and provides a differentiated way to access the real estate asset class."

Ted Rykowski, Managing Director, added, "We believe RESOF II benefits from the disciplined, dedicated approach to secondary investing that Neuberger's secondaries platform has refined over decades.  With a growing team and supported by the resources and relationships of Neuberger's broader private markets platform, we believe we are well-positioned to source, underwrite and execute high-quality real estate secondary investments globally on behalf of our clients."

RESOF II's diverse investor base includes corporate and public pension plans, endowments, foundations, insurance companies, family offices, and high net worth individuals. Investors are global, including from North America, Europe and Asia.

Simpson Thacher & Bartlett LLP served as legal counsel to Neuberger Berman.

About Neuberger Berman

Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $508 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman's investment philosophy is founded on active management, fundamental research and engaged ownership. In 2024, Neuberger Berman was named #1 Best Place to Work in Money Management by Pensions & Investments for firms with more than 1,000 employees, marking its fourth top ranking—the most of any firm in the category. Overall, the firm has placed #1 or #2 for 11 consecutive years. Visit www.nb.com for more information. Data as of December 31, 2024.

About NB Private Markets

NB Private Markets is a division of Neuberger Berman and has been an active and successful private markets investor since 1987. NB Private Markets invests across strategies, asset classes, and geographies for a large number of sophisticated and renowned institutions globally including public and private pension funds, endowments, insurance companies, sovereign wealth funds, family offices and intermediaries. As of December 2024, NB Private Markets managed over $125 billion of investor commitments across primaries, co-investments, secondaries, private credit, and specialty strategies. NB Private Markets has an experienced, diverse and stable team of over 440 professionals with a global presence in 15 offices across the United States, Europe, and Asia (as of January 2025).

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

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