Neuberger Berman Group closed its third global private equity secondary fund oversubscribed at $2 billion, according to a news release from the company.
NB Secondary Opportunities Fund III surpassed its target of $1.6 billion.
Through the fund, the company plans to purchase seasoned private equity investments from investors seeking liquidity. The fund has a global mandate and will pursue secondary opportunities in private equity funds, direct investments, co-investments and structured private equity opportunities.
Investors in the commingled vehicle include the $22.2 billion Alaska Retirement Management Board, Juneau, $2 billion Iowa Municipal Fire & Police Retirement System, West Des Moines, and $650 million St. Louis Police Retirement System.
Neuberger Berman's previous fund in the series, Secondary Opportunities Fund II, garnered $1.7 billion in commitments.