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Neuberger Berman closes secondary fund at $2.5 billion

Neuberger Berman closed NB Secondary Opportunities Fund IV at $2.5 billion, exceeding its $2 billion target, spokesman Davis MacMillan said in an e-mail.

The new fund will invest on the private equity secondary market. Its global mandate also includes direct investments, co-investments and structured private equity opportunities.

NB Secondary Opportunities Fund IV succeeds NB Secondary Opportunities Fund III, which closed in 2013 with $2 billion.

Investors in the fund include the $4.7 billion City of Milwaukee Employes' Retirement System and $2.8 billion San Antonio Fire & Police Pension Fund.