Neuberger Berman to launch distressed debt fund

Gail Mwamba
19 April 2010

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Private Equity investor Neuberger Berman, plans to launch NB Distressed Debt Investment, a fund targeting asset-backed senior debt.

The investor, formerly Lehman Brothers Private Equity, plans to list the vehicle on both the Specialist Fund Market of the London Stock Exchange and the Official List of the Channel Island Stock Exchange.

The investor is expecting to raise over a $150m for the fund, with unleveraged returns set at 20% per annum. The vehicle is set to invest in approximately 40 to 50 deals.

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