Neuberger Berman launches ELTIF

The fund, named Neuberger Berman Direct Private Equity ELTIF, has an expected life of eight years instead of a more traditional length of 10-12 years.

"This fund has an innovative structure that breaks down the barriers faced by non-institutional investors investing in this asset class," said managing director José Luis González Pastor. "The fund is available for advised non-professional investors, has a lower entry minimum, shorter duration, lower fees and greater diversification than most traditional private equity offerings, while also providing investors access to institutional-quality private equity investment expertise."

Neuberger Berman manages $429bn in assets across a range of investment strategies, including fixed income, multi-asset, equity, real estate and both liquid and illiquid alternatives, on behalf of global investors such as pension funds, insurers, foundations, financial institutions, investment professionals and retail clients.

Neuberger Berman is headquartered in New York, with offices in 36 cities across 25 countries. The firm's private equity team employs 245 markets professionals across nine global locations.

Investors
The Neuberger Berman Direct Private Equity ELTIF is open to commitments from professional and eligible retail investors across Europe, with a minimum investment of €50,000.

Investments
The fund will target PE returns by co-investing with PE firms globally. It plans to build a diversified portfolio of direct PE investments.

The vehicle's strategy will focus on buyout opportunities blended with some growth and structured equity.

The fund will mainly invest across Europe and North America, and will pursue an intensive diversification across geographies, industries, enterprise value sizes and value creation strategies.

People
Neuberger Berman – José Luis González Pastor (managing director); José Cosio (head of intermediary – EMEA & Latin America)

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