Neuberger Berman has announced the final close of its 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 $1.05bn, surpassing its target of $800m. The fund is the successor to NB Real Estate Secondary Opportunities Fund LP, which had total investor commitments of $712m.
RESOF II primarily seeks to acquire interests in mature real estate funds from limited partners desiring liquidity, as well as to recapitalise seasoned real estate funds and investments alongside incumbent third-party managers. The fund targets the middle market and invests globally with a focus on the US and Europe.
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 of Neuberger Berman 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.”
Simpson Thacher & Bartlett LLP served as legal counsel to Neuberger Berman.
