NEUBERGER BERMAN SURPASSES TARGET TO RAISE $1 BILLION FOR REAL ESTATE SECONDARY OPPORTUNITIES FUND II

Whats Happening:

Neuberger Berman has successfully closed its second real estate private equity secondary fund, NB Real Estate Secondary Opportunities Fund II LP (RESOF II), at $1.05 billion. This surpasses the fund's target of $800 million and represents a significant increase from its predecessor fund, which raised $712 million. RESOF II aims to acquire interests in mature real estate funds and recapitalize seasoned real estate investments, focusing on the middle market in the U.S. and Europe.

Key Moves:

• RESOF II closes at $1.05 billion, exceeding $800 million target

• Fund focuses on acquiring mature real estate fund interests and recapitalizing investments

• RESOF II targets middle market opportunities in the U.S. and Europe

By The Numbers:

• RESOF II raised $1.05 billion, including GP and employee commitments

• Predecessor fund had total investor commitments of $712 million

• Neuberger Berman manages $508 billion in assets as of December 31, 2024

Key Quotes:

• "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," - Scott Koenig, Head of Neuberger's Real Estate Secondaries business

• "We believe RESOF II benefits from the disciplined, dedicated approach to secondary investing that Neuberger's secondaries platform has refined over decades," - Ted Rykowski, Managing Director

Bottom Line:

Neuberger Berman's successful closing of RESOF II at $1.05 billion demonstrates strong investor confidence in the real estate secondaries market. The fund's focus on middle market opportunities and its value-oriented approach position it to potentially deliver compelling risk-adjusted returns in the evolving real estate investment landscape.

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