NB Real Estate Secondary Opportunities Fund II’s predecessor raised 712 million
US alternative asset manager Neuberger Berman (NB) said that NB Real Estate Secondary Opportunities Fund II (RESOF II), a vehicle for private equity real estate, closed its fundraising and attracted commitments worth 1.05 billion US Dollars, well above the 800 million target. The management team and the employees contributed to this achievement (see here the press release).
RESOF II’s investor base includes corporate and public pension plans, endowments, foundations, insurance companies, family offices and high net worth individuals. Investors mainly come from North America, Europe and Asia. Simpson Thacher & Bartlett LLP acted as legal advisor for Neuberger Berman.
Scott Koenig Ted Rykowski
In early 2019, NB launched NB Real Estate Secondary Opportunities Fund and attracted total investor commitments for 712 million.
RESOF II primarily aims to acquire stakes in mature real estate funds from investors seeking liquidity, as well as to recapitalise long-standing sector vehicles and investments with existing third-party managers. RESOF II invests globally, with a focus on the US and Europe. The fund targets the mid-market, where the team believes it can apply greater selectivity.
Scott Koenig, Neuberger’s head of Real Estate Secondaries, said: “We are excited about the long-term opportunity that the real estate secondaries offer and are honoured that new and existing clients entrusted us with their valuable capital for this strategy. Our goal is to build a well-diversified portfolio of seasoned assets acquired at attractive prices through the still-expanding secondary market. We believe 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, added: “We believe RESOF II benefits from the disciplined and dedicated approach to secondary investment that Neuberger’s platform has honed over decades. Grace to our firm’s growing team and its resources and relationships in the broader private markets sector, we believe to be well positioned to source, underwrite and execute high-quality real estate secondary investments globally on behalf of our clients.”
