N
euberger Berman, a private investment manager, has announced the final close of its NB Real Estate Secondary Opportunities Fund II LP (RESOF II) at $1.05 billion, surpassing its target of $800 million. The fund is the successor to its predecessor, which had total investor commitments of $712 million.

    RESOF II primarily invests in mature real estate funds from limited partners seeking liquidity and recapitalizes seasoned real estate funds alongside incumbent managers. It targets the middle market, where the team believes it can exercise greater selectivity, and employs a value-oriented approach emphasizing bottom-up asset-by-asset underwriting.

    "We are excited by the long-term opportunity in real estate secondaries," said Scott Koenig, Head of Neuberger's Real Estate Secondaries business. "Our goal is to construct a well-diversified portfolio of seasoned assets acquired at attractive prices via the secondary market."

    Ted Rykowski, Managing Director, added that RESOF II benefits from Neuberger's disciplined approach to secondary investing, refined over decades. The fund has a diverse investor base, including corporate and public pension plans, endowments, foundations, insurance companies, family offices, and high net worth individuals.

    Simpson Thacher & Bartlett LLP served as legal counsel to Neuberger Berman. RESOF II invests globally, with a focus on the U.S. and Europe.

    Neuberger Berman is an employee-owned investment manager founded in 1939 with over $508 billion of assets under management. Its NB Private Markets division has been an active private markets investor since 1987, managing over $125 billion of investor commitments across various strategies and geographies.