The asset manager Neuberger Berman has closed its NB Specialty Finance Fund III after raising “over $1.6bn.” The figure exceeded “its original $1bn target”, the firm said in a press release on 18 February 2025.

“The asset-based finance market has experienced incredibly strong growth driven by regulation, innovation and evolving borrower needs,” Peter Sterling, head of NB specialty finance, stated in the announcement.

The “NB Specialty Finance Fund III is already 45% deployed,” the firm said in the release. It focuses on “high yield, short duration strategy within asset-based finance. Primary sectors include receivables, small business, consumer and hard assets.”

The fund’s investor “base is global,” a PR representative told Paperjam. The release cited “40 institutions across the globe including public and private pensions, insurance companies, foundations and RIAs” or registered investment advisors.

The portfolio team is located in New York, Silicon Valley, London and Tel Aviv, the release stated. “The master fund is domiciled in Delaware, US, with a feeder in Luxembourg and the Cayman Islands,” the PR rep said. “Neuberger Berman has around 15 staff in Luxembourg,” he stated.

The Luxembourg financial regulator CSSF’s database showed that Neuberger Berman has been an authorised alternative investment fund manager since 2019.

According to the press release, globally, “the firm manages $508bn of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals,” as of 31 December 2024.