Neuberger Berman Closes $1.7B Credit Fund Focused on Loans to PE-Backed Companies

Neuberger Berman Closes $1.7B Credit Fund Focused on Loans to PE-Backed Companies

  

Fried Frank acted as counsel to Neuberger Berman in connection with the formation of NB Private Debt III, a US$1.7 billion fund focused on investing in senior secured, variable rate loans, primarily to North American private equity owned companies. The Fund seeks risk-adjusted returns by investing in senior secured loans across the capital structure, including first lien loans, unitranche loans and second lien loans, and utilizing modest fund leverage, targeted at 40% LTV (loan to value), to equalize risk-adjusted returns across this opportunity set.
 
The Fried Frank team included corporate partners Richard Ansbacher and Matthew W. Howard, tax partner David I. Shapiro, corporate associates Jocelyn P. Ryan and Jonathan W. Rash, tax associates Jaclyn M. Goldberg and Ze'ev Deutsch, and corporate law clerk Stephanie Amador.

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