Neuberger Berman Reaches Final Close On NB Euro Crossroads 2018
Neuberger Berman has announced the final close of its NB Euro Crossroads 2018 S.C.Sp. SICAV – RAIF. On 27 March 2020, the Fund closed with €260 million of capital commitments, surpassing its target of €200 million and is structured as a Luxembourg special limited partnership under the RAIF regime.
The Crossroads funds of funds platform was first established in the early 1980s and was designed to construct diversified private equity portfolios across asset classes, strategies and geographies. NB Euro Crossroads 2018 invests concurrently with the international fund and together they have commitments of over $1 billion.
Managed by Joana Rocha Scaff, Head of Europe Private Equity, and Philipp Patschkowski, Senior Member of the Private Investments Portfolio Group at Neuberger Berman, this global core private equity portfolio seeks to generate attractive risk-adjusted returns on capital primarily through long-term capital gains. It consists of high-quality third party private equity funds on a primary and secondary basis and direct co-investments, and is diversified across four strategic asset classes: small and mid-cap buyout, large-cap buyout, growth and venture capital, as well as special situations. Its diverse investor base includes pension funds, insurance companies and family offices from across Continental Europe and the Nordics.
Dik van Lomwel, Head of EMEA and Latin America, adds: “Our Crossroads business has been at the core of our private markets offering for a long time and remains popular with clients seeking high quality, capital efficient, diversified exposure to private equity. We identified demand in Europe for a Luxembourg domiciled Euro denominated structure and we are delighted with the level of interest so far.”
Philipp Patschkowski says: “The overall success of the Crossroads series is testament to the strength of our platform, long-term track record and established investment capabilities. The integration of ESG factors is also an important consideration for clients. As demonstrated by our A+ UNPRI rating, we work closely and successfully with our dedicated ESG investing team to maintain our leadership in this space.”
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