Neuberger Berman raises €300m for Italian private equity fund
NB Renaissance Partners (NBRP), the Neuberger Berman’s arm dedicated to private equity investments in Italy, has closed its Annex Fund after achieving its target size of €300m.
NBRP currently manages €920m from both local and international investors across its two funds, the NBRP Annex Fund and the NB Renaissance Partners Fund launched in 2015 by €620m.
NBRP invests in 13 Italian mid-sized companies with the objective of supporting their growth and internationalisation through the acquisition of majority or minority stakes.
NBRP managing director Marco Ferrina said: “We are thrilled to have seen such strong interest for the NBRP Annex Fund, from both existing and new investors, taking us quickly to our target size of €300 million and bringing the total platform dedicated to private equity investments in Italy to €920 million in less than two years since the inception of NBRP.”
Fabio Cané, also managing director at the firm, commented:“We believe there are many excellent Italian companies which, with the right partner, the appropriate financing and a skilled management team, can consolidate their leadership position in the global markets.”
“We are delighted that the NBRP Funds can support the development of Italian mid-size companies and we believe that NBRP Annex Fund represents another important step to position NBRP as a leading Italian private equity platform partnering with mid-size companies,”added NBRP managing director Stefano Bontempelli.
Neuberger Berman managed $271bn (€232.5bn) in assets as of 30 June 2017.