Neuberger Berman, a private, independent, employee-owned investment manager, announced NB Private Debt Fund II LP (the "Fund") closed on $750 million of limited partner commitments. The Fund seeks to invest in the junior debt of private equity-backed companies, including unitranche loans, second lien loans, and mezzanine debt securities.

Including the Fund, Neuberger Berman manages approximately $2.3 billion of committed capital focused on investing in the credits of private-equity backed companies in both the primary issuance market and through secondary purchases. The average investment size across the business is between $50 million and $100 million.

The Fund's global investor base is comprised of more than 25 institutions, including public and private pensions, insurance companies, and foundations from North America, Europe, and Japan. The Fund targets investments in North American companies with EBITDA of $25 million to $250 million, and at final close, was 28% invested in 15 companies.

Susan Kasser and David Lyon co-manage the Private Credit business at Neuberger Berman. Kasser said, "We all are grateful for the ongoing support of our investors and see growing opportunities in private debt. We believe our team has the experience and depth of expertise to continue to perform for clients."

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide.