Neuberger Berman targets $1.1 billion for third Italy-focused fund: sources

This post was originally published on this site

https://i-invdn-com.akamaized.net/news/LYNXNPEC0E0NG_M.jpg
© Reuters. Neuberger Berman targets $1.1 billion for third Italy-focused fund: sources© Reuters. Neuberger Berman targets $1.1 billion for third Italy-focused fund: sources

By Chibuike Oguh

(Reuters) – U.S. investment equity firm Neuberger Berman Group LLC is seeking to raise 1 billion euros ($1.1 billion) for its third Italy-focused buyout fund, according to two people familiar with the matter.

The fund, dubbed NB Renaissance Partners III, was launched last year and is seeking deals in Europe’s fourth-largest economy in sectors that include industrials, pharmaceuticals, aerospace and technology.

New York-based Neuberger Berman has amassed 670 million euros ($738 million) for its latest Italy-focused fund, one of the sources said.

Neuberger Berman, which has not previously disclosed the target size of the fund, declined to comment.

In its previous Italy-focused fund, the buyout firm raised 300 million euros from investors in 2017, while the inaugural fund raised 620 million euros in 2015.

Neuberger Berman’s investments in Italy include Engineering-Ingegneria Informatica, an information-technology company; Alfasigma, a pharmaceutical firm; and Farnese Vini, a manufacturer of wines and spirits.

With $339 billion in assets under management, Neuberger Berman is one of the world’s largest investment firms. The firm’s Italian investing platform, NB Renaissance Partners, is a joint venture with Intesa Sanpaolo (MI:), the country’s largest bank.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.