Neuberger Berman, a global, private, employee-owned investment manager, has announced the launch of NB Asset-Based Credit Fund, the firm's first interval fund, which offers a private credit solution for individual investors.
The fund, managed by Neuberger's Specialty Finance group, seeks a high-level of current income through an actively managed portfolio focused on short duration, asset-based credit investments in various sectors including receivables lending, consumer, small business and real asset sectors, as well as revenue-based loans and public asset-based securities. The vehicle is registered under the Investment Company Act of 1940 as a closed-end fund structured as an interval fund and continuously will offer its shares daily. The fund intends to qualify for 1099 tax reporting, has low investment minimums, daily valuations and limited quarterly liquidity opportunities via repurchase offers.
The fund launch is timely, as the asset-based credit market has grown
