Neuberger Berman has held a final close for its NB Real Estate Secondary Opportunities Fund II LP (RESOF II), the firm’s second commingled real estate private equity secondary fund.
RESOF II closed at $1.05 billion, including general partner and employee commitments, surpassing its target of $800 million. It is the successor to NB Real Estate Secondary Opportunities Fund LP, which had commitments of $712 million.
Like its predecessor fund, RESOF II primarily seeks to acquire interests in mature real estate funds from limited partners desiring liquidity, as well as to recapitalize seasoned real estate funds and investments alongside incumbent third-party managers. RESOF II invests globally, with a focus on the U.S. and Europe. The fund targets the middle market, where the team believes it can be more selective. The team further employs a value-oriented approach emphasizing bottom-up asset-by-asset underwriting rather than top-down portfolio analysis.
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