Simpson Thacher advised Neuberger Berman in the establishment and raising of NB Strategic Capital Fund II (the "Fund") at just over $4.0 billion of total capital commitments, with additional capital committed by limited partners to co-invest alongside the Fund. The amount surpassed the Fund's initial target of $2.5 billion and represents a four-fold increase from the predecessor fund, NB Strategic Capital Fund I, which held a final close in 2020 at just over $955 million.
NB Strategic Capital Fund II has a diverse investor base that spans North America, Europe, Asia and Latin America, featuring corporate and public pension plans, endowments, foundations, insurance companies, family offices and high net worth individuals. NB Strategic Capital II is now positioned as one of the largest funds dedicated to the highly attractive GP-led secondary market.
The Simpson Thacher team included Lauren King, Joachim-Nicolas Herrera, Haojia Jessie Li, Hala Bazzaz and Yaakov Mozes (Funds); Benjamin Rippeon, Jacqueline Clinton and Paul Jansch (Tax); Jeanne Annarumma and Alexander Kharash (ERISA); and Julia Kohen and Chun Baak (Credit).