US asset manager Neuberger Berman has raised $244m for its listed distressed investment vehicle through a secondary placing.
The 71-year-old firm, which served as the asset management arm of Lehman Brothers from 2003 to 2008, applied for 242.9 million shares to be admitted to trading on the Specialist Fund Market of the London Stock Exchange at a price of $1.005 per ordinary share.
The fundraising, which follows a $200m fundraising for the NB Distressed Debt Investment Fund earlier this year, is not expected to effect the firm’s plan to fully invest the fund within the next few months.
As of 16 September, the investment manager had made thirteen investments through NB Distressed, with target industries including power, telecommunications, lodging and casinos, real estate, food products, transportation, financial services, airlines and healthcare.
Neuberger Berman Distressed Debt Investment Fund chairman Robin Monro-Davies said, “I would like to welcome new shareholders in the company and thank our existing investors for their ongoing support. We believe this is a continued demonstration that investors recognise the attractiveness of the current market opportunity and the company’s investment strategy.”
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