The state of New Jersey has backed Neuberger Berman’s latest private equity fund with a commitment of up to $200m.
In addition to the commitment to Dyal Capital Partners II, the New Jersey State Council has allocated $50m for co-investments with the fund.
The LP committed $200m to the firm’s previous fund, Dyal Capital Partners I, in August 2012.
The fund is targeting $1.5bn and will focus on making minority investments in hedge funds with assets under management of between $1.5bn and $5bn.
Last November Neuberger Berman eclipsed the $1.6bn target for its third global secondaries vehicle by holding a $2bn final close.
The fund is larger than Neuberger’s $1.7bn second fund it raised just months before the collapse of Lehman Brothers.
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