Neuberger Berman secures $250m commitment from New Jersey for new fund


dollar back sealThe 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.

Copyright © 2014 AltAssets