Money manager Neuberger Berman has agreed to pay $200 million for a diversified portfolio of 21 private equity investments from a European office.
The transaction terms and identity of the selling entity were not disclosed.
“While investment activity in the secondary market has been relatively muted this year due to a wide bid-ask spread, we believe 2010 will be a more active year as continued portfolio net outflows force investors to intensify their search for liquidity and bid-ask spreads continue to tighten,’’ said Tristram Perkins, lead partner on the transaction. “Factors contributing to this tightening include GP write-downs and signs of stability in the economy, as well as indications that lenders are willing to work with general partners to address the refinancing risk that overhangs many of the 2006 and 2007 vintage-year buyouts.”
Neuberger Berman manages approximately $169 billion in assets for institutions and individuals as of Sept. 30.