The private equity funds of funds manager Neuberger Berman’s lasted fund - NB Crossroads 2010 Fund - has closed on $719mn, slightly above its target of $700mn. The fund of funds has a wide investment remit investing in small to mid-cap buyout, venture capital, distressed debt and special situations funds in the US, Europe and Asia. The vehicle also includes allocations for secondary investments and direct co-investments. As of the closing date in September 2011, it had already committed 52% of its total capitalisation.
As at November 2011, the final close for NB Crossroads 2010 Fund represents the third highest final close held for a private equity fund of funds vehicle in 2011 YTD. Thus far, 57 private equity funds of funds have held a final close in 2011, below the 70 fund of funds vehicles that held a final close in 2010. In March 2011, private equity funds of funds manager Portfolio Advisers held a final close for its Portfolio Advisors Private Equity Fund VI, garnering a total of $1.1bn from investors. The vehicle includes six sector tranches: diversified buyout, diversified venture, diversified special situations, Europe/Rest of World mid-market buyout, US mid-market buyout and distressed debt. The second largest fund of funds that completed fundraising in 2011 YTD was Mesirow Financial Private Equity Partnership Fund V, which held a final close on $841mn in April. It allocates its capital to venture and expansion, buyout and special situations funds targeting opportunities in Europe and the US.