NEW YORK, Sept. 20, 2021 /PRNewswire/ -- Neuberger
Berman, a private, independent, employee-owned investment manager,
today announced a partnership with iCapital Network®
1, the leading global financial technology platform driving
access and efficiency in alternative investing for the asset and
wealth management industries, in which iCapital will provide a
customized technology, service, advisory and distribution solution
for financial advisors and their high-net-worth clients seeking
access to the NB Crossroads Private Markets Access Fund LLC
("Access Fund").
Launched in January 2021, the
Access Fund is a 1933 and 1940 Act registered, continually offered
closed-end fund designed to provide increased access to private
equity investments to a broader group of investors than traditional
private equity funds. The Access Fund invests across a variety of
private equity sponsors, industries, geographies, market caps and
vintage years. Its portfolio of private investments includes direct
co-investments and secondary investments alongside top-tier private
equity partners. As of September 1,
2021, it surpassed $300
million of assets. More information on the Access Fund is
available here.
Designed to overcome many of the long-standing challenges of
investing in alternatives, the iCapital technology and service
offering digitalizes the subscription, administration, operational
and reporting processes. iCapital also provides a full suite of
research, due diligence and educational materials to advisors and
their clients.
"We launched the Access Fund in large part because of a
long-standing belief that private equity should be accessible to a
broader scope of investors," said Tony
Tutrone, Head of Neuberger Berman Alternatives. "In
partnering with iCapital, we're further fulfilling that goal by
delivering private equity access with a user-friendly platform.
We're excited to provide investors with direct exposure to an asset
class, which is a key driver of diversified returns and risk, and
that is already a key component of many institutional investors'
portfolios, including major pension funds."
"Advisors are increasingly seeking quality registered fund
offerings to meet their clients' growing appetite for alternative
investments such as private equity, as a way to diversify
portfolios," said Lawrence
Calcano, Chairman and CEO of iCapital Network. "We are
excited to help open up access to one of the most respected
investment managers with an innovative product customized for
accredited investors to help meet that growing demand."
The Access Fund will present investors with the opportunity to
gain exposure to the same co-invest and secondary investment
programs as the firm's institutional clients. The partnership
provides an important way to potentially optimize returns while
also diversifying investors' portfolios. Neuberger Berman has more
than $80 billion in private market
assets under management combined with its 70 years of experience
with registered fund vehicles.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent,
employee-owned investment manager. The firm manages a range of
strategies—including equity, fixed income, quantitative and
multi-asset class, private equity, real estate and hedge funds—on
behalf of institutions, advisors and individual investors globally.
With offices in 25 countries, Neuberger Berman's diverse team has
over 2,300 professionals. For seven consecutive years, the company
has been named first or second in Pensions & Investments Best
Places to Work in Money Management survey (among those with 1,000
employees or more). In 2020, the PRI named Neuberger Berman a
Leader, a designation awarded to fewer than 1% of investment firms
for excellence in Environmental, Social and Governance (ESG)
practices. The PRI also awarded Neuberger Berman an A+ in every
eligible category for our approach to ESG integration across asset
classes. The firm manages $433
billion in client assets as of June
30, 2021. For more information, please visit our website at
www.nb.com.
About iCapital Network
Founded in 2013 in NYC, iCapital Network is the leading global
financial technology company powering the world's alternative
investment marketplace. It has transformed the way the wealth
management, banking, and asset management industries facilitate
access to private markets investments for their high-net-worth
clients by providing intuitive, end-to-end technology and service
solutions. Wealth management firms use iCapital's solutions to
provide clients with quality funds at lower minimums and simplified
digital workflows. Asset managers and banks leverage iCapital's
technology to streamline and scale their private investments
operational infrastructure. Additionally, the iCapital 'flagship'
platform offers financial advisors and their high-net-worth clients
access to a curated menu of private equity, private credit, hedge
funds, and other alternative investments to help meet their
investing needs for return and diversification. iCapital's research
and diligence team offers robust analysis alongside the firm's
extensive suite of advisor education, compliance, portfolio
management, and portfolio analytics tools and services. iCapital
was recognized on the Forbes FinTech 50 list in 2018, 2019, 2020
and 2021, the Forbes America's Best Startup Employers in 2021, and
MMI/Barron's Industry Awards as Solutions Provider of the Year in
2020. As of July 31, 2021, iCapital
services more than $83 billion in
global client assets across more than 780 funds. Employing more
than 480 people globally, iCapital is headquartered in NYC and has
offices in Zurich, London, Lisbon, and Hong
Kong.
For additional information, please visit iCapital Network's
website at www.icapitalnetwork.com |
LinkedIn: https://www.linkedin.com/company/icapital-network-inc |
Twitter: @icapitalnetwork
See disclosures here.
An investor should consider the Fund's investment objectives,
risks and fees and expenses carefully before investing. This and
other important information can be found in the Fund's prospectus,
which an investor can obtain by calling 617-619-4690 or by emailing
PEBostonIR@nb.com. Please read the prospectus carefully before
making an investment.
IMPORTANT NOTE ON INVESTOR ELIGIBILITY: Please note that the
Fund will sell its limited liability company interests ("shares")
only to eligible investors that are both "accredited investors," as
defined in Section 501(a) of Regulation D under the Securities Act
of 1933, as amended, and "qualified clients" as defined in Rule
205-3 under the Investment Advisers Act of 1940, as amended. In
addition, shares are generally being offered only to investors that
are U.S. persons for U.S. federal income tax purposes. The
qualifications required to invest in the Fund will appear in
subscription documents that must be completed by each prospective
investor
An investment in the Fund involves a high degree of risk and
therefore should only be undertaken by qualified investors whose
financial resources are sufficient to enable them to assume these
risks and to bear the loss of all or part of their investment. The
Fund is registered under the Investment Company Act of 1940, as
amended, as a non-diversified, closed-end management investment
company. The Fund and Neuberger Berman do not guarantee any level
of return or risk on investments and there can be no assurance that
the Fund's investment objective will be achieved.
The Fund is a newly organized fund with no operating history.
The Fund's investment program is speculative and entails
substantial risks. Investors should consult with their own
financial, legal, investment and tax advisors prior to investing in
the Fund. There is no assurance that the investments held by the
Fund will be profitable, that there will be proceeds from such
investments available for distribution to investors, or that the
Fund will achieve its investment objective. There can be no
assurance that projected or targeted returns for the Fund will be
achieved.
An investment in the Fund should be considered illiquid. An
investment in the Fund is not suitable for investors who need
access to the money they invest. Although the Fund may offer to
repurchase a limited amount of the Fund's shares from time to time
via quarterly repurchase offers, the Fund's shares will not be
redeemable at an investor's option nor will they be exchangeable
for shares of any other fund. As a result, an investor may not be
able to sell or otherwise liquidate his or her shares. There can be
no assurance that the Fund will conduct repurchase offers in any
particular period and investors may be unable to tender their
shares for repurchase for an indefinite period of time.
There will be a substantial period of time between the date as
of which investors must submit a request to have their shares
repurchased and the date they can expect to receive payment for
their shares from the Fund. The Board of the Fund may under certain
circumstances elect to postpone, suspend or terminate an offer to
repurchase shares.
The Fund's shares are not listed, and are not expected to be
listed, for trading on any securities exchange, and the Fund does
not expect any secondary market to develop for its shares in the
foreseeable future. The Fund's shares are subject to substantial
restrictions on transferability and resale and may not be
transferred or resold except as permitted under the Fund's limited
liability company agreement.
A substantial portion of the Fund's assets are expected to
consist of direct investments in private companies as well as
investments in private equity portfolio funds that primarily invest
in securities of private companies. Investments in private
companies involve a high degree of business and financial risk that
can result in substantial losses. Operating results for private
companies in a specified period will be difficult to predict.
The Fund's private equity investments will be illiquid and
typically cannot be transferred or redeemed for a substantial
period of time. The Fund's private equity investments in most cases
will be highly illiquid and difficult to value. Unless and until
those investments are sold or mature into marketable securities,
they will remain illiquid.
The Fund intends to elect for treatment, and to qualify each
year to be treated, as a regulated investment company or a "RIC."
As such, the Fund must satisfy, among other requirements, certain
ongoing asset diversification, source-of-income and annual
distribution requirements. If the Fund fails to qualify as a RIC it
will become subject to corporate-level income tax, and the
resulting corporate taxes could substantially reduce the Fund's net
assets, the amount of income available for distributions to
investors, the amount of distributions and the amount of funds
available for new investments. All information is as June 30, 2021 unless otherwise indicated and is
subject to change without notice. Firm data, including employee and
assets under management figures, reflects collective data for the
various affiliated investment advisers that are subsidiaries of
Neuberger Berman Group LLC. Firm history/timeline includes the
history of all firm subsidiaries, including predecessor entities
and acquisitions.
This material is being issued on a limited basis through various
global subsidiaries and affiliates of Neuberger Berman Group LLC.
Please visit www.nb.com/disclosure-global-communications for
the specific entities and jurisdictional limitations and
restrictions.
The "Neuberger Berman" name and logo are registered service
marks of Neuberger Berman Group LLC.
© 2021 Neuberger Berman Group LLC. All rights reserved.
Neuberger Berman Media Inquiries
Alexander Samuelson
Neuberger Berman
(212) 476-5392
Alexander.Samuelson@nb.com
iCapital Network Media Inquiries
Morgan Miller
(919) 602-2806
icapital@neibartgroup.com
1 Institutional Capital Network, Inc., and its
affiliates (together, "iCapital Network" or "iCapital").
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